NewEdge Advisors LLC Purchases 2,991 Shares of McKesson Corporation $MCK

NewEdge Advisors LLC boosted its holdings in shares of McKesson Corporation (NYSE:MCK) by 20.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,696 shares of the company’s stock after buying an additional 2,991 shares during the period. NewEdge Advisors LLC’s holdings in McKesson were worth $13,371,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Secure Asset Management LLC lifted its holdings in shares of McKesson by 484.8% during the second quarter. Secure Asset Management LLC now owns 2,123 shares of the company’s stock valued at $1,604,000 after acquiring an additional 1,760 shares during the period. Summit Global Investments bought a new stake in shares of McKesson in the 2nd quarter worth about $1,159,000. Walter Public Investments Inc. acquired a new stake in shares of McKesson during the 4th quarter worth about $6,538,000. One Wealth Advisors LLC bought a new position in McKesson during the 2nd quarter valued at about $1,494,000. Finally, Royal London Asset Management Ltd. lifted its holdings in McKesson by 1.1% during the 2nd quarter. Royal London Asset Management Ltd. now owns 112,241 shares of the company’s stock valued at $84,809,000 after purchasing an additional 1,216 shares during the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on MCK. TD Cowen boosted their price target on shares of McKesson from $989.00 to $1,006.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Weiss Ratings upgraded shares of McKesson from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, September 4th. Citigroup boosted their target price on McKesson from $945.00 to $1,000.00 and gave the stock a “buy” rating in a report on Friday, July 24th. Royal Bank Of Canada initiated coverage on McKesson in a research report on Wednesday, August 19th. They set a “sector perform” rating and a $845.00 price target on the stock. Finally, Wells Fargo & Company raised their price target on McKesson from $812.00 to $933.00 and gave the company an “equal weight” rating in a report on Tuesday, August 11th. Fourteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $973.44.

Insiders Place Their Bets

In other news, Director Bradley E. Lerman sold 301 shares of McKesson stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $892.33, for a total transaction of $268,591.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Napoleon B. Rutledge, Jr. sold 111 shares of the business’s stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $891.45, for a total transaction of $98,950.95. Following the sale, the chief accounting officer directly owned 521 shares of the company’s stock, valued at approximately $464,445.45. This trade represents a 17.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 17,338 shares of company stock valued at $13,643,366. 0.06% of the stock is currently owned by insiders.

McKesson Stock Performance

NYSE:MCK opened at $880.51 on Friday. The company has a market cap of $102.66 billion, a price-to-earnings ratio of 23.56, a P/E/G ratio of 1.75 and a beta of 0.30. The stock’s fifty day moving average price is $860.19 and its two-hundred day moving average price is $841.27. McKesson Corporation has a 52-week low of $687.68 and a 52-week high of $999.00.

McKesson (NYSE:MCK) last released its earnings results on Wednesday, August 5th. The company reported $9.93 EPS for the quarter, beating the consensus estimate of $9.56 by $0.37. The company had revenue of $105.38 billion during the quarter, compared to analysts’ expectations of $103.88 billion. McKesson had a negative return on equity of 253.21% and a net margin of 1.12%.The business’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same period last year, the firm earned $8.26 EPS. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. On average, equities analysts predict that McKesson Corporation will post 44.65 EPS 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 issued a dividend of $0.94 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $3.76 annualized dividend and a yield of 0.4%. This is an increase from McKesson’s previous quarterly dividend of $0.82. McKesson’s dividend payout ratio (DPR) is presently 10.06%.

McKesson Profile

McKesson Corporation is a healthcare services and distribution company that supplies pharmaceuticals, specialty drugs, medical products and related services to pharmacies, hospitals, health systems, physicians and other healthcare providers. Its operations support the movement of prescription medicines and medical-surgical supplies from manufacturers to healthcare organizations and patients.

The company’s businesses include pharmaceutical distribution, specialty pharmaceutical services, medical-surgical supply distribution and technology solutions for pharmacies and other healthcare providers.