Lewis Asset Management LLC Purchases Shares of 1,040 McKesson Corporation $MCK

Key Points

• Lewis Asset Management LLC has purchased 1,040 shares of McKesson Corporation, valued at approximately $762,000, marking a significant investment in the company.
• McKesson recently increased its quarterly dividend from $0.71 to $0.82 per share, reflecting a boost in shareholder returns.
• McKesson's recent earnings report revealed a revenue of $97.83 billion, beating estimates, but it missed earnings per share expectations by $0.07.

Lewis Asset Management LLC bought a new stake in McKesson Corporation (NYSE:MCK - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 1,040 shares of the company's stock, valued at approximately $762,000.

Other hedge funds have also 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 valued at about $26,000. Bank of Jackson Hole Trust lifted its stake in shares of McKesson by 64.3% in the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company's stock valued at $29,000 after buying an additional 18 shares during the period. CBIZ Investment Advisory Services LLC lifted its stake in shares of McKesson by 1,366.7% in the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company's stock valued at $30,000 after buying an additional 41 shares during the period. Saudi Central Bank bought a new stake in shares of McKesson in the first quarter valued at about $34,000. Finally, Flaharty Asset Management LLC bought a new stake in shares of McKesson in the first quarter valued at about $39,000. Institutional investors own 85.07% of the company's stock.

Insiders Place Their Bets

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction on Friday, August 8th. The shares were sold at an average price of $663.67, for a total transaction of $218,347.43. Following the completion of the sale, the chief accounting officer owned 657 shares of the company's stock, valued at approximately $436,031.19. The trade was a 33.37% 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, CEO Brian S. Tyler sold 11,930 shares of McKesson stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the sale, the chief executive officer directly owned 4,012 shares of the company's stock, valued at $2,830,987.56. This represents a 74.83% decrease in their position. 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 in the last ninety days. Company insiders own 0.08% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on MCK shares. Cowen reiterated a "buy" rating on shares of McKesson in a research note on Thursday, August 7th. Evercore ISI raised their price target on shares of McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. Wall Street Zen cut shares of McKesson from a "buy" rating to a "hold" rating in a research note on Saturday. Wells Fargo & Company raised their price target on shares of McKesson from $766.00 to $772.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 13th. Finally, Morgan Stanley restated an "overweight" rating and set a $810.00 price target (up previously from $770.00) on shares of McKesson in a research note on Wednesday, July 16th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $725.10.

McKesson Price Performance

MCK stock opened at $698.07 on Monday. The company has a 50 day moving average price of $695.15 and a 200 day moving average price of $696.81. McKesson Corporation has a fifty-two week low of $464.42 and a fifty-two week high of $737.89. The stock has a market capitalization of $86.83 billion, a PE ratio of 27.83, a price-to-earnings-growth ratio of 1.39 and a beta of 0.51.

McKesson (NYSE:MCK - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 earnings per share for the quarter, missing the consensus estimate of $8.33 by ($0.07). McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The company had revenue of $97.83 billion during the quarter, compared to the consensus estimate of $95.93 billion. During the same quarter last year, the firm earned $7.88 EPS. The business's revenue for the quarter was up 23.4% on a year-over-year basis. As a group, equities analysts expect that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.82 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $3.28 dividend on an annualized basis and a yield of 0.5%. This is a boost from McKesson's previous quarterly dividend of $0.71. McKesson's dividend payout ratio (DPR) is presently 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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