Phoenix Financial Ltd. Has $12.27 Million Stock Holdings in McKesson Corporation $MCK

Key Points

• Phoenix Financial Ltd. increased its stake in McKesson Corporation by 4.3%, owning 16,738 shares valued at approximately $12.27 million at the end of the last quarter.
• Insider sales have seen significant activity, with CEO Brian S. Tyler selling 11,930 shares and CAO Napoleon B. Rutledge, Jr. selling 329 shares, indicating a decrease in their positions by 74.83% and 33.37% respectively.
• Analysts have improved their ratings and price targets for McKesson, with Jefferies raising its target from $820 to $900, reflecting a broader consensus that includes multiple buy ratings from well-known firms.

Phoenix Financial Ltd. lifted its stake in shares of McKesson Corporation (NYSE:MCK - Free Report) by 4.3% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,738 shares of the company's stock after purchasing an additional 693 shares during the period. Phoenix Financial Ltd.'s holdings in McKesson were worth $12,273,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of MCK. Bank of Jackson Hole Trust raised 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 purchasing an additional 18 shares during the period. 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 buying an additional 41 shares during the period. GFG Capital LLC acquired a new position in McKesson during the second quarter valued at $30,000. Saudi Central Bank acquired a new position in McKesson during the first quarter valued at $34,000. Finally, Flaharty Asset Management LLC acquired a new position in McKesson during the first quarter valued at $39,000. 85.07% of the stock is owned by institutional investors and hedge funds.

Insider Activity at McKesson

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $663.67, for a total transaction of $218,347.43. Following the completion of the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Brian S. Tyler sold 11,930 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $705.63, for a total value of $8,418,165.90. Following the sale, the chief executive officer owned 4,012 shares of the company's stock, valued at approximately $2,830,987.56. The trade was a 74.83% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,189 shares of company stock valued at $16,722,190. 0.08% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on MCK. Jefferies Financial Group upped their price target on McKesson from $820.00 to $900.00 and gave the company a "buy" rating in a research report on Monday, October 13th. Deutsche Bank Aktiengesellschaft upped their price target on McKesson from $775.00 to $856.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. Bank of America boosted their target price on McKesson from $800.00 to $850.00 and gave the company a "buy" rating in a research note on Wednesday, September 24th. Citigroup boosted their target price on McKesson from $820.00 to $860.00 and gave the company a "buy" rating in a research note on Wednesday, September 24th. Finally, Wall Street Zen upgraded McKesson from a "hold" rating to a "buy" rating in a research note on Sunday, September 28th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $834.54.

McKesson Stock Performance

MCK opened at $788.38 on Tuesday. The company has a market cap of $98.06 billion, a PE ratio of 31.43, a price-to-earnings-growth ratio of 1.42 and a beta of 0.52. The stock has a 50-day moving average of $718.77 and a 200-day moving average of $710.76. McKesson Corporation has a 52-week low of $492.39 and a 52-week high of $793.97.

McKesson (NYSE:MCK - Get Free Report) last released its quarterly 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). The company had revenue of $97.83 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter last year, the company posted $7.88 EPS. On average, research analysts predict that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were paid a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a yield of 0.4%. The ex-dividend date was Tuesday, September 2nd. 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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