Cornerstone Advisory LLC Purchases Shares of 327 McKesson Corporation (NYSE:MCK)

Cornerstone Advisory LLC purchased a new stake in McKesson Corporation (NYSE:MCK) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 327 shares of the company’s stock, valued at approximately $233,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Brighton Jones LLC increased its position in shares of McKesson by 46.3% during the fourth quarter. Brighton Jones LLC now owns 2,523 shares of the company’s stock worth $1,438,000 after buying an additional 798 shares during the period. New Age Alpha Advisors LLC acquired a new stake in shares of McKesson during the fourth quarter worth $1,210,000. RiverFront Investment Group LLC acquired a new stake in shares of McKesson during the fourth quarter worth $223,000. Maridea Wealth Management LLC acquired a new stake in shares of McKesson during the fourth quarter worth $433,000. Finally, Allstate Corp acquired a new stake in shares of McKesson during the fourth quarter worth $2,224,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently weighed in on MCK. Mizuho increased their price objective 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. Morgan Stanley reissued an “overweight” rating and set a $810.00 target price (up from $770.00) on shares of McKesson in a research note on Wednesday, July 16th. Evercore ISI increased their target price on shares of McKesson from $760.00 to $800.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 9th. Bank of America increased their target price on shares of McKesson from $755.00 to $800.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Finally, Cfra Research lowered shares of McKesson from a “moderate buy” rating to a “hold” rating in a research note on Friday, April 4th. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, McKesson presently has a consensus rating of “Moderate Buy” and a consensus target price of $710.17.

McKesson Price Performance

MCK opened at $711.80 on Monday. The company’s 50-day moving average is $717.86 and its 200 day moving average is $672.71. McKesson Corporation has a fifty-two week low of $464.42 and a fifty-two week high of $737.89. The firm has a market capitalization of $89.05 billion, a P/E ratio of 27.56, a PEG ratio of 1.44 and a beta of 0.48.

McKesson (NYSE:MCK) last posted 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. The business had revenue of $90.82 billion during 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 quarterly revenue was up 18.9% compared to the same quarter last year. During the same quarter last year, the company posted $6.18 earnings per share. On average, equities research analysts expect that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd were given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 0.40%. The ex-dividend date was Monday, June 2nd. McKesson’s dividend payout ratio is 10.99%.

Insiders Place Their Bets

In other McKesson news, EVP Thomas L. Rodgers sold 2,891 shares of McKesson stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $712.18, for a total value of $2,058,912.38. Following the sale, the executive vice president owned 2,544 shares of the company’s stock, valued at approximately $1,811,785.92. The trade was a 53.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Leann B. Smith sold 341 shares of McKesson stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $717.91, for a total transaction of $244,807.31. Following the completion of the sale, the executive vice president directly owned 2,800 shares in the company, valued at approximately $2,010,148. This represents a 10.86% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 52,488 shares of company stock valued at $37,242,862. Company insiders own 0.08% of the company’s stock.

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.