Bingham Private Wealth LLC Purchases 83 Shares of McKesson Corporation $MCK

Bingham Private Wealth LLC increased its position in McKesson Corporation (NYSE:MCK) by 14.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 659 shares of the company’s stock after purchasing an additional 83 shares during the quarter. Bingham Private Wealth LLC’s holdings in McKesson were worth $483,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of MCK. MassMutual Private Wealth & Trust FSB grew its holdings in McKesson by 1.6% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 863 shares of the company’s stock worth $632,000 after acquiring an additional 14 shares during the last quarter. CVA Family Office LLC raised its stake in shares of McKesson by 6.0% during the first quarter. CVA Family Office LLC now owns 265 shares of the company’s stock valued at $178,000 after acquiring an additional 15 shares during the last quarter. Palisade Asset Management LLC raised its stake in shares of McKesson by 2.1% during the first quarter. Palisade Asset Management LLC now owns 715 shares of the company’s stock valued at $481,000 after acquiring an additional 15 shares during the last quarter. SteelPeak Wealth LLC lifted its holdings in shares of McKesson by 0.5% during the first quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company’s stock worth $1,867,000 after purchasing an additional 15 shares during the period. Finally, Keystone Financial Services grew its stake in shares of McKesson by 1.2% in the first quarter. Keystone Financial Services now owns 1,404 shares of the company’s stock worth $945,000 after purchasing an additional 17 shares during the last quarter. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MCK. Citigroup raised 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. Wells Fargo & Company raised their price objective on McKesson from $772.00 to $816.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 24th. Cowen reaffirmed a “buy” rating on shares of McKesson in a research note on Wednesday, September 24th. JPMorgan Chase & Co. increased their target price on shares of McKesson from $821.00 to $853.00 and gave the company an “overweight” rating in a research report on Friday, September 26th. Finally, Bank of America raised their price target on shares of McKesson from $800.00 to $850.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, McKesson currently has an average rating of “Moderate Buy” and an average target price of $829.08.

McKesson Stock Up 0.4%

Shares of NYSE MCK opened at $740.82 on Tuesday. The firm has a market cap of $92.15 billion, a PE ratio of 29.54, a P/E/G ratio of 1.32 and a beta of 0.52. The company’s fifty day simple moving average is $703.30 and its 200 day simple moving average is $704.05. McKesson Corporation has a 12-month low of $482.44 and a 12-month high of $776.14.

McKesson (NYSE:MCK) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 earnings per share 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 company had revenue of $97.83 billion for the quarter, compared to analyst estimates of $95.93 billion. During the same quarter in the prior year, the company posted $7.88 EPS. McKesson’s revenue for the quarter was up 23.4% on a year-over-year basis. On average, equities analysts predict that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

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

Insiders Place Their Bets

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