McKesson Corporation $MCK Shares Acquired by Cove Private Wealth LLC

Key Points

• Cove Private Wealth LLC increased its stake in McKesson Corporation by 11.0% during Q2, now holding 5,190 shares valued at approximately $3.8 million, representing 1.3% of its portfolio.
• Multiple analysts have raised their price targets for McKesson, with estimates ranging from $825.00 to $864.00 and a consensus rating of "Moderate Buy".
• McKesson recently announced an increase in its quarterly dividend to $0.82, reflecting an annualized yield of 0.4% and a positive change from the previous dividend of $0.71.

Cove Private Wealth LLC increased its stake in McKesson Corporation (NYSE:MCK - Free Report) by 11.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,190 shares of the company's stock after purchasing an additional 515 shares during the quarter. McKesson comprises about 1.3% of Cove Private Wealth LLC's portfolio, making the stock its 12th biggest holding. Cove Private Wealth LLC's holdings in McKesson were worth $3,803,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Oppenheimer Asset Management Inc. raised its position in McKesson by 54.0% in the first quarter. Oppenheimer Asset Management Inc. now owns 4,541 shares of the company's stock worth $3,056,000 after acquiring an additional 1,592 shares in the last quarter. Dynamic Advisor Solutions LLC raised its position in McKesson by 16.6% in the first quarter. Dynamic Advisor Solutions LLC now owns 778 shares of the company's stock worth $524,000 after acquiring an additional 111 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its position in McKesson by 18.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 23,033 shares of the company's stock worth $15,501,000 after acquiring an additional 3,659 shares in the last quarter. Acadian Asset Management LLC raised its position in McKesson by 22.0% in the first quarter. Acadian Asset Management LLC now owns 378,926 shares of the company's stock worth $254,979,000 after acquiring an additional 68,294 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in McKesson by 4.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 183,258 shares of the company's stock worth $123,332,000 after acquiring an additional 7,556 shares in the last quarter. Institutional investors and hedge funds own 85.07% of the company's stock.

Wall Street Analyst Weigh In

MCK has been the topic of several research reports. Evercore ISI boosted their price target on shares of McKesson from $800.00 to $825.00 and gave the stock an "outperform" rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft boosted their price target on shares of McKesson from $775.00 to $856.00 and gave the stock a "buy" rating in a research report on Wednesday. TD Cowen boosted their price target on shares of McKesson from $830.00 to $864.00 and gave the stock a "buy" rating in a research report on Wednesday. Citigroup boosted their price objective on McKesson from $820.00 to $860.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, Bank of America boosted their price objective on McKesson from $800.00 to $850.00 and gave the stock a "buy" rating in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, McKesson presently has a consensus rating of "Moderate Buy" and a consensus price target of $829.08.

Insider Transactions at McKesson

In other news, CEO Brian S. Tyler sold 19,371 shares of the company's stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $708.09, for a total value of $13,716,411.39. Following the transaction, the chief executive officer owned 27,872 shares in the company, valued at $19,735,884.48. This represents a 41.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $663.67, for a total value of $218,347.43. Following the completion of the transaction, the chief accounting officer owned 657 shares in the company, valued at $436,031.19. This represents a 33.37% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 43,560 shares of company stock worth $30,438,602 in the last quarter. 0.08% of the stock is owned by corporate insiders.

McKesson Price Performance

Shares of MCK opened at $760.82 on Friday. The company has a market capitalization of $94.63 billion, a price-to-earnings ratio of 30.34, a P/E/G ratio of 1.32 and a beta of 0.51. McKesson Corporation has a fifty-two week low of $479.15 and a fifty-two week high of $770.00. The business's 50-day moving average is $697.79 and its 200-day moving average is $699.19.

McKesson (NYSE:MCK - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share for the quarter, missing analysts' consensus estimates of $8.33 by ($0.07). The business had revenue of $97.83 billion during the quarter, compared to analyst estimates of $95.93 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. McKesson's revenue for the quarter was up 23.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $7.88 EPS. Equities research 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. 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 0.4%. This is a positive change from McKesson's previous quarterly dividend of $0.71. McKesson's dividend payout ratio is currently 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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