Friedenthal Financial Invests $967,000 in McKesson Corporation $MCK

Friedenthal Financial purchased a new position in shares of McKesson Corporation (NYSE:MCK - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 1,319 shares of the company's stock, valued at approximately $967,000.

Several other hedge funds also recently modified their holdings of the business. MassMutual Private Wealth & Trust FSB increased its stake in shares of McKesson by 1.6% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 863 shares of the company's stock worth $632,000 after purchasing an additional 14 shares during the last quarter. CVA Family Office LLC increased its stake in shares of McKesson by 6.0% during the 1st quarter. CVA Family Office LLC now owns 265 shares of the company's stock worth $178,000 after purchasing an additional 15 shares during the last quarter. Palisade Asset Management LLC increased its stake in shares of McKesson by 2.1% during the 1st quarter. Palisade Asset Management LLC now owns 715 shares of the company's stock worth $481,000 after purchasing an additional 15 shares during the last quarter. SteelPeak Wealth LLC increased its stake in shares of 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 purchasing an additional 15 shares during the last quarter. Finally, Keystone Financial Services increased its stake in shares of McKesson by 1.2% during the 1st quarter. Keystone Financial Services now owns 1,404 shares of the company's stock worth $945,000 after purchasing an additional 17 shares during the last quarter. Institutional investors and hedge funds own 85.07% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Cowen reiterated a "buy" rating on shares of McKesson in a research note on Wednesday, September 24th. JPMorgan Chase & Co. raised their target price on shares of McKesson from $821.00 to $853.00 and gave the company an "overweight" rating in a research note on Friday, September 26th. Weiss Ratings reiterated a "buy (b)" rating on shares of McKesson in a research note on Saturday, September 27th. Deutsche Bank Aktiengesellschaft raised their target price on shares of McKesson from $775.00 to $856.00 and gave the company a "buy" rating in a research note on Wednesday, September 24th. Finally, Evercore ISI raised their target price on shares of McKesson from $800.00 to $825.00 and gave the company an "outperform" rating in a research note on Wednesday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $829.08.

Insider Transactions at McKesson

In other news, CEO Brian S. Tyler sold 19,371 shares of the firm's stock in a transaction dated Friday, July 11th. The shares were 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 approximately $19,735,884.48. This trade represents a 41.00% 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, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $663.67, for a total transaction of $218,347.43. Following the transaction, the chief accounting officer directly 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 disclosure for this sale can be found here. Insiders have sold a total of 43,560 shares of company stock valued at $30,438,602 over the last ninety days. 0.08% of the stock is owned by insiders.

McKesson Price Performance

NYSE MCK opened at $750.13 on Wednesday. The firm has a market capitalization of $93.30 billion, a price-to-earnings ratio of 29.91, a P/E/G ratio of 1.34 and a beta of 0.52. The company's fifty day moving average is $704.07 and its two-hundred day moving average is $704.37. McKesson Corporation has a 52-week low of $486.77 and a 52-week high of $776.14.

McKesson (NYSE:MCK - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.33 by ($0.07). The company had revenue of $97.83 billion during the quarter, compared to analyst estimates of $95.93 billion. McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The business's revenue for the quarter was up 23.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $7.88 earnings per share. As a group, sell-side analysts expect 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 was paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd were issued a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Tuesday, September 2nd. This is a positive change from McKesson's previous quarterly dividend of $0.71. McKesson's payout ratio is 13.08%.

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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