Evolve Private Wealth LLC Takes Position in McKesson Corporation $MCK

Evolve Private Wealth LLC purchased a new position in McKesson Corporation (NYSE:MCK) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 863 shares of the company’s stock, valued at approximately $653,000.

Several other institutional investors have also made changes to their positions in MCK. Martin & Co. Inc. TN purchased a new position in McKesson during the second quarter valued at approximately $9,230,000. WealthShield Partners LLC acquired a new stake in shares of McKesson during the 2nd quarter valued at $306,000. Farringdon Capital Ltd. acquired a new stake in shares of McKesson during the 2nd quarter valued at $414,000. Varma Mutual Pension Insurance Co purchased a new position in shares of McKesson during the 2nd quarter valued at $17,721,000. Finally, George Kaiser Family Foundation purchased a new position in shares of McKesson during the 2nd quarter valued at $437,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

McKesson Trading Up 1.8%

MCK stock opened at $874.20 on Tuesday. The firm has a market cap of $101.92 billion, a PE ratio of 23.39, a PEG ratio of 1.69 and a beta of 0.30. McKesson Corporation has a 1 year low of $673.38 and a 1 year high of $999.00. The company has a fifty day simple moving average of $822.86 and a 200 day simple moving average of $844.00.

McKesson (NYSE:MCK) last posted its 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. McKesson had a net margin of 1.12% and a negative return on equity of 253.21%. The firm had revenue of $105.38 billion for the quarter, compared to the consensus estimate of $103.88 billion. During the same period in the prior year, the business posted $8.26 earnings per share. The business’s quarterly revenue was up 7.7% on a year-over-year basis. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. As a group, analysts forecast that McKesson Corporation will post 44.65 EPS for the current fiscal year.

McKesson Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 1st will be issued a dividend of $0.94 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $3.76 dividend on an annualized basis and a dividend yield of 0.4%. This is a positive change from McKesson’s previous quarterly dividend of $0.82. McKesson’s payout ratio is currently 8.78%.

Insider Buying and Selling

In related news, EVP Thomas L. Rodgers sold 699 shares of the company’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $735.27, for a total transaction 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 approximately $1,667,592.36. This represents a 23.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 on Monday, August 10th. The shares were sold at an average price of $892.33, for a total transaction of $268,591.33. The SEC filing for this sale provides additional information. Insiders sold a total of 23,111 shares of company stock valued at $18,011,274 over the last 90 days. 0.06% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on MCK shares. TD Cowen increased their price objective on McKesson from $989.00 to $1,006.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. JPMorgan Chase & Co. lowered their target price on McKesson from $1,107.00 to $1,015.00 and set an “overweight” rating on the stock in a research note on Friday, May 8th. Evercore reaffirmed an “outperform” rating on shares of McKesson in a research report on Thursday, August 6th. Wells Fargo & Company lifted their price target on McKesson from $812.00 to $933.00 and gave the company an “equal weight” rating in a report on Tuesday, August 11th. Finally, Barclays boosted their price target on McKesson from $925.00 to $1,000.00 and gave the company an “overweight” rating in a research note on Wednesday, August 19th. Fourteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, McKesson has an average rating of “Moderate Buy” and a consensus price target of $973.44.

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.