Brighton Jones LLC Has $2.39 Million Stock Position in McKesson Corporation $MCK

Brighton Jones LLC raised its holdings in McKesson Corporation (NYSE:MCK) by 33.1% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 3,265 shares of the company’s stock after acquiring an additional 812 shares during the quarter. Brighton Jones LLC’s holdings in McKesson were worth $2,393,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. GFG Capital LLC acquired a new position in McKesson in the second quarter valued at approximately $30,000. CBIZ Investment Advisory Services LLC lifted its stake in McKesson by 1,366.7% in the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company’s stock valued at $30,000 after buying an additional 41 shares during the period. Bank of Jackson Hole Trust lifted its stake in McKesson by 64.3% in the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock valued at $29,000 after buying an additional 18 shares during the period. Saudi Central Bank acquired a new position in McKesson in the first quarter valued at approximately $34,000. Finally, Flaharty Asset Management LLC acquired a new position in McKesson in the first quarter valued at approximately $39,000. 85.07% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MCK. JPMorgan Chase & Co. boosted their price target on McKesson from $821.00 to $853.00 and gave the company an “overweight” rating in a research note on Friday, September 26th. Wells Fargo & Company upped their target price on McKesson from $772.00 to $816.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 24th. UBS Group upped 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. TD Cowen upped their target price on McKesson from $830.00 to $864.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Finally, Bank of America upped their target price on McKesson from $800.00 to $850.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. One equities research 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $834.54.

McKesson Trading Up 1.2%

Shares of McKesson stock opened at $802.17 on Monday. The stock has a fifty day simple moving average of $728.97 and a 200 day simple moving average of $714.53. McKesson Corporation has a 12-month low of $492.39 and a 12-month high of $807.75. The company has a market capitalization of $99.77 billion, a P/E ratio of 31.98, a price-to-earnings-growth ratio of 1.44 and a beta of 0.52.

McKesson (NYSE:MCK) last announced its quarterly 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). 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 the consensus estimate of $95.93 billion. During the same quarter last year, the company posted $7.88 EPS. The company’s quarterly revenue was up 23.4% compared to the same quarter last year. On average, analysts predict that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were issued a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a yield of 0.4%. This is an increase from McKesson’s previous quarterly dividend of $0.71. The ex-dividend date was Tuesday, September 2nd. McKesson’s dividend payout ratio is currently 13.08%.

Insider Buying and Selling at McKesson

In related 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 completion of the sale, the chief executive officer owned 4,012 shares in the company, valued at approximately $2,830,987.56. This represents a 74.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company’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 sale, the chief accounting officer owned 657 shares of the company’s stock, valued at $436,031.19. This trade represents a 33.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,189 shares of company stock valued at $16,722,190 in the last quarter. 0.08% of the stock is currently owned by corporate insiders.

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.