Liberty Wealth Management LLC Acquires Shares of 62,786 McKesson Corporation (NYSE:MCK)

Key Points

• Liberty Wealth Management LLC acquired 62,786 shares of McKesson Corporation, valued at approximately $42 million, increasing its stake to about 0.05% of the company.
• McKesson recently reported a quarterly EPS of $10.12, surpassing estimates, with an 18.9% year-over-year revenue increase to $90.82 billion.
• The company announced a quarterly dividend increase to $0.82, which represents a 0.5% yield and is up from the previous $0.71 dividend.

Liberty Wealth Management LLC bought a new stake in McKesson Corporation (NYSE:MCK - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The firm bought 62,786 shares of the company's stock, valued at approximately $42,254,000. Liberty Wealth Management LLC owned about 0.05% of McKesson at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Capital A Wealth Management LLC purchased a new position in shares of McKesson in the 4th quarter valued at $26,000. Bank of Jackson Hole Trust grew its position in shares of McKesson by 64.3% in the 1st 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 last quarter. CBIZ Investment Advisory Services LLC grew its position in shares of McKesson by 1,366.7% in the 1st 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 last quarter. Cornerstone Planning Group LLC grew its position in shares of McKesson by 1,840.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 97 shares of the company's stock valued at $67,000 after buying an additional 92 shares during the last quarter. Finally, Johnson Financial Group Inc. purchased a new position in shares of McKesson in the 4th quarter valued at $76,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

McKesson Trading Up 0.7%

Shares of MCK stock opened at $698.43 on Friday. The company has a market cap of $87.38 billion, a price-to-earnings ratio of 27.04, a price-to-earnings-growth ratio of 1.41 and a beta of 0.50. The stock has a 50 day simple moving average of $716.58 and a 200-day simple moving average of $676.24. McKesson Corporation has a 12-month low of $464.42 and a 12-month high of $737.89.

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

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be issued a $0.82 dividend. 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 a boost from McKesson's previous quarterly dividend of $0.71. McKesson's payout ratio is 10.99%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on MCK shares. UBS Group increased 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. Evercore ISI increased 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. Morgan Stanley reiterated 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. Wall Street Zen cut shares of McKesson from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 13th. Finally, Wells Fargo & Company set a $766.00 price target on shares of McKesson and gave the stock an "equal weight" rating in a research note on Tuesday, June 3rd. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, McKesson has a consensus rating of "Moderate Buy" and an average price target of $710.17.

Insiders Place Their Bets

In other news, CFO Britt J. Vitalone sold 6,336 shares of the stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $717.30, for a total value of $4,544,812.80. Following the completion of the transaction, the chief financial officer owned 14,760 shares in the company, valued at $10,587,348. This trade represents a 30.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Thomas L. Rodgers sold 2,891 shares of the stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $712.18, for a total transaction of $2,058,912.38. Following the completion of the transaction, the executive vice president owned 2,544 shares of the company's stock, valued at $1,811,785.92. This represents a 53.19% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 52,488 shares of company stock worth $37,242,862. Insiders own 0.08% of the company's stock.

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.

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