375 Shares in McKesson Corporation $MCK Bought by Greatmark Investment Partners Inc.

Key Points

• Greatmark Investment Partners Inc. has purchased 375 shares of McKesson Corporation ($MCK) for approximately $275,000, indicating growing institutional interest in the company.
• CEO Brian S. Tyler recently sold 11,930 shares, representing a 74.83% decrease in ownership, while insiders sold a total of 24,189 shares valued at $16.7 million over the past 90 days.
• Analysts have raised their price targets for McKesson, with predictions ranging from $850 to $860, reflecting a consensus rating of "Moderate Buy."

Greatmark Investment Partners Inc. bought a new position in shares of McKesson Corporation (NYSE:MCK - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 375 shares of the company's stock, valued at approximately $275,000.

Other institutional investors have also recently bought and sold shares of the company. Nuveen LLC acquired a new position in shares of McKesson in the first quarter worth about $475,235,000. Wellington Management Group LLP lifted its position in shares of McKesson by 4,559.6% in the 1st quarter. Wellington Management Group LLP now owns 427,703 shares of the company's stock valued at $287,840,000 after acquiring an additional 418,524 shares in the last quarter. Boston Partners boosted its stake in McKesson by 33.3% in the 1st quarter. Boston Partners now owns 1,461,785 shares of the company's stock worth $984,927,000 after purchasing an additional 365,484 shares during the period. Voya Investment Management LLC lifted its holdings in shares of McKesson by 92.3% in the first quarter. Voya Investment Management LLC now owns 650,851 shares of the company's stock valued at $437,760,000 after purchasing an additional 312,473 shares in the last quarter. Finally, 1832 Asset Management L.P. acquired a new stake in shares of McKesson in the first quarter worth $140,742,000. Hedge funds and other institutional investors own 85.07% of the company's stock.

Insider Activity at McKesson

In other McKesson news, CEO Brian S. Tyler sold 11,930 shares of the company's 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 $2,830,987.56. This represents a 74.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 transaction, the chief accounting officer owned 657 shares in the company, 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. Over the last 90 days, insiders sold 24,189 shares of company stock valued at $16,722,190. Corporate insiders own 0.08% of the company's stock.

Analysts Set New Price Targets

MCK has been the topic of several recent analyst reports. JPMorgan Chase & Co. upped their price target on McKesson from $821.00 to $853.00 and gave the company an "overweight" rating in a research report on Friday, September 26th. Bank of America lifted their target price on McKesson from $800.00 to $850.00 and gave the company a "buy" rating in a research note on Wednesday, September 24th. Citigroup increased their price target on shares of McKesson from $820.00 to $860.00 and gave the stock a "buy" rating in a research report on Wednesday, September 24th. Cowen restated a "buy" rating on shares of McKesson in a report on Wednesday, September 24th. Finally, Leerink Partners upped their price objective on shares of McKesson from $785.00 to $850.00 and gave the company an "outperform" rating in a research note on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $834.54.

McKesson Stock Down 0.1%

Shares of MCK opened at $786.96 on Wednesday. McKesson Corporation has a 12 month low of $492.39 and a 12 month high of $793.97. The company's fifty day moving average is $721.34 and its 200-day moving average is $711.29. The firm has a market cap of $97.88 billion, a price-to-earnings ratio of 31.38, a price-to-earnings-growth ratio of 1.42 and a beta of 0.52.

McKesson (NYSE:MCK - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $8.26 EPS 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 for the quarter, compared to analyst estimates of $95.93 billion. During the same period in the previous year, the company earned $7.88 earnings per share. The company's quarterly revenue was up 23.4% compared to the same quarter last year. As a group, research analysts predict that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were paid a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Tuesday, September 2nd. This is a positive change from McKesson's previous quarterly dividend of $0.71. McKesson's dividend payout ratio (DPR) is 13.08%.

McKesson 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.