Cullen Frost Bankers Inc. Boosts Holdings in McKesson Corporation $MCK

Cullen Frost Bankers Inc. lifted its stake in McKesson Corporation (NYSE:MCK) by 8.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,117 shares of the company’s stock after purchasing an additional 234 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in McKesson were worth $2,284,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the stock. GFG Capital LLC purchased a new position in McKesson in the 2nd quarter worth about $30,000. CBIZ Investment Advisory Services LLC raised its position in 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 buying an additional 41 shares during the last quarter. Bank of Jackson Hole Trust raised its position in 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 buying an additional 18 shares during the last quarter. Saudi Central Bank purchased a new position in McKesson in the 1st quarter worth about $34,000. Finally, Flaharty Asset Management LLC purchased a new position in McKesson in the 1st quarter worth about $39,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Wall Street Analysts Forecast Growth

MCK has been the subject of a number of recent analyst reports. Citigroup 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. JPMorgan Chase & Co. boosted their target price on McKesson from $821.00 to $853.00 and gave the stock an “overweight” rating in a research report on Friday, September 26th. Jefferies Financial Group boosted their target price on McKesson from $820.00 to $900.00 and gave the stock a “buy” rating in a research report on Monday, October 13th. Mizuho boosted their target price on McKesson from $750.00 to $770.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 24th. Finally, Wells Fargo & Company upped their price target on shares of McKesson from $772.00 to $816.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, McKesson currently has an average rating of “Moderate Buy” and a consensus price target of $834.54.

McKesson Stock Down 0.2%

NYSE MCK opened at $794.06 on Friday. McKesson Corporation has a 52 week low of $492.39 and a 52 week high of $799.50. The firm has a market capitalization of $98.77 billion, a P/E ratio of 31.66, a PEG ratio of 1.43 and a beta of 0.52. The company has a 50-day moving average price of $726.39 and a 200-day moving average price of $712.79.

McKesson (NYSE:MCK) last released its quarterly earnings results on Wednesday, August 6th. The company reported $8.26 EPS 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 business had revenue of $97.83 billion for the quarter, compared to analysts’ expectations of $95.93 billion. During the same period in the previous year, the company earned $7.88 EPS. McKesson’s revenue for the quarter was up 23.4% compared to the same quarter last year. As a group, equities research analysts anticipate that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

The business also recently disclosed 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. This is a boost from McKesson’s previous quarterly dividend of $0.71. The ex-dividend date was Tuesday, September 2nd. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.4%. McKesson’s dividend payout ratio is presently 13.08%.

Insider Buying and Selling

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business’s stock in a transaction that occurred on Friday, August 8th. The stock was 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 in the company, valued at approximately $436,031.19. The trade was a 33.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Brian S. Tyler sold 11,930 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $705.63, for a total value of $8,418,165.90. Following the transaction, the chief executive officer owned 4,012 shares of the company’s stock, valued at approximately $2,830,987.56. This trade represents a 74.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,189 shares of company stock valued at $16,722,190. 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.