Sagespring Wealth Partners LLC Purchases 169 Shares of McKesson Corporation $MCK

Sagespring Wealth Partners LLC boosted its position in shares of McKesson Corporation (NYSE:MCK) by 15.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,292 shares of the company’s stock after acquiring an additional 169 shares during the period. Sagespring Wealth Partners LLC’s holdings in McKesson were worth $946,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bank of Jackson Hole Trust increased its position in shares of McKesson by 64.3% during the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock valued at $29,000 after purchasing an additional 18 shares during the period. CBIZ Investment Advisory Services LLC increased its holdings in McKesson by 1,366.7% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company’s stock valued at $30,000 after buying an additional 41 shares during the period. GFG Capital LLC bought a new stake in McKesson in the 2nd quarter valued at $30,000. Saudi Central Bank bought a new stake in McKesson in the 1st quarter valued at $34,000. Finally, Flaharty Asset Management LLC bought a new stake in McKesson in the 1st quarter valued at $39,000. 85.07% of the stock is currently owned by institutional investors.

Insider Activity at McKesson

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the firm’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $663.67, for a total value of $218,347.43. Following the transaction, the chief accounting officer owned 657 shares in the company, valued at $436,031.19. This trade represents a 33.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Brian S. Tyler sold 11,930 shares of the firm’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $705.63, for a total value of $8,418,165.90. Following the completion of the transaction, the chief executive officer owned 4,012 shares in the company, valued at approximately $2,830,987.56. This represents a 74.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,189 shares of company stock worth $16,722,190 over the last three months. 0.08% of the stock is owned by insiders.

McKesson Stock Performance

Shares of MCK stock opened at $791.40 on Thursday. The stock’s fifty day moving average is $711.83 and its 200-day moving average is $708.47. The stock has a market capitalization of $98.43 billion, a PE ratio of 31.55, a PEG ratio of 1.41 and a beta of 0.52. McKesson Corporation has a 52 week low of $492.39 and a 52 week high of $792.34.

McKesson (NYSE:MCK) last announced its earnings results on Wednesday, August 6th. The company reported $8.26 EPS for the quarter, missing the consensus estimate of $8.33 by ($0.07). McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The business had revenue of $97.83 billion for the quarter, compared to the consensus estimate of $95.93 billion. During the same quarter in the previous year, the company posted $7.88 EPS. McKesson’s revenue for the quarter was up 23.4% on a year-over-year basis. As a group, analysts forecast that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd were paid a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a dividend yield of 0.4%. This is an increase from McKesson’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Tuesday, September 2nd. McKesson’s payout ratio is currently 13.08%.

Analysts Set New Price Targets

A number of research firms recently weighed in on MCK. UBS Group upped their target price on shares of McKesson from $820.00 to $860.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. Deutsche Bank Aktiengesellschaft upped their price objective on McKesson from $775.00 to $856.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. Evercore ISI upped their price target on McKesson from $800.00 to $825.00 and gave the company an “outperform” rating in a research report on Wednesday, September 24th. Mizuho upped their price target on McKesson from $750.00 to $770.00 and gave the company a “neutral” rating in a research report on Wednesday, September 24th. Finally, Jefferies Financial Group upped their price target on McKesson from $820.00 to $900.00 and gave the company a “buy” rating in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, McKesson currently has an average rating of “Moderate Buy” and an average target price of $834.54.

About McKesson

McKesson Corporation provides healthcare services in the United States and internationally. It operates through four segments: U.S. Pharmaceutical, Prescription Technology Solutions (RxTS), Medical-Surgical Solutions, and International. The U.S. Pharmaceutical segment distributes branded, generic, specialty, biosimilar and over-the-counter pharmaceutical drugs, and other healthcare-related products.