Carnegie Investment Counsel Increases Position in McKesson Corporation $MCK

Carnegie Investment Counsel raised its position in McKesson Corporation (NYSE:MCK) by 1.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 989 shares of the company’s stock after purchasing an additional 18 shares during the quarter. Carnegie Investment Counsel’s holdings in McKesson were worth $725,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB raised its position in McKesson by 1.6% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 863 shares of the company’s stock valued at $632,000 after purchasing an additional 14 shares during the period. SteelPeak Wealth LLC grew its stake in shares of McKesson by 0.5% in the first quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company’s stock worth $1,867,000 after acquiring an additional 15 shares in the last quarter. Cypress Wealth Services LLC grew its stake in shares of McKesson by 3.7% in the second quarter. Cypress Wealth Services LLC now owns 417 shares of the company’s stock worth $305,000 after acquiring an additional 15 shares in the last quarter. Valmark Advisers Inc. grew its stake in shares of McKesson by 2.1% in the second quarter. Valmark Advisers Inc. now owns 843 shares of the company’s stock worth $618,000 after acquiring an additional 17 shares in the last quarter. Finally, Parcion Private Wealth LLC grew its stake in shares of McKesson by 1.4% in the second quarter. Parcion Private Wealth LLC now owns 1,191 shares of the company’s stock worth $873,000 after acquiring an additional 17 shares in the last quarter. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Insider Activity at McKesson

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction that occurred 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 sale, the chief accounting officer directly owned 657 shares in the company, valued at $436,031.19. This represents a 33.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian S. Tyler sold 11,930 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the completion of the sale, the chief executive officer owned 4,012 shares in the company, valued at $2,830,987.56. This represents a 74.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,189 shares of company stock worth $16,722,190 over the last quarter. Company insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on MCK shares. Jefferies Financial Group boosted their price target on shares of McKesson from $820.00 to $900.00 and gave the stock a “buy” rating in a research note on Monday, October 13th. TD Cowen boosted their target price on shares of McKesson from $830.00 to $864.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Leerink Partners boosted their target price on shares of McKesson from $785.00 to $850.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 24th. Wells Fargo & Company boosted their target price on shares of McKesson from $772.00 to $816.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 24th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of McKesson in a research note on Saturday. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $834.54.

McKesson Stock Performance

Shares of NYSE:MCK opened at $802.17 on Friday. The company has a 50-day simple moving average of $728.97 and a 200-day simple moving average of $714.24. McKesson Corporation has a one year low of $492.39 and a one year high of $807.75. The stock has a market capitalization of $99.77 billion, a price-to-earnings ratio of 31.98, a PEG ratio of 1.44 and a beta of 0.52.

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

McKesson Increases Dividend

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