Freedom Investment Management Inc. Purchases 95 Shares of McKesson Corporation $MCK

Freedom Investment Management Inc. boosted its position in McKesson Corporation (NYSE:MCK) by 27.9% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 436 shares of the company’s stock after acquiring an additional 95 shares during the period. Freedom Investment Management Inc.’s holdings in McKesson were worth $320,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. GFG Capital LLC bought a new stake in McKesson in the 2nd quarter valued at about $30,000. CBIZ Investment Advisory Services LLC raised 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 valued at $30,000 after acquiring an additional 41 shares during the period. Bank of Jackson Hole Trust raised its stake in McKesson by 64.3% in the 1st quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock valued at $29,000 after acquiring an additional 18 shares during the period. Saudi Central Bank bought a new stake in McKesson in the 1st quarter valued at about $34,000. Finally, Flaharty Asset Management LLC bought a new stake in McKesson in the 1st quarter valued at about $39,000. 85.07% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Bank of America upped their price target on McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Leerink Partners upped their price target on McKesson from $785.00 to $850.00 and gave the company an “outperform” rating in a research report on Wednesday, September 24th. JPMorgan Chase & Co. boosted their price objective on McKesson from $821.00 to $853.00 and gave the stock an “overweight” rating in a report on Friday, September 26th. UBS Group boosted their price objective on McKesson from $820.00 to $860.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. Finally, Jefferies Financial Group boosted their price objective on McKesson from $820.00 to $900.00 and gave the stock a “buy” rating in a report on Monday, October 13th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $834.54.

Insider Activity at McKesson

In other news, CEO Brian S. Tyler sold 11,930 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was 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 of the company’s stock, valued at approximately $2,830,987.56. This represents a 74.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 of the company’s stock, valued at approximately $436,031.19. This trade represents a 33.37% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 24,189 shares of company stock valued at $16,722,190. 0.08% of the stock is owned by insiders.

McKesson Price Performance

Shares of MCK opened at $802.17 on Monday. The firm has a market cap of $99.77 billion, a P/E ratio of 31.98, a P/E/G ratio of 1.44 and a beta of 0.52. The stock has a 50 day simple moving average of $728.97 and a two-hundred day simple moving average of $714.53. McKesson Corporation has a 1 year low of $492.39 and a 1 year high of $807.75.

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

McKesson Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd were paid a $0.82 dividend. This is an increase from McKesson’s previous quarterly dividend of $0.71. This represents a $3.28 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Tuesday, September 2nd. McKesson’s payout ratio is currently 13.08%.

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.