Cary Street Partners Financial LLC Acquires 1,217 Shares of McKesson Corporation (NYSE:MCK)

Key Points

• Cary Street Partners Financial LLC has significantly increased its stake in McKesson Corporation by 643.9%, acquiring an additional 1,217 shares, raising its total holdings to 1,406 shares worth approximately $946,000.
• McKesson Corporation has declared a quarterly dividend of $0.82 per share, a rise from the previous $0.71, reflecting an annualized dividend of $3.28 and a yield of 0.5%.
• The stock has seen a 5.6% decline, currently priced at $664.10, despite reporting quarterly revenues of $97.83 billion and a year-over-year earnings per share growth of 23.4%.

Cary Street Partners Financial LLC boosted its holdings in shares of McKesson Corporation (NYSE:MCK - Free Report) by 643.9% in the first quarter, according to its most recent filing with the SEC. The firm owned 1,406 shares of the company's stock after acquiring an additional 1,217 shares during the period. Cary Street Partners Financial LLC's holdings in McKesson were worth $946,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. CVA Family Office LLC boosted its holdings in McKesson by 6.0% during the first quarter. CVA Family Office LLC now owns 265 shares of the company's stock worth $178,000 after buying an additional 15 shares during the last quarter. Palisade Asset Management LLC raised its position in shares of McKesson by 2.1% in the 1st quarter. Palisade Asset Management LLC now owns 715 shares of the company's stock valued at $481,000 after acquiring an additional 15 shares during the period. SteelPeak Wealth LLC boosted its stake in McKesson by 0.5% during the 1st quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company's stock worth $1,867,000 after acquiring an additional 15 shares during the last quarter. Parallel Advisors LLC grew its holdings in McKesson by 0.6% during the first quarter. Parallel Advisors LLC now owns 2,501 shares of the company's stock valued at $1,683,000 after purchasing an additional 16 shares during the period. Finally, Eagle Rock Investment Company LLC increased its stake in McKesson by 0.4% in the first quarter. Eagle Rock Investment Company LLC now owns 4,798 shares of the company's stock valued at $3,229,000 after purchasing an additional 17 shares in the last quarter. Institutional investors own 85.07% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on MCK shares. Wells Fargo & Company set a $766.00 price target on shares of McKesson and gave the stock an "equal weight" rating in a research report on Tuesday, June 3rd. Wall Street Zen lowered McKesson from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 13th. Morgan Stanley restated an "overweight" rating and issued a $810.00 price target (up from $770.00) on shares of McKesson in a report on Wednesday, July 16th. Bank of America lifted their price objective on McKesson from $755.00 to $800.00 and gave the company a "buy" rating in a report on Friday, May 9th. Finally, Cowen reissued a "buy" rating on shares of McKesson in a research note on Thursday. Three equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $710.17.

McKesson Stock Down 5.6%

Shares of MCK stock opened at $664.10 on Friday. McKesson Corporation has a 12 month low of $464.42 and a 12 month high of $737.89. The company's fifty day simple moving average is $715.17 and its 200-day simple moving average is $678.53. The firm has a market cap of $83.09 billion, a PE ratio of 26.48, a P/E/G ratio of 1.42 and a beta of 0.50.

McKesson (NYSE:MCK - Get Free Report) last issued its quarterly 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). The business had revenue of $97.83 billion for the quarter, compared to the consensus estimate of $95.93 billion. McKesson had a negative return on equity of 180.77% and a net margin of 0.84%. The company's quarterly revenue was up 23.4% compared to the same quarter last year. During the same period last year, the firm earned $7.88 earnings per share. On average, equities 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 will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be paid a dividend of $0.82 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.5%. This is an increase from McKesson's previous quarterly dividend of $0.71. McKesson's dividend payout ratio (DPR) is currently 10.99%.

Insider Activity at McKesson

In related news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the business's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $726.51, for a total transaction of $394,494.93. Following the transaction, the chief accounting officer directly owned 1,972 shares in the company, valued at approximately $1,432,677.72. The trade was a 21.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Leann B. Smith sold 341 shares of the company's stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $717.91, for a total transaction of $244,807.31. Following the sale, the executive vice president directly owned 2,800 shares in the company, valued at $2,010,148. This trade represents a 10.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,488 shares of company stock worth $37,242,862. Insiders own 0.08% of the company's stock.

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.

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