Townsend & Associates Inc Grows Position in McKesson Corporation $MCK

Townsend & Associates Inc grew its holdings in shares of McKesson Corporation (NYSE:MCK) by 3.4% in the third quarter, Holdings Channel.com reports. The firm owned 20,595 shares of the company’s stock after buying an additional 668 shares during the period. McKesson comprises about 1.5% of Townsend & Associates Inc’s investment portfolio, making the stock its 26th biggest position. Townsend & Associates Inc’s holdings in McKesson were worth $16,188,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of MCK. Solstein Capital LLC boosted its holdings in McKesson by 171.4% in the 2nd quarter. Solstein Capital LLC now owns 38 shares of the company’s stock worth $28,000 after buying an additional 24 shares during the period. State of Wyoming purchased a new stake in shares of McKesson during the second quarter worth $29,000. GFG Capital LLC purchased a new stake in shares of McKesson during the second quarter worth $30,000. Delos Wealth Advisors LLC bought a new position in shares of McKesson in the second quarter worth $35,000. Finally, Abound Wealth Management grew its position in shares of McKesson by 104.3% in the third quarter. Abound Wealth Management now owns 47 shares of the company’s stock valued at $37,000 after purchasing an additional 24 shares in the last quarter. Institutional investors own 85.07% of the company’s stock.

McKesson Trading Up 0.4%

MCK stock opened at $823.28 on Friday. The company’s 50 day moving average is $833.68 and its 200 day moving average is $759.06. The stock has a market cap of $101.62 billion, a price-to-earnings ratio of 25.62, a price-to-earnings-growth ratio of 1.35 and a beta of 0.38. McKesson Corporation has a 1-year low of $568.23 and a 1-year high of $895.58.

McKesson (NYSE:MCK) last released its quarterly earnings results on Wednesday, November 5th. The company reported $9.86 EPS for the quarter, topping analysts’ consensus estimates of $8.84 by $1.02. McKesson had a net margin of 1.04% and a negative return on equity of 248.14%. The business had revenue of $103.15 billion during the quarter, compared to analysts’ expectations of $103.80 billion. During the same quarter in the previous year, the company earned $7.07 EPS. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. As a group, sell-side analysts forecast that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Monday, December 1st were paid a dividend of $0.82 per share. The ex-dividend date of this dividend was Monday, December 1st. This represents a $3.28 annualized dividend and a yield of 0.4%. McKesson’s payout ratio is 10.21%.

Insider Activity

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $861.63, for a total transaction of $283,476.27. Following the transaction, the chief accounting officer directly owned 328 shares in the company, valued at approximately $282,614.64. This represents a 50.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Weiss Ratings reissued a “buy (a-)” rating on shares of McKesson in a report on Monday. TD Cowen upped their price target on McKesson from $830.00 to $864.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Leerink Partners increased their price target on shares of McKesson from $785.00 to $850.00 and gave the stock an “outperform” rating in a report on Wednesday, September 24th. Wall Street Zen cut shares of McKesson from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, UBS Group upped their target price on shares of McKesson from $920.00 to $980.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat, McKesson has an average rating of “Moderate Buy” and an average target price of $892.86.

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.