Verdence Capital Advisors LLC Raises Stock Position in McKesson Corporation $MCK

Verdence Capital Advisors LLC increased its stake in McKesson Corporation (NYSE:MCK) by 23.6% during the 2nd quarter, HoldingsChannel reports. The firm 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 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of Jackson Hole Trust boosted its holdings in McKesson by 64.3% in 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 last quarter. CBIZ Investment Advisory Services LLC boosted its holdings in McKesson by 1,366.7% in the first 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 last quarter. GFG Capital LLC purchased a new stake in McKesson in the second quarter worth approximately $30,000. Saudi Central Bank bought a new position in McKesson in the first quarter worth approximately $34,000. Finally, Flaharty Asset Management LLC purchased a new position in shares of McKesson during the 1st quarter worth $39,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Insider Transactions at McKesson

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson 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. The trade was a 33.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Brian S. Tyler sold 11,930 shares of McKesson stock in a transaction dated 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 approximately $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. Over the last ninety 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.

McKesson Stock Performance

Shares of NYSE MCK opened at $763.89 on Monday. The company has a market cap of $95.01 billion, a P/E ratio of 30.46, a P/E/G ratio of 1.38 and a beta of 0.52. The firm’s fifty day moving average is $707.48 and its two-hundred day moving average is $706.67. McKesson Corporation has a 52-week low of $492.39 and a 52-week high of $776.14.

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

McKesson Increases Dividend

The company also recently declared 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. The ex-dividend date of this dividend was Tuesday, September 2nd. 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. McKesson’s dividend payout ratio is presently 13.08%.

Wall Street Analysts Forecast Growth

MCK has been the topic of several analyst reports. Wells Fargo & Company lifted their price target on shares of McKesson from $772.00 to $816.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 24th. Citigroup lifted their price target on shares of McKesson from $820.00 to $860.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. UBS Group lifted their price target on shares of McKesson from $820.00 to $860.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. 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 research note on Wednesday, September 24th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of McKesson in a research note on Wednesday, October 8th. One investment 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. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $829.08.

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.