Stance Capital LLC Buys 6,990 Shares of McKesson Corporation $MCK

Key Points

• Stance Capital LLC increased its stake in McKesson Corporation by 2,164.1% during Q1, acquiring an additional 6,990 shares and making McKesson approximately 3.5% of its portfolio.
• McKesson has seen analysts raise their price targets, with Evercore ISI increasing its target to $800.00 and Morgan Stanley to $810.00 after previously setting it at $770.00.
• The company declared a quarterly dividend of $0.82 per share, up from $0.71, reflecting a 0.5% dividend yield with a payout ratio of 13.08%.

Stance Capital LLC raised its stake in McKesson Corporation (NYSE:MCK - Free Report) by 2,164.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,313 shares of the company's stock after buying an additional 6,990 shares during the quarter. McKesson comprises about 3.5% of Stance Capital LLC's portfolio, making the stock its 4th biggest holding. Stance Capital LLC's holdings in McKesson were worth $4,922,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of the stock. CVA Family Office LLC lifted its position in 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 buying an additional 15 shares during the last quarter. Palisade Asset Management LLC lifted its position in 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 buying an additional 15 shares during the last quarter. SteelPeak Wealth LLC lifted its position in shares of McKesson by 0.5% during the first quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company's stock worth $1,867,000 after purchasing an additional 15 shares in the last quarter. Parallel Advisors LLC lifted its position in shares of McKesson by 0.6% during the first quarter. Parallel Advisors LLC now owns 2,501 shares of the company's stock worth $1,683,000 after purchasing an additional 16 shares in the last quarter. Finally, Eagle Rock Investment Company LLC lifted its position in shares of McKesson by 0.4% during the first quarter. Eagle Rock Investment Company LLC now owns 4,798 shares of the company's stock worth $3,229,000 after purchasing an additional 17 shares in the last quarter. Institutional investors and hedge funds own 85.07% of the company's stock.

Analysts Set New Price Targets

MCK has been the topic of several research reports. Evercore ISI increased their price target on shares of McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. Morgan Stanley reiterated an "overweight" rating and set a $810.00 price target (up previously from $770.00) on shares of McKesson in a report on Wednesday, July 16th. Wells Fargo & Company increased their price target on shares of McKesson from $766.00 to $772.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 13th. Wall Street Zen lowered shares of McKesson from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 13th. Finally, Cowen reiterated a "buy" rating on shares of McKesson in a research note on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $725.10.

McKesson Price Performance

Shares of NYSE MCK opened at $687.03 on Friday. The stock has a fifty day moving average price of $699.12 and a 200 day moving average price of $691.13. McKesson Corporation has a 1-year low of $464.42 and a 1-year high of $737.89. The company has a market cap of $85.46 billion, a PE ratio of 27.39, a P/E/G ratio of 1.37 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 for the quarter, missing the consensus estimate of $8.33 by ($0.07). McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The company had revenue of $97.83 billion for the quarter, compared to analyst estimates of $95.93 billion. During the same period in the prior year, the business earned $7.88 earnings per share. McKesson's revenue for the quarter was up 23.4% compared to the same quarter last year. Analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be issued a dividend of $0.82 per share. This is a boost from McKesson's previous quarterly dividend of $0.71. This represents a $3.28 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 2nd. McKesson's dividend payout ratio is 13.08%.

Insiders Place Their Bets

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the firm's stock in a transaction 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 owned 657 shares of the company's stock, valued at approximately $436,031.19. This trade represents a 33.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian S. Tyler sold 11,930 shares of the firm's stock in a transaction 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 sale, the chief executive officer directly owned 4,012 shares of the company's stock, valued at approximately $2,830,987.56. This trade represents a 74.83% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 43,560 shares of company stock valued at $30,438,602. 0.08% of the stock is owned by corporate insiders.

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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