Signature Estate & Investment Advisors LLC Boosts Stock Position in McKesson Corporation $MCK

Key Points

• Signature Estate & Investment Advisors LLC increased its stake in McKesson Corporation by 6.8% during the second quarter, holding 58,471 shares valued at approximately $42.8 million.
• McKesson Corporation recently increased its quarterly dividend to $0.82, representing an annualized yield of 0.4%, up from $0.71.
• Analysts have a consensus rating of "Moderate Buy" for McKesson, with a price target of around $834.54, following recent upgrades from multiple brokerages.

Signature Estate & Investment Advisors LLC boosted its holdings in shares of McKesson Corporation (NYSE:MCK - Free Report) by 6.8% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 58,471 shares of the company's stock after acquiring an additional 3,735 shares during the quarter. McKesson accounts for 1.0% of Signature Estate & Investment Advisors LLC's portfolio, making the stock its 24th biggest holding. Signature Estate & Investment Advisors LLC's holdings in McKesson were worth $42,846,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. GFG Capital LLC purchased a new position in McKesson during the 2nd quarter valued at $30,000. CBIZ Investment Advisory Services LLC lifted its holdings in shares of McKesson by 1,366.7% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company's stock worth $30,000 after buying an additional 41 shares during the period. Bank of Jackson Hole Trust lifted its holdings in shares of McKesson by 64.3% in the 1st 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. Saudi Central Bank bought a new position in shares of McKesson in the 1st quarter worth $34,000. Finally, Flaharty Asset Management LLC bought a new position in shares of McKesson in the 1st quarter worth $39,000. Hedge funds and other institutional investors own 85.07% of the company's stock.

McKesson Price Performance

Shares of NYSE:MCK opened at $788.27 on Friday. McKesson Corporation has a 1 year low of $492.39 and a 1 year high of $793.97. The business's 50 day moving average price is $716.48 and its 200-day moving average price is $709.96. The firm has a market capitalization of $98.05 billion, a PE ratio of 31.43, a P/E/G ratio of 1.40 and a beta of 0.52.

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

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd were given a $0.82 dividend. 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. The ex-dividend date was Tuesday, September 2nd. McKesson's dividend payout ratio (DPR) is currently 13.08%.

Insider Buying and Selling

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company's 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 transaction, the chief accounting officer directly owned 657 shares in the company, valued at approximately $436,031.19. This represents a 33.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Brian S. Tyler sold 11,930 shares of the company's 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 completion of the transaction, the chief executive officer owned 4,012 shares in the company, valued at $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. Insiders sold 24,189 shares of company stock valued at $16,722,190 over the last 90 days. Company insiders own 0.08% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on MCK. Wall Street Zen raised McKesson from a "hold" rating to a "buy" rating in a research report on Sunday, September 28th. UBS Group increased their price objective on McKesson from $820.00 to $860.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. Wells Fargo & Company upped their price objective on McKesson from $772.00 to $816.00 and gave the stock an "equal weight" rating in a research report on Wednesday, September 24th. Leerink Partners lifted their target price on shares of McKesson from $785.00 to $850.00 and gave the company an "outperform" rating in a report on Wednesday, September 24th. Finally, Bank of America increased their price target on shares of McKesson from $800.00 to $850.00 and gave the stock a "buy" rating in a report on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $834.54.

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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