Corient Private Wealth LP Grows Position in McKesson Corporation $MCK

Corient Private Wealth LP grew its position in shares of McKesson Corporation (NYSE:MCK) by 207.3% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 126,073 shares of the company’s stock after buying an additional 85,044 shares during the quarter. Corient Private Wealth LP’s holdings in McKesson were worth $95,263,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MCK. Secure Asset Management LLC increased its stake in shares of McKesson by 484.8% in the second quarter. Secure Asset Management LLC now owns 2,123 shares of the company’s stock worth $1,604,000 after purchasing an additional 1,760 shares in the last quarter. Summit Global Investments bought a new stake in McKesson during the second quarter valued at $1,159,000. Walter Public Investments Inc. purchased a new position in shares of McKesson during the fourth quarter worth about $6,538,000. One Wealth Advisors LLC purchased a new stake in McKesson in the second quarter valued at approximately $1,494,000. Finally, Royal London Asset Management Ltd. raised its stake in McKesson by 1.1% in the second quarter. Royal London Asset Management Ltd. now owns 112,241 shares of the company’s stock valued at $84,809,000 after purchasing an additional 1,216 shares in the last quarter. 85.07% of the stock is owned by hedge funds and other institutional investors.

McKesson Stock Performance

MCK stock opened at $880.51 on Friday. McKesson Corporation has a fifty-two week low of $687.68 and a fifty-two week high of $999.00. The company has a market capitalization of $102.66 billion, a price-to-earnings ratio of 23.56, a price-to-earnings-growth ratio of 1.75 and a beta of 0.30. The business’s 50 day moving average price is $860.19 and its two-hundred day moving average price is $841.27.

McKesson (NYSE:MCK) last released its quarterly earnings results on Wednesday, August 5th. The company reported $9.93 earnings per share for the quarter, beating the consensus estimate of $9.56 by $0.37. The company had revenue of $105.38 billion for the quarter, compared to analyst estimates of $103.88 billion. McKesson had a negative return on equity of 253.21% and a net margin of 1.12%.The firm’s revenue was up 7.7% on a year-over-year basis. During the same period in the previous year, the company posted $8.26 earnings per share. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. Sell-side analysts forecast that McKesson Corporation will post 44.65 earnings per share for the current year.

McKesson Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 1st will be issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 0.4%. This is a boost from McKesson’s previous quarterly dividend of $0.82. The ex-dividend date is Tuesday, September 1st. McKesson’s dividend payout ratio is currently 10.06%.

Insiders Place Their Bets

In related news, Director Bradley Lerman sold 301 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $892.33, for a total value of $268,591.33. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO B Jr sold 111 shares of McKesson stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $891.45, for a total value of $98,950.95. Following the transaction, the chief accounting officer owned 521 shares of the company’s stock, valued at $464,445.45. The trade was a 17.56% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 17,338 shares of company stock worth $13,643,366. 0.06% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MCK. Barclays increased their price objective on McKesson from $925.00 to $1,000.00 and gave the company an “overweight” rating in a research report on Wednesday, August 19th. TD Cowen increased their price target on shares of McKesson from $989.00 to $1,006.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Wells Fargo & Company boosted their price objective on shares of McKesson from $812.00 to $933.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 11th. Weiss Ratings raised shares of McKesson from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, September 4th. Finally, Royal Bank Of Canada began coverage on shares of McKesson in a report on Wednesday, August 19th. They set a “sector perform” rating and a $845.00 target price on the stock. Fourteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, McKesson currently has a consensus rating of “Moderate Buy” and an average target price of $973.44.

About McKesson

McKesson Corporation is a healthcare services and distribution company that supplies pharmaceuticals, specialty drugs, medical products and related services to pharmacies, hospitals, health systems, physicians and other healthcare providers. Its operations support the movement of prescription medicines and medical-surgical supplies from manufacturers to healthcare organizations and patients.

The company’s businesses include pharmaceutical distribution, specialty pharmaceutical services, medical-surgical supply distribution and technology solutions for pharmacies and other healthcare providers.