McKesson Corporation $MCK Shares Acquired by Atalanta Sosnoff Capital LLC

Key Points

• Atalanta Sosnoff Capital LLC increased its stake in McKesson Corporation (NYSE:MCK) by 78.9%, acquiring an additional 57,837 shares, bringing its total holdings to 131,157 shares worth approximately $88.27 million.
• Insider trading activity revealed that McKesson's CAO and CEO sold significant amounts of stock, indicating a 33.37% and 41.00% decrease in their respective ownership positions.
• McKesson's recent quarterly earnings report missed consensus estimates, despite a year-over-year revenue increase of 23.4%, and the company will increase its dividend to $0.82 per share.

Atalanta Sosnoff Capital LLC boosted its stake in shares of McKesson Corporation (NYSE:MCK - Free Report) by 78.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 131,157 shares of the company's stock after acquiring an additional 57,837 shares during the quarter. McKesson comprises about 2.1% of Atalanta Sosnoff Capital LLC's investment portfolio, making the stock its 16th biggest position. Atalanta Sosnoff Capital LLC owned 0.10% of McKesson worth $88,267,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in MCK. Capital A Wealth Management LLC bought a new stake in McKesson during the fourth quarter worth approximately $26,000. Bank of Jackson Hole Trust increased its stake in McKesson by 64.3% during the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company's stock worth $29,000 after acquiring an additional 18 shares during the last quarter. CBIZ Investment Advisory Services LLC boosted its position in shares of McKesson by 1,366.7% during the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company's stock valued at $30,000 after buying an additional 41 shares during the period. Saudi Central Bank purchased a new position in shares of McKesson during the first quarter valued at approximately $34,000. Finally, Pandora Wealth Inc. purchased a new position in shares of McKesson during the first quarter valued at approximately $40,000. 85.07% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Morgan Stanley restated an "overweight" rating and set a $810.00 target price (up previously from $770.00) on shares of McKesson in a research report on Wednesday, July 16th. Evercore ISI boosted their target price on McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a research report on Wednesday, July 9th. Cowen restated a "buy" rating on shares of McKesson in a research report on Thursday, August 7th. Wells Fargo & Company boosted their target price on McKesson from $766.00 to $772.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 13th. Finally, Wall Street Zen lowered McKesson from a "strong-buy" rating to a "buy" rating in a research report on Sunday, July 13th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, McKesson currently has an average rating of "Moderate Buy" and a consensus price target of $725.10.

McKesson Trading Down 0.6%

Shares of NYSE MCK traded down $4.42 during trading hours on Friday, reaching $687.03. The stock had a trading volume of 472,767 shares, compared to its average volume of 808,316. The firm has a market cap of $85.46 billion, a price-to-earnings ratio of 27.39, a P/E/G ratio of 1.37 and a beta of 0.51. The business's fifty day moving average price is $699.12 and its two-hundred day moving average price is $691.13. McKesson Corporation has a 52-week low of $464.42 and a 52-week high of $737.89.

McKesson (NYSE:MCK - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $8.33 by ($0.07). The firm had revenue of $97.83 billion during the quarter, compared to analysts' expectations of $95.93 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The firm's revenue for the quarter was up 23.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $7.88 EPS. Equities research analysts anticipate that McKesson Corporation will post 32.77 earnings per share 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 dividend on an annualized basis and a yield of 0.5%. This is a positive change from McKesson's previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Tuesday, September 2nd. McKesson's payout ratio is presently 13.08%.

Insider Buying and Selling

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business's 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 completion of the transaction, the chief accounting officer owned 657 shares of the company's stock, valued at $436,031.19. The trade was a 33.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Brian S. Tyler sold 19,371 shares of the business's stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $708.09, for a total transaction of $13,716,411.39. Following the completion of the transaction, the chief executive officer directly owned 27,872 shares of the company's stock, valued at $19,735,884.48. This trade represents a 41.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold 43,560 shares of company stock valued at $30,438,602 in the last three months. 0.08% of the stock is currently owned by insiders.

About McKesson

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.