McKesson Corporation $MCK Shares Acquired by KG&L Capital Management LLC

Key Points

• KG&L Capital Management LLC has significantly increased its holdings in McKesson Corporation by 114.8%, now owning 698 shares worth $511,000.
• Several analysts recently raised their price targets for McKesson, with Morgan Stanley increasing it from $810.00 to $857.00 and UBS raising theirs from $820.00 to $860.00.
• McKesson announced a quarterly dividend increase from $0.71 to $0.82 per share, with the next payment scheduled for October 1st.

KG&L Capital Management LLC lifted its holdings in shares of McKesson Corporation (NYSE:MCK - Free Report) by 114.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 698 shares of the company's stock after buying an additional 373 shares during the period. KG&L Capital Management LLC's holdings in McKesson were worth $511,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of Jackson Hole Trust boosted its position in shares of McKesson by 64.3% during the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company's stock worth $29,000 after buying an additional 18 shares during the period. CBIZ Investment Advisory Services LLC raised its holdings in McKesson by 1,366.7% during the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company's stock worth $30,000 after purchasing an additional 41 shares in the last quarter. Saudi Central Bank bought a new stake in McKesson during the first quarter worth approximately $34,000. Flaharty Asset Management LLC bought a new stake in McKesson during the first quarter worth approximately $39,000. Finally, Pandora Wealth Inc. bought a new stake in McKesson during the first quarter worth approximately $40,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on MCK shares. Morgan Stanley boosted their target price on McKesson from $810.00 to $857.00 and gave the stock an "overweight" rating in a report on Wednesday. UBS Group upped their price target on McKesson from $820.00 to $860.00 and gave the company a "buy" rating in a report on Wednesday. Wall Street Zen raised McKesson from a "hold" rating to a "buy" rating in a report on Sunday. Mizuho upped their price target on McKesson from $750.00 to $770.00 and gave the company a "neutral" rating in a report on Wednesday. Finally, JPMorgan Chase & Co. upped their price target on McKesson from $821.00 to $853.00 and gave the company an "overweight" rating in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, McKesson presently has an average rating of "Moderate Buy" and a consensus price target of $829.08.

Insider Buying and Selling at McKesson

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business's 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 transaction, the chief accounting officer directly owned 657 shares in the company, valued at $436,031.19. The trade was a 33.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Brian S. Tyler sold 11,930 shares of the business's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the transaction, the chief executive officer owned 4,012 shares in the company, valued at approximately $2,830,987.56. This represents a 74.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 43,560 shares of company stock worth $30,438,602. Company insiders own 0.08% of the company's stock.

McKesson Stock Up 3.3%

Shares of NYSE:MCK opened at $760.82 on Friday. The company's fifty day moving average is $697.79 and its two-hundred day moving average is $699.59. McKesson Corporation has a 12-month low of $479.15 and a 12-month high of $770.00. The company has a market cap of $94.63 billion, a P/E ratio of 30.34, a price-to-earnings-growth ratio of 1.36 and a beta of 0.51.

McKesson (NYSE:MCK - Get Free Report) last announced its 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). McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The firm had revenue of $97.83 billion for the quarter, compared to analyst estimates of $95.93 billion. During the same period last year, the firm earned $7.88 earnings per share. McKesson's revenue for the quarter was up 23.4% compared to the same quarter last year. Equities research analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.82 per share. This is an increase from McKesson's previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $3.28 annualized dividend and a yield of 0.4%. 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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