Mutual Advisors LLC Acquires 2,235 Shares of McKesson Co. (NYSE:MCK)

Posted by Defense World Staff on Jun 24th, 2023

Mutual Advisors LLC boosted its stake in McKesson Co. (NYSE:MCK – Get Rating) by 182.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,462 shares of the company’s stock after buying an additional 2,235 shares during the quarter. Mutual Advisors LLC’s holdings in McKesson were worth $1,233,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Wedge Capital Management L L P NC raised its position in McKesson by 11.7% in the 1st quarter. Wedge Capital Management L L P NC now owns 114,375 shares of the company’s stock valued at $40,723,000 after buying an additional 11,948 shares during the last quarter. Canandaigua National Bank & Trust Co. bought a new stake in McKesson in the 1st quarter worth about $1,506,000. IAM Advisory LLC bought a new stake in McKesson in the 1st quarter worth about $1,258,000. Versant Capital Management Inc grew its position in McKesson by 119.4% in the 1st quarter. Versant Capital Management Inc now owns 509 shares of the company’s stock worth $181,000 after purchasing an additional 277 shares in the last quarter. Finally, Veracity Capital LLC boosted its position in McKesson by 2.0% in the first quarter. Veracity Capital LLC now owns 1,808 shares of the company’s stock worth $644,000 after purchasing an additional 35 shares during the last quarter. 83.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Nancy Avila sold 491 shares of the firm’s stock in a transaction that occurred on Friday, May 26th. The shares were sold at an average price of $394.38, for a total value of $193,640.58. Following the sale, the executive vice president now directly owns 11,720 shares of the company’s stock, valued at $4,622,133.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other McKesson news, EVP Thomas L. Rodgers sold 645 shares of the firm’s stock in a transaction dated Tuesday, June 6th. The stock was sold at an average price of $395.70, for a total transaction of $255,226.50. Following the sale, the executive vice president now owns 2,544 shares in the company, valued at $1,006,660.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Nancy Avila sold 491 shares of the firm’s stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $394.38, for a total value of $193,640.58. Following the sale, the executive vice president now owns 11,720 shares in the company, valued at approximately $4,622,133.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,667 shares of company stock worth $11,123,837. Insiders own 0.21% of the company’s stock.

McKesson Stock Down 0.3 %

Shares of MCK opened at $415.76 on Friday. The business’s 50-day moving average price is $384.72 and its 200-day moving average price is $372.14. McKesson Co. has a twelve month low of $310.37 and a twelve month high of $419.33. The stock has a market cap of $56.34 billion, a PE ratio of 16.56, a P/E/G ratio of 1.41 and a beta of 0.59.

McKesson (NYSE:MCK – Get Rating) last released its quarterly earnings results on Monday, May 8th. The company reported $7.19 EPS for the quarter, beating analysts’ consensus estimates of $7.16 by $0.03. McKesson had a net margin of 1.29% and a negative return on equity of 234.22%. The firm had revenue of $68.91 billion during the quarter, compared to analyst estimates of $67.94 billion. During the same period in the previous year, the business earned $5.83 EPS. The business’s revenue for the quarter was up 4.2% on a year-over-year basis. Analysts expect that McKesson Co. will post 26.56 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Stockholders of record on Thursday, June 1st will be given a dividend of $0.54 per share. The ex-dividend date is Wednesday, May 31st. This represents a $2.16 dividend on an annualized basis and a dividend yield of 0.52%. McKesson’s dividend payout ratio (DPR) is presently 8.60%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on MCK shares. 58.com reissued a “maintains” rating on shares of McKesson in a research report on Tuesday, May 9th. Citigroup initiated coverage on shares of McKesson in a research report on Friday, March 31st. They issued a “buy” rating and a $420.00 price objective on the stock. Robert W. Baird lifted their price objective on shares of McKesson from $450.00 to $475.00 in a research report on Tuesday, May 9th. Mizuho raised their target price on McKesson from $376.00 to $390.00 in a research report on Tuesday, May 9th. Finally, StockNews.com started coverage on McKesson in a research report on Thursday, May 18th. They issued a “strong-buy” rating for the company. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $430.17.

McKesson Company Profile

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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.