Morey & Quinn Wealth Partners LLC Makes New $582,000 Investment in McKesson Corporation $MCK

Morey & Quinn Wealth Partners LLC bought a new position in McKesson Corporation (NYSE:MCK) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 754 shares of the company’s stock, valued at approximately $582,000.

Other hedge funds have also made changes to their positions in the company. CW Advisors LLC lifted its position in shares of McKesson by 282.5% in the 2nd quarter. CW Advisors LLC now owns 11,008 shares of the company’s stock worth $8,067,000 after acquiring an additional 8,130 shares during the period. Voya Investment Management LLC lifted its position in McKesson by 11.9% in the third quarter. Voya Investment Management LLC now owns 598,880 shares of the company’s stock worth $462,126,000 after purchasing an additional 63,621 shares during the period. Central Pacific Bank Trust Division boosted its stake in McKesson by 54.4% during the third quarter. Central Pacific Bank Trust Division now owns 3,913 shares of the company’s stock worth $3,023,000 after buying an additional 1,378 shares in the last quarter. Investment Management Corp of Ontario increased its holdings in McKesson by 19.0% in the 2nd quarter. Investment Management Corp of Ontario now owns 18,029 shares of the company’s stock valued at $13,211,000 after buying an additional 2,881 shares during the period. Finally, Motco raised its stake in shares of McKesson by 50,389.7% in the 3rd quarter. Motco now owns 14,642 shares of the company’s stock valued at $11,312,000 after buying an additional 14,613 shares in the last quarter. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Trading Up 1.3%

Shares of MCK stock opened at $834.45 on Thursday. The firm has a market capitalization of $102.99 billion, a price-to-earnings ratio of 25.97, a PEG ratio of 1.35 and a beta of 0.41. The firm’s 50 day moving average is $833.96 and its 200-day moving average is $764.87. McKesson Corporation has a 1 year low of $570.51 and a 1 year high of $895.58.

McKesson (NYSE:MCK) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $9.86 EPS for the quarter, beating analysts’ consensus estimates of $8.84 by $1.02. The firm had revenue of $103.15 billion for the quarter, compared to analyst estimates of $103.80 billion. McKesson had a negative return on equity of 248.14% and a net margin of 1.04%.The business’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period last year, the company earned $7.07 EPS. On average, equities research analysts forecast that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on MCK shares. Leerink Partners lifted their price objective on McKesson from $785.00 to $850.00 and gave the company an “outperform” rating in a report on Wednesday, September 24th. UBS Group upped their price target on McKesson from $920.00 to $980.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Bank of America lifted their price objective on McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. JPMorgan Chase & Co. upped their target price on shares of McKesson from $821.00 to $853.00 and gave the stock an “overweight” rating in a report on Friday, September 26th. Finally, Robert W. Baird set a $968.00 price target on shares of McKesson in a report on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, McKesson has an average rating of “Moderate Buy” and an average target price of $895.79.

Insider Transactions at McKesson

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $861.63, for a total value of $283,476.27. Following the transaction, the chief accounting officer directly owned 328 shares in the company, valued at $282,614.64. This represents a 50.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Thomas L. Rodgers sold 276 shares of the stock in a transaction on Monday, January 5th. The shares were sold at an average price of $816.18, for a total value of $225,265.68. Following the completion of the transaction, the executive vice president directly owned 2,268 shares in the company, valued at approximately $1,851,096.24. This trade represents a 10.85% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.08% of the company’s stock.

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.