McKinley Carter Wealth Services Inc. Increases Stock Position in McKesson Corporation $MCK

Key Points

• McKinley Carter Wealth Services Inc. increased its stake in McKesson Corporation by 4.3% in Q2, now owning 14,549 shares valued at approximately $10.7 million.
• McKesson recently announced a quarterly dividend increase to $0.82 per share, reflecting an annualized dividend of $3.28 and a yield of 0.4%.
• Analysts have raised their price targets for McKesson stock, with new targets reaching as high as $860, indicating a strong buy interest in the company's shares.

McKinley Carter Wealth Services Inc. boosted its stake in McKesson Corporation (NYSE:MCK - Free Report) by 4.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,549 shares of the company's stock after acquiring an additional 600 shares during the period. McKinley Carter Wealth Services Inc.'s holdings in McKesson were worth $10,661,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of McKesson by 1.6% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 863 shares of the company's stock valued at $632,000 after acquiring an additional 14 shares in the last quarter. CVA Family Office LLC increased its stake in McKesson by 6.0% during the 1st quarter. CVA Family Office LLC now owns 265 shares of the company's stock worth $178,000 after buying an additional 15 shares during the period. Palisade Asset Management LLC increased its stake in McKesson by 2.1% during the 1st quarter. Palisade Asset Management LLC now owns 715 shares of the company's stock worth $481,000 after buying an additional 15 shares during the period. SteelPeak Wealth LLC increased its stake in McKesson by 0.5% during the 1st quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company's stock worth $1,867,000 after buying an additional 15 shares during the period. Finally, Keystone Financial Services increased its stake in McKesson by 1.2% during the 1st quarter. Keystone Financial Services now owns 1,404 shares of the company's stock worth $945,000 after buying an additional 17 shares during the period. 85.07% of the stock is owned by hedge funds and other institutional investors.

McKesson Stock Up 0.3%

Shares of NYSE:MCK opened at $758.07 on Friday. McKesson Corporation has a fifty-two week low of $492.39 and a fifty-two week high of $776.14. The firm has a 50-day simple moving average of $706.17 and a 200 day simple moving average of $705.39. The company has a market cap of $94.29 billion, a PE ratio of 30.23, a P/E/G ratio of 1.36 and a beta of 0.52.

McKesson (NYSE:MCK - Get Free Report) last announced its quarterly earnings data 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). McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The business had revenue of $97.83 billion for the quarter, compared to the consensus estimate of $95.93 billion. During the same period in the prior year, the company earned $7.88 EPS. McKesson's quarterly revenue was up 23.4% on a year-over-year basis. As a group, research analysts forecast that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

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

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Bank of America lifted their price target on shares of McKesson from $800.00 to $850.00 and gave the stock a "buy" rating in a research note on Wednesday, September 24th. JPMorgan Chase & Co. lifted their price target on shares of McKesson from $821.00 to $853.00 and gave the stock an "overweight" rating in a research note on Friday, September 26th. UBS Group lifted their price target on shares of McKesson from $820.00 to $860.00 and gave the stock a "buy" rating in a research note on Wednesday, September 24th. Cowen reaffirmed a "buy" rating on shares of McKesson in a research note on Wednesday, September 24th. Finally, Mizuho boosted 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. One equities research 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's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $829.08.

Insider Transactions at McKesson

In related news, CEO Brian S. Tyler sold 11,930 shares of the business's stock in a transaction dated 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 completion of the sale, the chief executive officer 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business's stock in a transaction dated 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 of the company's stock, valued at $436,031.19. The trade was a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 24,189 shares of company stock valued at $16,722,190. 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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