Oppenheimer Asset Management Inc. Makes New $2.77 Million Investment in McKesson Corporation $MCK

Oppenheimer Asset Management Inc. acquired a new stake in shares of McKesson Corporation (NYSE:MCK) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 3,663 shares of the company’s stock, valued at approximately $2,768,000.

Several other hedge funds have also recently modified their holdings of the stock. University of Texas Texas AM Investment Management Co. purchased a new position in shares of McKesson during the fourth quarter valued at about $25,000. Swiss RE Ltd. purchased a new stake in shares of McKesson in the fourth quarter worth about $26,000. State of Wyoming purchased a new stake in shares of McKesson in the second quarter worth about $29,000. Kingdom Financial Group LLC. bought a new position in McKesson during the fourth quarter valued at approximately $33,000. Finally, Birchwood Financial Partners Inc. purchased a new position in McKesson during the 4th quarter valued at approximately $33,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Price Performance

NYSE:MCK opened at $868.72 on Friday. The firm has a market capitalization of $101.28 billion, a price-to-earnings ratio of 23.25, a PEG ratio of 1.71 and a beta of 0.30. The business has a 50 day simple moving average of $813.45 and a 200-day simple moving average of $842.81. McKesson Corporation has a 1 year low of $667.50 and a 1 year high of $999.00.

McKesson (NYSE:MCK) last released its earnings results on Wednesday, August 5th. The company reported $9.93 earnings per share for the quarter, beating the consensus estimate of $9.56 by $0.37. McKesson had a negative return on equity of 253.21% and a net margin of 1.12%.The firm had revenue of $105.38 billion for the quarter, compared to the consensus estimate of $103.88 billion. During the same quarter in the previous year, the company posted $8.26 EPS. The company’s revenue for the quarter was up 7.7% compared to the same quarter last year. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. As a group, analysts expect that McKesson Corporation will post 44.65 earnings per share for the current fiscal year.

McKesson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 1st will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 0.4%. This is a positive change from McKesson’s previous quarterly dividend of $0.82. The ex-dividend date is Tuesday, September 1st. McKesson’s dividend payout ratio (DPR) is presently 8.78%.

Insider Buying and Selling at McKesson

In other news, EVP Michele Lau sold 3,550 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $761.09, for a total value of $2,701,869.50. Following the sale, the executive vice president owned 3,247 shares of the company’s stock, valued at approximately $2,471,259.23. This represents a 52.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Brian S. Tyler sold 8,463 shares of the firm’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $793.56, for a total transaction of $6,715,898.28. Following the completion of the sale, the chief executive officer owned 5,919 shares of the company’s stock, valued at $4,697,081.64. This trade represents a 58.84% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 29,049 shares of company stock valued at $22,530,626. Insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on MCK shares. Wall Street Zen downgraded McKesson from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Evercore reiterated an “outperform” rating on shares of McKesson in a research report on Thursday, August 6th. Barclays cut their target price on shares of McKesson from $1,050.00 to $925.00 and set an “overweight” rating for the company in a report on Wednesday, June 10th. UBS Group boosted their price target on shares of McKesson from $1,050.00 to $1,080.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Finally, Weiss Ratings lowered shares of McKesson from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, July 7th. Fourteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $977.00.

About McKesson

McKesson Corporation (NYSE: MCK) is a global healthcare services and distribution company that supplies pharmaceuticals, medical-surgical products and health care technology solutions. Founded in 1833 and headquartered in Irving, Texas, McKesson operates across the drug distribution and healthcare services value chain, connecting manufacturers, pharmacies, hospitals and health systems to help manage the movement of medicines and clinical supplies.

The company’s core activities include pharmaceutical wholesale distribution and logistics, specialty pharmacy services, and the provision of medical-surgical supplies to acute and non-acute care providers.