Three Bridge Wealth Advisors LLC Buys Shares of 341 McKesson Corporation $MCK

Key Points

• Three Bridge Wealth Advisors LLC has acquired 341 shares of McKesson Corporation, valued at approximately $250,000, during the second quarter.
• Analysts have raised their price targets for McKesson, with Bank of America setting a new target of $850.00 and giving a "buy" rating, while the average target price stands at $829.08.
• McKesson recently announced a dividend increase, now paying $0.82 quarterly, up from $0.71, reflecting a yield of 0.4%.

Three Bridge Wealth Advisors LLC purchased a new position in shares of McKesson Corporation (NYSE:MCK - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 341 shares of the company's stock, valued at approximately $250,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of MCK. Brighton Jones LLC boosted its holdings in shares of McKesson by 46.3% during the 4th quarter. Brighton Jones LLC now owns 2,523 shares of the company's stock worth $1,438,000 after buying an additional 798 shares in the last quarter. Breakwater Capital Group lifted its holdings in shares of McKesson by 8.3% in the 1st quarter. Breakwater Capital Group now owns 469 shares of the company's stock worth $316,000 after purchasing an additional 36 shares in the last quarter. Vest Financial LLC bought a new position in McKesson during the 1st quarter valued at $10,384,000. Magnus Financial Group LLC bought a new position in McKesson during the 1st quarter valued at $217,000. Finally, Procyon Advisors LLC bought a new position in McKesson during the 1st quarter valued at $1,878,000. 85.07% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on MCK shares. Evercore ISI lifted their price objective on McKesson from $800.00 to $825.00 and gave the stock an "outperform" rating in a report on Wednesday, September 24th. Bank of America lifted their price target on McKesson from $800.00 to $850.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. 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, September 26th. UBS Group boosted their target price on McKesson from $820.00 to $860.00 and gave the stock a "buy" rating in a research report on Wednesday, September 24th. Finally, Morgan Stanley boosted their target price on McKesson from $810.00 to $857.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, McKesson has a consensus rating of "Moderate Buy" and an average target price of $829.08.

McKesson Stock Performance

MCK opened at $738.00 on Friday. The stock has a market capitalization of $91.79 billion, a PE ratio of 29.43, a price-to-earnings-growth ratio of 1.32 and a beta of 0.52. The stock's 50 day moving average price is $702.60 and its 200-day moving average price is $703.23. McKesson Corporation has a 52-week low of $480.39 and a 52-week high of $776.14.

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). The firm 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%.McKesson's revenue for the quarter was up 23.4% on a year-over-year basis. During the same period in the previous year, the company earned $7.88 earnings per share. Research analysts forecast that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd were issued a $0.82 dividend. This represents a $3.28 annualized dividend and a yield of 0.4%. This is a positive change from McKesson's previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Tuesday, September 2nd. McKesson's dividend payout ratio is presently 13.08%.

Insider Buying and Selling at McKesson

In other news, CEO Brian S. Tyler sold 11,930 shares of the company's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the transaction, the chief executive officer directly owned 4,012 shares of the company's stock, valued at $2,830,987.56. This represents a 74.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company's stock in a transaction on Friday, August 8th. The shares were 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. The trade was 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 three months. 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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