Freedom Investment Management Inc. Grows Position in McKesson Corporation $MCK

Freedom Investment Management Inc. grew its stake in shares of McKesson Corporation (NYSE:MCK) by 27.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 436 shares of the company’s stock after purchasing an additional 95 shares during the quarter. Freedom Investment Management Inc.’s holdings in McKesson were worth $320,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bank of Jackson Hole Trust raised its holdings in shares of McKesson by 64.3% during the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock valued at $29,000 after acquiring an additional 18 shares in the last quarter. CBIZ Investment Advisory Services LLC raised its holdings in shares of McKesson by 1,366.7% during the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company’s stock valued at $30,000 after acquiring an additional 41 shares in the last quarter. GFG Capital LLC bought a new position in shares of McKesson during the second quarter valued at approximately $30,000. Saudi Central Bank bought a new position in shares of McKesson during the first quarter valued at approximately $34,000. Finally, Flaharty Asset Management LLC bought a new position in shares of McKesson during the first quarter valued at approximately $39,000. Institutional investors own 85.07% of the company’s stock.

Insider Buying and Selling at McKesson

In other news, CEO Brian S. Tyler sold 11,930 shares of the firm’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 completion of the transaction, the chief executive officer directly owned 4,012 shares in the company, valued at $2,830,987.56. This trade represents a 74.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the firm’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 owned 657 shares of the company’s stock, valued at $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 have sold 24,189 shares of company stock valued at $16,722,190 over the last 90 days. Corporate insiders own 0.08% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on MCK shares. Mizuho upped their target price on McKesson from $750.00 to $770.00 and gave the company a “neutral” rating in a report on Wednesday, September 24th. Deutsche Bank Aktiengesellschaft upped their target price on McKesson from $775.00 to $856.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Cowen reissued a “buy” rating on shares of McKesson in a research report on Wednesday, September 24th. UBS Group raised their price objective on McKesson from $820.00 to $860.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Finally, Citigroup raised their price objective on McKesson from $820.00 to $860.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, McKesson presently has an average rating of “Moderate Buy” and an average price target of $834.54.

McKesson Price Performance

Shares of NYSE:MCK opened at $802.17 on Monday. McKesson Corporation has a 1-year low of $492.39 and a 1-year high of $807.75. The business has a fifty day moving average price of $728.97 and a 200-day moving average price of $714.53. The company has a market capitalization of $99.77 billion, a PE ratio of 31.98, a PEG ratio of 1.44 and a beta of 0.52.

McKesson (NYSE:MCK) 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 net margin of 0.84% and a negative return on equity of 196.66%. The company had revenue of $97.83 billion for the quarter, compared to the consensus estimate of $95.93 billion. During the same quarter in the previous year, the business earned $7.88 earnings per share. McKesson’s revenue was up 23.4% compared to the same quarter last year. On average, sell-side 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 was paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd were issued a dividend of $0.82 per share. The ex-dividend date was Tuesday, September 2nd. 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 0.4%. McKesson’s dividend payout ratio is 13.08%.

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.