Cornerstone Wealth Group LLC Increases Stake in McKesson Corporation (NYSE:MCK)

Cornerstone Wealth Group LLC boosted its stake in McKesson Corporation (NYSE:MCK) by 3.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 664 shares of the company’s stock after purchasing an additional 25 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in McKesson were worth $447,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Dynamic Advisor Solutions LLC grew its stake in shares of McKesson by 16.6% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 778 shares of the company’s stock valued at $524,000 after buying an additional 111 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in McKesson by 4.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 183,258 shares of the company’s stock valued at $123,332,000 after acquiring an additional 7,556 shares during the last quarter. Segall Bryant & Hamill LLC increased its stake in McKesson by 25.5% during the fourth quarter. Segall Bryant & Hamill LLC now owns 81,223 shares of the company’s stock worth $46,290,000 after acquiring an additional 16,502 shares during the last quarter. Fred Alger Management LLC increased its stake in McKesson by 95.5% during the fourth quarter. Fred Alger Management LLC now owns 3,091 shares of the company’s stock worth $1,762,000 after acquiring an additional 1,510 shares during the last quarter. Finally, CWA Asset Management Group LLC raised its holdings in shares of McKesson by 6.3% in the 1st quarter. CWA Asset Management Group LLC now owns 979 shares of the company’s stock worth $659,000 after purchasing an additional 58 shares during the period. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Wells Fargo & Company set a $766.00 target price on shares of McKesson and gave the stock an “equal weight” rating in a research report on Tuesday, June 3rd. Wall Street Zen lowered shares of McKesson from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 14th. Bank of America increased their price target on McKesson from $755.00 to $800.00 and gave the company a “buy” rating in a report on Friday, May 9th. UBS Group raised their price objective on McKesson from $708.00 to $805.00 and gave the company a “buy” rating in a research report on Tuesday, April 29th. Finally, Mizuho upped their target price on McKesson from $630.00 to $690.00 and gave the stock a “neutral” rating in a research report on Thursday, April 3rd. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $696.42.

McKesson Stock Down 0.0%

Shares of MCK opened at $721.58 on Wednesday. McKesson Corporation has a 52-week low of $464.42 and a 52-week high of $733.10. The firm has a market cap of $90.28 billion, a price-to-earnings ratio of 27.94, a PEG ratio of 1.44 and a beta of 0.49. The business’s 50 day moving average is $709.57 and its two-hundred day moving average is $649.70.

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

McKesson Announces Dividend

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

Insiders Place Their Bets

In other McKesson news, EVP Leann B. Smith sold 341 shares of the firm’s stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $717.91, for a total value of $244,807.31. Following the transaction, the executive vice president now owns 2,800 shares of the company’s stock, valued at $2,010,148. This trade represents a 10.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $726.51, for a total value of $394,494.93. Following the sale, the chief accounting officer now owns 1,972 shares in the company, valued at $1,432,677.72. The trade was a 21.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 33,117 shares of company stock valued at $23,526,451 in the last quarter. Insiders own 0.11% of the company’s stock.

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.