Inscription Capital LLC Invests $456,000 in McKesson Corporation (NYSE:MCK)

Inscription Capital LLC acquired a new position in McKesson Corporation (NYSE:MCK) during the 1st quarter, Holdings Channel.com reports. The institutional investor acquired 677 shares of the company’s stock, valued at approximately $456,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Sagespring Wealth Partners LLC lifted its stake in McKesson by 21.0% during the first quarter. Sagespring Wealth Partners LLC now owns 1,123 shares of the company’s stock valued at $756,000 after buying an additional 195 shares in the last quarter. Adero Partners LLC boosted its stake in McKesson by 3.4% in the 1st quarter. Adero Partners LLC now owns 856 shares of the company’s stock worth $576,000 after purchasing an additional 28 shares during the period. Sowell Financial Services LLC purchased a new position in McKesson during the 1st quarter worth approximately $2,248,000. Janney Montgomery Scott LLC raised its stake in McKesson by 5.7% during the 1st quarter. Janney Montgomery Scott LLC now owns 46,811 shares of the company’s stock valued at $31,503,000 after purchasing an additional 2,508 shares during the period. Finally, CHB Investment Group LLC boosted its position in shares of McKesson by 0.8% in the first quarter. CHB Investment Group LLC now owns 4,643 shares of the company’s stock worth $3,125,000 after buying an additional 36 shares during the period. Institutional investors and hedge funds own 85.07% of the company’s stock.

McKesson Stock Up 0.7%

Shares of MCK opened at $724.47 on Wednesday. The firm has a market cap of $90.64 billion, a price-to-earnings ratio of 28.05, a price-to-earnings-growth ratio of 1.43 and a beta of 0.49. The company’s fifty day moving average is $705.65 and its 200-day moving average is $645.81. McKesson Corporation has a 12 month low of $464.42 and a 12 month high of $732.99.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Thursday, May 8th. The company reported $10.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $9.83 by $0.29. McKesson had a net margin of 0.92% and a negative return on equity of 201.12%. The firm had revenue of $90.82 billion during the quarter, compared to analysts’ expectations of $94 billion. During the same period in the prior year, the company posted $6.18 earnings per share. McKesson’s revenue for the quarter was up 18.9% on a year-over-year basis. As a group, research analysts predict that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 2nd will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.39%. The ex-dividend date of this dividend is Monday, June 2nd. McKesson’s payout ratio is 10.99%.

Wall Street Analyst Weigh In

MCK has been the topic of several recent analyst reports. Bank of America upped their price target on McKesson from $755.00 to $800.00 and gave the company a “buy” rating in a research report on Friday, May 9th. Wells Fargo & Company set a $766.00 target price on McKesson and gave the company an “equal weight” rating in a report on Tuesday, June 3rd. Mizuho increased their price target on shares of McKesson from $630.00 to $690.00 and gave the stock a “neutral” rating in a research report on Thursday, April 3rd. Cfra Research downgraded shares of McKesson from a “moderate buy” rating to a “hold” rating in a research report on Friday, April 4th. Finally, Morgan Stanley increased their target price on shares of McKesson from $745.00 to $770.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 11th. Three research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $694.38.

Insider Buying and Selling

In related news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of McKesson stock in a transaction on Monday, May 19th. The shares were sold at an average price of $726.51, for a total value of $394,494.93. Following the transaction, the chief accounting officer now owns 1,972 shares in the company, valued at $1,432,677.72. This trade represents a 21.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Brian S. Tyler sold 19,370 shares of the business’s stock in a transaction on Friday, June 6th. The stock was sold at an average price of $705.93, for a total transaction of $13,673,864.10. Following the transaction, the chief executive officer now directly owns 51,243 shares of the company’s stock, valued at approximately $36,173,970.99. This represents a 27.43% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,117 shares of company stock worth $23,526,451. 0.11% of the stock is currently owned by insiders.

McKesson Company 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.