Verdence Capital Advisors LLC Increases Position in McKesson Corporation $MCK

Key Points

• Verdence Capital Advisors LLC increased its holdings in McKesson Corporation by 23.6%, owning 11,318 shares valued at approximately $8.3 million at the end of the second quarter.
• Several hedge funds, including Bank of Jackson Hole Trust and CBIZ Investment Advisory Services LLC, significantly raised their positions in McKesson during the first quarter, with institutional investors now owning 85.07% of the company's stock.
• McKesson recently announced an increase in its quarterly dividend from $0.71 to $0.82 per share, reflecting a positive change and a 0.4% dividend yield.

Verdence Capital Advisors LLC lifted its holdings in McKesson Corporation (NYSE:MCK - Free Report) by 23.6% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,318 shares of the company's stock after buying an additional 2,163 shares during the period. Verdence Capital Advisors LLC's holdings in McKesson were worth $8,294,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MCK. Bank of Jackson Hole Trust raised 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 purchasing an additional 18 shares during the period. CBIZ Investment Advisory Services LLC raised 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 purchasing an additional 41 shares during the period. GFG Capital LLC bought a new stake in shares of McKesson in the 2nd quarter worth approximately $30,000. Saudi Central Bank bought a new stake in shares of McKesson in the 1st quarter worth approximately $34,000. Finally, Flaharty Asset Management LLC bought a new stake in shares of McKesson in the 1st quarter worth approximately $39,000. Hedge funds and other institutional investors own 85.07% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. JPMorgan Chase & Co. lifted their price target on shares of McKesson from $821.00 to $853.00 and gave the stock an "overweight" rating in a report on Friday, September 26th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of McKesson from $775.00 to $856.00 and gave the stock a "buy" rating in a report on Wednesday, September 24th. Bank of America lifted their price objective on shares of McKesson from $800.00 to $850.00 and gave the company a "buy" rating in a research note on Wednesday, September 24th. Morgan Stanley lifted their price objective on shares of McKesson from $810.00 to $857.00 and gave the company an "overweight" rating in a research note on Wednesday, September 24th. Finally, Mizuho lifted their price objective on shares of McKesson from $750.00 to $770.00 and gave the company a "neutral" rating in a research note on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, McKesson has a consensus rating of "Moderate Buy" and a consensus price target of $829.08.

McKesson Stock Performance

Shares of NYSE:MCK opened at $763.89 on Monday. McKesson Corporation has a 52-week low of $492.39 and a 52-week high of $776.14. The firm has a fifty day moving average of $707.48 and a 200 day moving average of $706.67. The firm has a market capitalization of $95.01 billion, a PE ratio of 30.46, a price-to-earnings-growth ratio of 1.38 and a beta of 0.52.

McKesson (NYSE:MCK - Get Free Report) last announced its 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 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 firm's revenue was up 23.4% on a year-over-year basis. During the same quarter last year, the firm posted $7.88 earnings per share. On average, sell-side analysts forecast that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd were paid a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a dividend 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 payout ratio is currently 13.08%.

Insider Activity

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $663.67, for a total transaction of $218,347.43. Following the completion of the transaction, the chief accounting officer directly owned 657 shares of the company's stock, valued at approximately $436,031.19. This represents a 33.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Brian S. Tyler sold 11,930 shares of the business's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 24,189 shares of company stock valued at $16,722,190. 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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