Essex Savings Bank Makes New Investment in McKesson Corporation (NYSE:MCK)

Essex Savings Bank bought a new position in shares of McKesson Corporation (NYSE:MCK - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 365 shares of the company's stock, valued at approximately $246,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Capital A Wealth Management LLC purchased a new position in shares of McKesson during the fourth quarter worth about $26,000. Millstone Evans Group LLC purchased a new position in McKesson during the 4th quarter worth approximately $28,000. Atala Financial Inc acquired a new position in McKesson during the fourth quarter worth approximately $34,000. Graney & King LLC acquired a new position in McKesson during the fourth quarter worth approximately $38,000. Finally, Kestra Investment Management LLC acquired a new stake in shares of McKesson in the fourth quarter valued at approximately $55,000. 85.07% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of McKesson stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now directly owns 1,972 shares in the company, valued at approximately $1,432,677.72. This trade represents a 21.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Leann B. Smith sold 1,248 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $717.30, for a total value of $895,190.40. Following the completion of the sale, the executive vice president now owns 2,621 shares in the company, valued at approximately $1,880,043.30. This represents a 32.26% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,117 shares of company stock worth $23,526,451. Corporate insiders own 0.11% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently commented on MCK. Wells Fargo & Company set a $766.00 target price on shares of McKesson and gave the company an "equal weight" rating in a report on Tuesday, June 3rd. Bank of America raised their price objective on shares of McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Mizuho upped their target price on shares of McKesson from $630.00 to $690.00 and gave the company a "neutral" rating in a report on Thursday, April 3rd. Wall Street Zen lowered McKesson from a "strong-buy" rating to a "buy" rating in a report on Saturday, June 14th. Finally, Morgan Stanley boosted their price target on McKesson from $745.00 to $770.00 and gave the company an "overweight" rating in a research report on Wednesday, June 11th. Three investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $694.38.

McKesson Stock Up 0.7%

NYSE MCK traded up $4.90 during trading hours on Thursday, hitting $729.28. 734,993 shares of the stock were exchanged, compared to its average volume of 920,688. McKesson Corporation has a 12-month low of $464.42 and a 12-month high of $732.99. The stock has a 50-day moving average of $706.79 and a 200 day moving average of $646.38. The company has a market cap of $91.24 billion, a price-to-earnings ratio of 28.23, a price-to-earnings-growth ratio of 1.44 and a beta of 0.49.

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

McKesson Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date of this dividend is Monday, June 2nd. McKesson's dividend payout ratio (DPR) is currently 10.99%.

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.