McKesson Corporation $MCK Shares Purchased by Patriot Financial Group Insurance Agency LLC

Key Points

• Patriot Financial Group Insurance Agency LLC has increased its stake in McKesson Corporation by 21.0%, owning 2,073 shares worth approximately $1.52 million.
• Several other institutional investors have also raised their holdings, contributing to a total of 85.07% of McKesson's stock owned by institutional investors and hedge funds.
• McKesson's stock was recently rated with a target price increase by major analysts, setting an average target price of $829.08 and an overall rating of "Moderate Buy".

Patriot Financial Group Insurance Agency LLC lifted its stake in McKesson Corporation (NYSE:MCK - Free Report) by 21.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,073 shares of the company's stock after purchasing an additional 360 shares during the period. Patriot Financial Group Insurance Agency LLC's holdings in McKesson were worth $1,519,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. MassMutual Private Wealth & Trust FSB lifted its stake in shares of McKesson by 1.6% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 863 shares of the company's stock valued at $632,000 after purchasing an additional 14 shares during the period. CVA Family Office LLC lifted its stake in shares of McKesson by 6.0% in the first quarter. CVA Family Office LLC now owns 265 shares of the company's stock valued at $178,000 after purchasing an additional 15 shares during the period. Palisade Asset Management LLC lifted its stake in shares of McKesson by 2.1% in the first quarter. Palisade Asset Management LLC now owns 715 shares of the company's stock valued at $481,000 after purchasing an additional 15 shares during the period. SteelPeak Wealth LLC lifted its stake in shares of McKesson by 0.5% in the first quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company's stock valued at $1,867,000 after purchasing an additional 15 shares during the period. Finally, Eagle Rock Investment Company LLC lifted its stake in shares of McKesson by 0.4% in the first quarter. Eagle Rock Investment Company LLC now owns 4,798 shares of the company's stock valued at $3,229,000 after purchasing an additional 17 shares during the period. Institutional investors and hedge funds own 85.07% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft lifted their target price on shares of McKesson from $775.00 to $856.00 and gave the stock a "buy" rating in a research report on Wednesday, September 24th. UBS Group lifted their target price on shares of McKesson from $820.00 to $860.00 and gave the stock a "buy" rating in a research report on Wednesday, September 24th. Mizuho lifted their target price on shares of McKesson from $750.00 to $770.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 24th. Wells Fargo & Company lifted their target price on shares of McKesson from $772.00 to $816.00 and gave the stock an "equal weight" rating in a research report on Wednesday, September 24th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of McKesson in a research report on Saturday, September 27th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, McKesson presently has an average rating of "Moderate Buy" and an average target price of $829.08.

McKesson Stock Performance

McKesson stock opened at $738.00 on Friday. McKesson Corporation has a 1 year low of $480.39 and a 1 year high of $776.14. The firm has a 50 day moving average price of $702.60 and a 200 day moving average price of $702.96. The company has a market cap of $91.79 billion, a price-to-earnings ratio of 29.43, a PEG ratio of 1.36 and a beta of 0.52.

McKesson (NYSE:MCK - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $8.33 by ($0.07). McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The company had revenue of $97.83 billion during the quarter, compared to analysts' expectations of $95.93 billion. During the same quarter in the previous year, the firm posted $7.88 earnings per share. McKesson's revenue for the quarter was up 23.4% compared to the same quarter last year. Sell-side analysts predict that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd were paid a $0.82 dividend. This represents a $3.28 annualized dividend and a dividend yield of 0.4%. This is a boost from McKesson's previous quarterly dividend of $0.71. The ex-dividend date was Tuesday, September 2nd. McKesson's payout ratio is currently 13.08%.

Insider Buying and Selling at McKesson

In other news, CEO Brian S. Tyler sold 19,371 shares of the company's stock in a transaction on Friday, July 11th. The shares were sold at an average price of $708.09, for a total value of $13,716,411.39. Following the completion of the transaction, the chief executive officer directly owned 27,872 shares in the company, valued at approximately $19,735,884.48. This represents a 41.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company'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 completion of the transaction, the chief accounting officer owned 657 shares of the company's stock, valued at $436,031.19. This trade represents a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,560 shares of company stock valued at $30,438,602 over the last 90 days. Insiders own 0.08% of the company's stock.

McKesson 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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