Essex Savings Bank Invests $246,000 in McKesson Corporation (NYSE:MCK)

Essex Savings Bank purchased a new position in McKesson Corporation (NYSE:MCK - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 365 shares of the company's stock, valued at approximately $246,000.

Other large investors have also recently made changes to their positions in the company. Capital A Wealth Management LLC bought a new stake in shares of McKesson in the fourth quarter worth $26,000. Millstone Evans Group LLC bought a new stake in shares of McKesson during the 4th quarter valued at about $28,000. Atala Financial Inc bought a new stake in shares of McKesson during the 4th quarter valued at about $34,000. Graney & King LLC bought a new stake in shares of McKesson during the 4th quarter valued at about $38,000. Finally, Kestra Investment Management LLC bought a new stake in shares of McKesson during the 4th quarter valued at about $55,000. 85.07% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on MCK shares. UBS Group boosted their target price on shares of McKesson from $708.00 to $805.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Wells Fargo & Company set a $766.00 price objective on shares of McKesson and gave the company an "equal weight" rating in a research report on Tuesday, June 3rd. Bank of America upped their price objective on McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Morgan Stanley raised their target price on McKesson from $745.00 to $770.00 and gave the stock an "overweight" rating in a report on Wednesday, June 11th. Finally, Wall Street Zen lowered McKesson from a "strong-buy" rating to a "buy" rating in a report on Saturday, June 14th. Three 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 company's stock. According to data from MarketBeat.com, McKesson presently has an average rating of "Moderate Buy" and a consensus price target of $694.38.

Insider Activity

In other McKesson news, CEO Brian S. Tyler sold 19,370 shares of McKesson stock in a transaction on Friday, June 6th. The shares were sold at an average price of $705.93, for a total value of $13,673,864.10. Following the completion of the transaction, the chief executive officer now directly owns 51,243 shares of the company's stock, valued at $36,173,970.99. This trade represents a 27.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Napoleon B. Rutledge, Jr. sold 543 shares of McKesson stock in a transaction on Monday, May 19th. The stock was sold at an average price of $726.51, for a total transaction of $394,494.93. Following the completion of the transaction, the chief accounting officer now directly owns 1,972 shares of the company's stock, valued at $1,432,677.72. The trade was a 21.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,117 shares of company stock worth $23,526,451 over the last 90 days. Corporate insiders own 0.11% of the company's stock.

McKesson Stock Down 1.1%

MCK stock traded down $8.03 during trading on Friday, reaching $720.88. The company's stock had a trading volume of 1,367,026 shares, compared to its average volume of 923,055. McKesson Corporation has a 1 year low of $464.42 and a 1 year high of $733.10. The company has a market capitalization of $90.19 billion, a P/E ratio of 27.91, a price-to-earnings-growth ratio of 1.44 and a beta of 0.49. The company's fifty day moving average is $708.42 and its 200-day moving average is $648.09.

McKesson (NYSE:MCK - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $10.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.83 by $0.29. McKesson had a negative return on equity of 201.12% and a net margin of 0.92%. The firm had revenue of $90.82 billion during the quarter, compared to analysts' expectations of $94 billion. During the same quarter last year, the business posted $6.18 earnings per share. The firm's revenue was up 18.9% on a year-over-year basis. Analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd will be given a dividend of $0.71 per share. The ex-dividend date is Monday, June 2nd. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.39%. McKesson's payout ratio is 10.99%.

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.