Oppenheimer Asset Management Inc. Invests $2.77 Million in McKesson Corporation $MCK

Oppenheimer Asset Management Inc. bought a new stake in shares of McKesson Corporation (NYSE:MCK) in the second quarter, Holdings Channel.com reports. The fund bought 3,663 shares of the company’s stock, valued at approximately $2,768,000.

A number of other hedge funds have also recently made changes to their positions in MCK. University of Texas Texas AM Investment Management Co. purchased a new stake in McKesson in the 4th quarter valued at about $25,000. Swiss RE Ltd. purchased a new position in shares of McKesson during the fourth quarter worth approximately $26,000. State of Wyoming purchased a new position in shares of McKesson during the second quarter worth approximately $29,000. Kingdom Financial Group LLC. bought a new stake in shares of McKesson during the fourth quarter valued at approximately $33,000. Finally, Birchwood Financial Partners Inc. bought a new stake in shares of McKesson during the fourth quarter valued at approximately $33,000. 85.07% of the stock is currently owned by institutional investors.

McKesson Stock Performance

Shares of McKesson stock opened at $868.72 on Friday. The company has a market capitalization of $101.28 billion, a PE ratio of 23.25, a P/E/G ratio of 1.71 and a beta of 0.30. The company has a 50-day simple moving average of $813.45 and a two-hundred day simple moving average of $842.81. McKesson Corporation has a one year low of $667.50 and a one year high of $999.00.

McKesson (NYSE:MCK) last released its quarterly earnings results on Wednesday, August 5th. The company reported $9.93 earnings per share for the quarter, beating analysts’ consensus estimates of $9.56 by $0.37. McKesson had a net margin of 1.12% and a negative return on equity of 253.21%. The business had revenue of $105.38 billion for the quarter, compared to analysts’ expectations of $103.88 billion. During the same period last year, the business earned $8.26 EPS. The company’s revenue was up 7.7% compared to the same quarter last year. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. On average, equities analysts predict that McKesson Corporation will post 44.65 earnings per share for the current fiscal year.

McKesson Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 1st will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 0.4%. This is a positive change from McKesson’s previous quarterly dividend of $0.82. The ex-dividend date is Tuesday, September 1st. McKesson’s payout ratio is 8.78%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on MCK shares. Weiss Ratings cut McKesson from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, July 7th. Morgan Stanley reaffirmed an “overweight” rating on shares of McKesson in a research report on Friday, August 7th. Wall Street Zen cut McKesson from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. Evercore reissued an “outperform” rating on shares of McKesson in a research report on Thursday, August 6th. Finally, TD Cowen raised their price target on McKesson from $989.00 to $1,006.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Fourteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $977.00.

Insider Buying and Selling

In other news, EVP Michele Lau sold 3,550 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $761.09, for a total transaction of $2,701,869.50. Following the completion of the sale, the executive vice president owned 3,247 shares in the company, valued at approximately $2,471,259.23. This represents a 52.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Thomas L. Rodgers sold 699 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $735.27, for a total value of $513,953.73. Following the completion of the sale, the executive vice president directly owned 2,268 shares of the company’s stock, valued at $1,667,592.36. The trade was a 23.56% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 29,049 shares of company stock valued at $22,530,626 over the last quarter. Insiders own 0.06% of the company’s stock.

McKesson Profile

McKesson Corporation (NYSE: MCK) is a global healthcare services and distribution company that supplies pharmaceuticals, medical-surgical products and health care technology solutions. Founded in 1833 and headquartered in Irving, Texas, McKesson operates across the drug distribution and healthcare services value chain, connecting manufacturers, pharmacies, hospitals and health systems to help manage the movement of medicines and clinical supplies.

The company’s core activities include pharmaceutical wholesale distribution and logistics, specialty pharmacy services, and the provision of medical-surgical supplies to acute and non-acute care providers.