NewEdge Wealth LLC Buys New Shares in McKesson Corporation $MCK

NewEdge Wealth LLC purchased a new stake in shares of McKesson Corporation (NYSE:MCK) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 1,144 shares of the company’s stock, valued at approximately $865,000.

A number of other large investors have also recently bought and sold shares of MCK. Brighton Jones LLC increased its holdings in McKesson by 46.3% in the fourth quarter. Brighton Jones LLC now owns 2,523 shares of the company’s stock worth $1,438,000 after purchasing an additional 798 shares in the last quarter. Caxton Associates LLP bought a new position in shares of McKesson during the 1st quarter worth approximately $233,000. Sivia Capital Partners LLC boosted its holdings in shares of McKesson by 77.9% during the 2nd quarter. Sivia Capital Partners LLC now owns 685 shares of the company’s stock worth $502,000 after buying an additional 300 shares in the last quarter. Treasurer of the State of North Carolina grew its position in shares of McKesson by 0.9% during the 2nd quarter. Treasurer of the State of North Carolina now owns 58,623 shares of the company’s stock worth $42,958,000 after buying an additional 508 shares during the period. Finally, Osterweis Capital Management Inc. bought a new stake in shares of McKesson in the 2nd quarter valued at $166,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

McKesson Trading Up 2.8%

NYSE MCK opened at $862.27 on Friday. The company has a fifty day simple moving average of $820.97 and a 200 day simple moving average of $843.86. McKesson Corporation has a 12-month low of $673.38 and a 12-month high of $999.00. The company has a market cap of $100.53 billion, a P/E ratio of 23.07, a PEG ratio of 1.65 and a beta of 0.30.

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

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 1st will be issued a $0.94 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $3.76 dividend on an annualized basis and a dividend yield of 0.4%. This is a boost from McKesson’s previous quarterly dividend of $0.82. McKesson’s dividend payout ratio (DPR) is currently 8.78%.

Wall Street Analysts Forecast Growth

MCK has been the topic of a number of research reports. Robert W. Baird set a $1,015.00 target price on shares of McKesson in a research report on Thursday, August 6th. Royal Bank Of Canada assumed coverage on shares of McKesson in a research note on Wednesday. They issued a “sector perform” rating and a $845.00 price target for the company. TD Cowen upped their price objective on shares of McKesson from $989.00 to $1,006.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Weiss Ratings downgraded McKesson from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, July 7th. Finally, JPMorgan Chase & Co. decreased their target price on McKesson from $1,107.00 to $1,015.00 and set an “overweight” rating for the company in a research report on Friday, May 8th. Fourteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, McKesson presently has an average rating of “Moderate Buy” and a consensus price target of $973.44.

Insiders Place Their Bets

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 133 shares of McKesson stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $764.00, for a total transaction of $101,612.00. Following the completion of the transaction, the chief accounting officer owned 632 shares in the company, valued at approximately $482,848. The trade was a 17.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Brian S. Tyler sold 8,463 shares of the business’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $793.56, for a total value of $6,715,898.28. Following the sale, the chief executive officer directly owned 5,919 shares of the company’s stock, valued at $4,697,081.64. This represents a 58.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 29,049 shares of company stock worth $22,530,626 in the last 90 days. Company insiders own 0.06% of the company’s stock.

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.