Perigon Wealth Management LLC Makes New Investment in McKesson Corporation $MCK

Perigon Wealth Management LLC acquired a new position in McKesson Corporation (NYSE:MCK) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 3,186 shares of the company’s stock, valued at approximately $2,407,000.

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

Insider Transactions at McKesson

In other McKesson news, CEO Brian S. Tyler sold 8,463 shares of the company’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $793.56, for a total transaction of $6,715,898.28. Following the completion of the sale, the chief executive officer directly owned 5,919 shares in the company, valued at $4,697,081.64. This represents a 58.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bradley E. Lerman sold 301 shares of the firm’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $892.33, for a total value of $268,591.33. The SEC filing for this sale provides additional information. Insiders have sold 29,049 shares of company stock valued at $22,530,626 in the last ninety days. Company insiders own 0.06% of the company’s stock.

McKesson Stock Down 0.9%

MCK stock opened at $861.59 on Tuesday. McKesson Corporation has a 52-week low of $667.50 and a 52-week high of $999.00. The stock’s fifty day simple moving average is $815.34 and its 200-day simple moving average is $843.12. The stock has a market capitalization of $100.45 billion, a price-to-earnings ratio of 23.06, a price-to-earnings-growth ratio of 1.71 and a beta of 0.30.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $9.93 EPS for the quarter, topping the consensus estimate of $9.56 by $0.37. The firm had revenue of $105.38 billion during the quarter, compared to analyst estimates of $103.88 billion. McKesson had a net margin of 1.12% and a negative return on equity of 253.21%. McKesson’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $8.26 earnings per share. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. As a group, analysts anticipate 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. Investors of record on Tuesday, September 1st will be given a $0.94 dividend. This is an increase from McKesson’s previous quarterly dividend of $0.82. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $3.76 annualized dividend and a dividend yield of 0.4%. McKesson’s dividend payout ratio is 10.06%.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $875.00 price target on shares of McKesson in a research report on Friday, May 8th. Evercore reiterated an “outperform” rating on shares of McKesson in a research report on Thursday, August 6th. Wells Fargo & Company upped their target price on shares of McKesson from $812.00 to $933.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 11th. Barclays reduced their price objective on McKesson from $1,050.00 to $925.00 and set an “overweight” rating for the company in a report on Wednesday, June 10th. Finally, Morgan Stanley reissued an “overweight” rating on shares of McKesson in a report on Friday, August 7th. Fourteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $977.00.

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.