Grimes & Company Inc. Buys 120 Shares of McKesson Corporation $MCK

Grimes & Company Inc. boosted its stake in McKesson Corporation (NYSE:MCK) by 19.7% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 728 shares of the company’s stock after purchasing an additional 120 shares during the quarter. Grimes & Company Inc.’s holdings in McKesson were worth $533,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Bank of Jackson Hole Trust lifted its position in shares of McKesson by 64.3% in the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock worth $29,000 after buying an additional 18 shares in the last quarter. CBIZ Investment Advisory Services LLC increased its stake in McKesson by 1,366.7% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company’s stock worth $30,000 after acquiring an additional 41 shares during the last quarter. Saudi Central Bank bought a new stake in McKesson in the 1st quarter worth approximately $34,000. Flaharty Asset Management LLC purchased a new stake in shares of McKesson during the 1st quarter worth approximately $39,000. Finally, Pandora Wealth Inc. bought a new position in shares of McKesson during the 1st quarter valued at approximately $40,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Price Performance

Shares of NYSE MCK opened at $740.82 on Tuesday. McKesson Corporation has a 1 year low of $482.44 and a 1 year high of $776.14. The firm has a 50-day simple moving average of $703.30 and a two-hundred day simple moving average of $704.05. The company has a market cap of $92.14 billion, a P/E ratio of 29.54, a PEG ratio of 1.32 and a beta of 0.52.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share for the quarter, missing the consensus estimate of $8.33 by ($0.07). McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The business had revenue of $97.83 billion during the quarter, compared to analysts’ expectations of $95.93 billion. During the same quarter in the previous year, the company posted $7.88 earnings per share. The company’s quarterly revenue was up 23.4% compared to the same quarter last year. As a group, equities research analysts expect that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd were given a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a dividend yield of 0.4%. This is a positive change from McKesson’s previous quarterly dividend of $0.71. The ex-dividend date was Tuesday, September 2nd. McKesson’s dividend payout ratio is 13.08%.

Insider Buying and Selling at McKesson

In other news, CEO Brian S. Tyler sold 11,930 shares of the business’s stock in a transaction 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 directly owned 4,012 shares of the company’s stock, valued at approximately $2,830,987.56. The trade was a 74.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $663.67, for a total transaction of $218,347.43. Following the completion of the transaction, the chief accounting officer owned 657 shares in the company, valued at approximately $436,031.19. The trade was a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,560 shares of company stock valued at $30,438,602. Corporate insiders own 0.08% of the company’s stock.

Wall Street Analyst Weigh In

MCK has been the topic of several research reports. Leerink Partners boosted their price target on shares of McKesson from $785.00 to $850.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 24th. Wall Street Zen upgraded shares of McKesson from a “hold” rating to a “buy” rating in a research report on Sunday, September 28th. Wells Fargo & Company lifted their price target on McKesson from $772.00 to $816.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 24th. Cowen restated a “buy” rating on shares of McKesson in a research report on Wednesday, September 24th. Finally, UBS Group lifted their target price on McKesson from $820.00 to $860.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, McKesson has an average rating of “Moderate Buy” and an average price target of $829.08.

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.