Turtle Creek Wealth Advisors LLC Acquires Shares of 499 McKesson Corporation $MCK

Turtle Creek Wealth Advisors LLC acquired a new stake in McKesson Corporation (NYSE:MCK) during the 2nd quarter, Holdings Channel reports. The institutional investor acquired 499 shares of the company’s stock, valued at approximately $366,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Nuveen LLC acquired a new position in shares of McKesson in the first quarter valued at approximately $475,235,000. Wellington Management Group LLP grew its position in shares of McKesson by 4,559.6% in the first quarter. Wellington Management Group LLP now owns 427,703 shares of the company’s stock valued at $287,840,000 after purchasing an additional 418,524 shares during the last quarter. Boston Partners grew its position in shares of McKesson by 33.3% in the first quarter. Boston Partners now owns 1,461,785 shares of the company’s stock valued at $984,927,000 after purchasing an additional 365,484 shares during the last quarter. Voya Investment Management LLC grew its position in shares of McKesson by 92.3% in the first quarter. Voya Investment Management LLC now owns 650,851 shares of the company’s stock valued at $437,760,000 after purchasing an additional 312,473 shares during the last quarter. Finally, 1832 Asset Management L.P. acquired a new position in shares of McKesson in the first quarter valued at approximately $140,742,000. Institutional investors own 85.07% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on MCK. UBS Group upped their target price on McKesson from $820.00 to $860.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. TD Cowen upped their target price on McKesson from $830.00 to $864.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Morgan Stanley upped their target price on McKesson from $810.00 to $857.00 and gave the company an “overweight” rating in a research report on Wednesday, September 24th. Bank of America increased their price target on McKesson from $800.00 to $850.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Finally, Wall Street Zen raised McKesson from a “hold” rating to a “buy” rating in a research report on Sunday, September 28th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $834.54.

Insiders Place Their Bets

In other McKesson news, CEO Brian S. Tyler sold 11,930 shares of the firm’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $705.63, for a total value of $8,418,165.90. Following the sale, the chief executive officer owned 4,012 shares of the company’s stock, valued at approximately $2,830,987.56. This trade represents a 74.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the firm’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $663.67, for a total value of $218,347.43. Following the completion of the sale, the chief accounting officer directly owned 657 shares in the company, valued at approximately $436,031.19. This represents a 33.37% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 24,189 shares of company stock worth $16,722,190. Company insiders own 0.08% of the company’s stock.

McKesson Price Performance

Shares of NYSE:MCK opened at $775.43 on Friday. The business’s 50 day simple moving average is $714.06 and its 200 day simple moving average is $709.17. The company has a market capitalization of $96.45 billion, a P/E ratio of 30.92, a P/E/G ratio of 1.43 and a beta of 0.52. McKesson Corporation has a 1 year low of $492.39 and a 1 year high of $793.97.

McKesson (NYSE:MCK) last issued its earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share for the quarter, missing analysts’ consensus estimates of $8.33 by ($0.07). The business had revenue of $97.83 billion during the quarter, compared to analyst estimates of $95.93 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The company’s revenue for the quarter was up 23.4% compared to the same quarter last year. During the same period in the prior year, the business posted $7.88 EPS. On average, sell-side analysts anticipate that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd were issued a $0.82 dividend. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.4%. This is a boost from McKesson’s previous quarterly dividend of $0.71. McKesson’s dividend payout ratio (DPR) is 13.08%.

McKesson Profile

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.