437 Shares in McKesson Corporation $MCK Acquired by BCS Wealth Management

Key Points

• BCS Wealth Management acquired 437 shares of McKesson Corporation, valued at approximately $320,000, while other institutional investors also increased their stakes in the company during the second quarter.
• Analysts have set new price targets for McKesson, with Deutsche Bank raising their target to $856.00 and Citigroup to $860.00, reflecting a generally positive outlook.
• McKesson announced an increase in its quarterly dividend from $0.71 to $0.82, representing a 0.4% annualized yield, to be paid on October 1st.

BCS Wealth Management acquired a new position in McKesson Corporation (NYSE:MCK - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 437 shares of the company's stock, valued at approximately $320,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. boosted its stake in McKesson by 54.0% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 4,541 shares of the company's stock worth $3,056,000 after purchasing an additional 1,592 shares during the period. Dynamic Advisor Solutions LLC boosted its stake in McKesson by 16.6% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 778 shares of the company's stock worth $524,000 after purchasing an additional 111 shares during the period. Cambridge Investment Research Advisors Inc. boosted its stake in McKesson by 18.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 23,033 shares of the company's stock worth $15,501,000 after purchasing an additional 3,659 shares during the period. Acadian Asset Management LLC boosted its stake in McKesson by 22.0% in the 1st quarter. Acadian Asset Management LLC now owns 378,926 shares of the company's stock worth $254,979,000 after purchasing an additional 68,294 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in McKesson by 4.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 183,258 shares of the company's stock worth $123,332,000 after purchasing an additional 7,556 shares during the period. Institutional investors and hedge funds own 85.07% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on MCK shares. Mizuho lifted their target price on shares of McKesson from $750.00 to $770.00 and gave the company a "neutral" rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft lifted their target price on shares of McKesson from $775.00 to $856.00 and gave the company a "buy" rating in a research note on Wednesday. Citigroup lifted their target price on shares of McKesson from $820.00 to $860.00 and gave the company a "buy" rating in a research note on Wednesday. Cowen reissued a "buy" rating on shares of McKesson in a research note on Wednesday. Finally, Evercore ISI lifted their target price on shares of McKesson from $800.00 to $825.00 and gave the company an "outperform" rating in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, McKesson presently has an average rating of "Moderate Buy" and an average target price of $826.91.

Insider Buying and Selling at McKesson

In related news, CEO Brian S. Tyler sold 11,930 shares of McKesson stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $705.63, for a total value of $8,418,165.90. Following the transaction, the chief executive officer owned 4,012 shares in the company, valued at $2,830,987.56. This trade represents a 74.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction on Friday, August 8th. The stock was sold at an average price of $663.67, for a total transaction of $218,347.43. Following the completion of the transaction, the chief accounting officer owned 657 shares in the company, valued at $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 43,560 shares of company stock valued at $30,438,602. 0.08% of the stock is owned by company insiders.

McKesson Trading Up 2.6%

MCK stock opened at $760.73 on Thursday. McKesson Corporation has a 1 year low of $472.29 and a 1 year high of $770.00. The company has a fifty day simple moving average of $696.23 and a 200 day simple moving average of $697.91. The firm has a market cap of $94.62 billion, a PE ratio of 30.33, a PEG ratio of 1.43 and a beta of 0.51.

McKesson (NYSE:MCK - Get Free Report) last released its quarterly earnings data 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). McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The business had revenue of $97.83 billion during the quarter, compared to analyst estimates of $95.93 billion. During the same period in the previous year, the firm posted $7.88 EPS. The firm's revenue for the quarter was up 23.4% on a year-over-year basis. As a group, analysts forecast that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be paid a $0.82 dividend. This represents a $3.28 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a boost from McKesson's previous quarterly dividend of $0.71. McKesson's dividend payout ratio (DPR) is presently 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.

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.