BIP Wealth LLC Invests $1.75 Million in McKesson Corporation $MCK

Key Points

• BIP Wealth purchased a new $1.75 million stake in McKesson during the second quarter, while institutional investors collectively own 85.07% of the company.
• McKesson exceeded quarterly expectations with $9.93 in adjusted EPS and $105.38 billion in revenue, up 7.7% year over year; analysts maintain a “Moderate Buy” consensus with an average price target of $977.
• The company raised its quarterly dividend from $0.82 to $0.94 per share, equating to an annualized dividend of $3.76 and a 0.4% yield.

BIP Wealth LLC purchased a new stake in McKesson Corporation (NYSE:MCK - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 2,314 shares of the company's stock, valued at approximately $1,748,000.

A number of other institutional investors have also recently modified their holdings of the business. Trifecta Capital Advisors LLC acquired a new stake in shares of McKesson in the 2nd quarter worth approximately $155,000. Summit Global Investments purchased a new stake in shares of McKesson in the 2nd quarter worth about $1,159,000. Oppenheimer Asset Management Inc. acquired a new stake in McKesson in the 2nd quarter valued at about $2,768,000. Bryn Mawr Trust Advisors LLC acquired a new stake in McKesson in the 2nd quarter valued at about $624,000. Finally, Wedge Capital Management L L P NC increased its holdings in McKesson by 22.5% during the 2nd quarter. Wedge Capital Management L L P NC now owns 38,937 shares of the company's stock valued at $29,421,000 after acquiring an additional 7,141 shares in the last quarter. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at McKesson

In other McKesson news, EVP Michele Lau sold 3,550 shares of the business's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $761.09, for a total transaction of $2,701,869.50. Following the completion of the transaction, the executive vice president directly owned 3,247 shares of the company's stock, valued at $2,471,259.23. The trade was a 52.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Thomas L. Rodgers sold 2,388 shares of the company's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $761.09, for a total transaction of $1,817,482.92. Following the completion of the transaction, the executive vice president owned 3,090 shares of the company's stock, valued at approximately $2,351,768.10. This trade represents a 43.59% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 29,049 shares of company stock valued at $22,530,626. Corporate insiders own 0.06% of the company's stock.

McKesson Stock Up 1.4%

Shares of NYSE MCK opened at $868.72 on Friday. The firm's 50-day moving average price is $813.45 and its two-hundred day moving average price is $842.81. McKesson Corporation has a 52-week low of $667.50 and a 52-week high of $999.00. The stock has a market capitalization of $101.28 billion, a P/E ratio of 23.25, a P/E/G ratio of 1.68 and a beta of 0.30.

McKesson (NYSE:MCK - Get Free Report) last posted 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 analyst estimates 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 was up 7.7% compared to the same quarter last year. During the same period in the prior year, the company earned $8.26 earnings per share. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. As a group, equities research analysts expect that McKesson Corporation will post 44.65 earnings per share for the current year.

McKesson Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 1st will be issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 0.4%. This is a positive change from McKesson's previous quarterly dividend of $0.82. The ex-dividend date of this dividend is Tuesday, September 1st. McKesson's dividend payout ratio is presently 10.06%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $875.00 price target on shares of McKesson in a report on Friday, May 8th. TD Cowen lifted their price objective on McKesson from $989.00 to $1,006.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. UBS Group upped their target price on McKesson from $1,050.00 to $1,080.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. William Blair assumed coverage on McKesson in a report on Tuesday, April 28th. They set an "outperform" rating on the stock. Finally, Evercore reissued an "outperform" rating on shares of McKesson in a research report on Thursday, August 6th. Fourteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $977.00.

McKesson Company Profile

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.

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