NewEdge Wealth LLC Makes New Investment in McKesson Corporation $MCK

NewEdge Wealth LLC acquired a new stake in McKesson Corporation (NYSE:MCK) in the 2nd quarter, HoldingsChannel.com reports. The firm acquired 1,144 shares of the company’s stock, valued at approximately $865,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Meiji Yasuda Asset Management Co Ltd. increased its position in shares of McKesson by 0.5% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,262 shares of the company’s stock valued at $1,855,000 after acquiring an additional 11 shares during the last quarter. Investment Research Partners LLC boosted its position in McKesson by 0.7% in the fourth quarter. Investment Research Partners LLC now owns 1,624 shares of the company’s stock worth $1,332,000 after purchasing an additional 11 shares during the last quarter. IHT Wealth Management LLC grew its stake in McKesson by 0.9% in the 4th quarter. IHT Wealth Management LLC now owns 1,196 shares of the company’s stock valued at $981,000 after purchasing an additional 11 shares during the period. LRI Investments LLC grew its stake in McKesson by 12.1% in the 4th quarter. LRI Investments LLC now owns 111 shares of the company’s stock valued at $91,000 after purchasing an additional 12 shares during the period. Finally, Macroview Investment Management LLC increased its position in shares of McKesson by 3.9% during the 4th quarter. Macroview Investment Management LLC now owns 322 shares of the company’s stock valued at $264,000 after purchasing an additional 12 shares during the last quarter. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Stock Performance

Shares of McKesson stock opened at $862.27 on Friday. The stock has a market capitalization of $100.53 billion, a P/E ratio of 23.07, a P/E/G ratio of 1.65 and a beta of 0.30. McKesson Corporation has a 52-week low of $673.38 and a 52-week high of $999.00. The stock’s 50-day simple moving average is $820.97 and its 200 day simple moving average is $843.86.

McKesson (NYSE:MCK) last issued its earnings results on Wednesday, August 5th. The company reported $9.93 earnings per share for the quarter, topping analysts’ consensus estimates 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%. The company’s quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter last year, the business earned $8.26 earnings per share. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. Equities research analysts forecast that McKesson Corporation will post 44.65 EPS for the current fiscal year.

McKesson Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 1st will be issued a $0.94 dividend. This is a boost 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 yield of 0.4%. McKesson’s payout ratio is 8.78%.

Analysts Set New Price Targets

A number of research firms have recently commented on MCK. William Blair assumed coverage on McKesson in a research note on Tuesday, April 28th. They set an “outperform” rating on the stock. Morgan Stanley restated an “overweight” rating on shares of McKesson in a report on Friday, August 7th. Weiss Ratings lowered shares of McKesson from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, July 7th. UBS Group boosted their target price on shares of McKesson from $1,050.00 to $1,080.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $875.00 target price on shares of McKesson in a research report on Friday, May 8th. Fourteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $973.44.

Insiders Place Their Bets

In other McKesson news, CEO Brian S. Tyler sold 8,463 shares of the business’s stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $793.56, for a total transaction of $6,715,898.28. Following the sale, the chief executive officer owned 5,919 shares of the company’s stock, valued at $4,697,081.64. The trade was a 58.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Napoleon B. Rutledge, Jr. sold 133 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $764.00, for a total value of $101,612.00. Following the sale, the chief accounting officer owned 632 shares in the company, valued at approximately $482,848. This represents a 17.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 29,049 shares of company stock worth $22,530,626 in the last three months. Insiders own 0.06% of the company’s stock.

About McKesson

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.