Patron Partners LLC Invests $243,000 in McKesson Corporation $MCK

Key Points

• Patron Partners LLC invested $243,000 in McKesson Corporation by acquiring 332 shares during the second quarter, according to its SEC filing.
• Multiple institutional investors have increased their holdings in McKesson, with hedge funds owning 85.07% of the company’s stock.
• McKesson recently announced a dividend increase to $0.82 per share, scheduled for payment on October 1st, representing a boost from $0.71 quarterly dividend.

Patron Partners LLC acquired a new position in McKesson Corporation (NYSE:MCK - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 332 shares of the company's stock, valued at approximately $243,000.

Several other institutional investors have also recently modified their holdings of the company. Bank of Jackson Hole Trust raised its position in McKesson by 64.3% during the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company's stock valued at $29,000 after acquiring an additional 18 shares in the last quarter. CBIZ Investment Advisory Services LLC raised its position in McKesson by 1,366.7% during the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company's stock valued at $30,000 after acquiring an additional 41 shares in the last quarter. Saudi Central Bank purchased a new position in McKesson during the first quarter valued at approximately $34,000. Flaharty Asset Management LLC purchased a new position in McKesson during the first quarter valued at approximately $39,000. Finally, Pandora Wealth Inc. purchased a new position in McKesson during the first quarter valued at approximately $40,000. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MCK has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft lifted their price target on McKesson from $775.00 to $856.00 and gave the company a "buy" rating in a research report on Wednesday. JPMorgan Chase & Co. lifted their price target on McKesson from $821.00 to $853.00 and gave the company an "overweight" rating in a research report on Friday. Leerink Partners raised their price objective on McKesson from $785.00 to $850.00 and gave the company an "outperform" rating in a report on Wednesday. Morgan Stanley raised their price objective on McKesson from $810.00 to $857.00 and gave the company an "overweight" rating in a report on Wednesday. Finally, Wells Fargo & Company raised their price objective on McKesson from $772.00 to $816.00 and gave the company an "equal weight" rating in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $829.08.

McKesson Trading Up 3.3%

Shares of MCK opened at $760.82 on Friday. McKesson Corporation has a 12 month low of $479.15 and a 12 month high of $770.00. The stock's 50 day moving average is $697.79 and its two-hundred day moving average is $699.19. The firm has a market cap of $94.63 billion, a P/E ratio of 30.34, a PEG ratio of 1.32 and a beta of 0.51.

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

McKesson Increases Dividend

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

Insider Buying and Selling

In other news, CEO Brian S. Tyler sold 11,930 shares of McKesson stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $705.63, for a total value of $8,418,165.90. Following the sale, the chief executive officer directly owned 4,012 shares of the company's stock, valued at $2,830,987.56. The trade was a 74.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $663.67, for a total value of $218,347.43. Following the completion of the sale, the chief accounting officer directly owned 657 shares in the company, valued at $436,031.19. This 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 worth $30,438,602 over the last ninety days. Corporate 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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