McKesson Corporation $MCK Shares Purchased by Patriot Financial Group Insurance Agency LLC

Patriot Financial Group Insurance Agency LLC boosted its stake in McKesson Corporation (NYSE:MCK) by 21.0% during the 2nd quarter, HoldingsChannel reports. The fund owned 2,073 shares of the company’s stock after buying an additional 360 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in McKesson were worth $1,519,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. CBIZ Investment Advisory Services LLC raised 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 valued at $30,000 after acquiring an additional 41 shares in the last quarter. Bank of Jackson Hole Trust raised 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 valued at $29,000 after acquiring an additional 18 shares in the last quarter. Saudi Central Bank acquired a new stake in McKesson in the first quarter valued at $34,000. Flaharty Asset Management LLC acquired a new stake in shares of McKesson during the first quarter worth $39,000. Finally, Signature Resources Capital Management LLC acquired a new stake in shares of McKesson during the second quarter worth $43,000. 85.07% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MCK. Bank of America increased their target price on shares of McKesson from $800.00 to $850.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. JPMorgan Chase & Co. increased their target price on shares of McKesson from $821.00 to $853.00 and gave the stock an “overweight” rating in a report on Friday, September 26th. Cowen reissued a “buy” rating on shares of McKesson in a report on Wednesday, September 24th. Wells Fargo & Company increased their target price on shares of McKesson from $772.00 to $816.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 24th. Finally, Leerink Partners increased their target price on shares of McKesson from $785.00 to $850.00 and gave the stock an “outperform” rating in a report on Wednesday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $829.08.

McKesson Stock Down 2.7%

MCK stock opened at $738.00 on Friday. McKesson Corporation has a fifty-two week low of $480.39 and a fifty-two week high of $776.14. The firm’s 50-day simple moving average is $702.60 and its 200 day simple moving average is $702.96. The stock has a market cap of $91.79 billion, a PE ratio of 29.43, a price-to-earnings-growth ratio of 1.36 and a beta of 0.52.

McKesson (NYSE:MCK) last released its quarterly earnings data 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 firm had revenue of $97.83 billion during the quarter, compared to analyst estimates of $95.93 billion. During the same period last year, the business earned $7.88 EPS. The firm’s revenue was up 23.4% on a year-over-year basis. Equities analysts forecast that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

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

Insider Transactions at McKesson

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $663.67, for a total value of $218,347.43. Following the completion of the transaction, the chief accounting officer owned 657 shares in the company, valued at $436,031.19. This represents a 33.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Brian S. Tyler sold 19,371 shares of the stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $708.09, for a total transaction of $13,716,411.39. Following the completion of the transaction, the chief executive officer owned 27,872 shares of the company’s stock, valued at $19,735,884.48. This represents a 41.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 43,560 shares of company stock valued at $30,438,602 in the last quarter. 0.08% of the stock is currently owned by insiders.

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.