Money Concepts Capital Corp Makes New Investment in McKesson Corporation $MCK

Money Concepts Capital Corp acquired a new position in McKesson Corporation (NYSE:MCK) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 706 shares of the company’s stock, valued at approximately $545,000.

Other large investors also recently added to or reduced their stakes in the company. Solstein Capital LLC grew its holdings in McKesson by 171.4% during the 2nd quarter. Solstein Capital LLC now owns 38 shares of the company’s stock valued at $28,000 after buying an additional 24 shares in the last quarter. State of Wyoming bought a new position in shares of McKesson during the second quarter worth $29,000. GFG Capital LLC bought a new position in shares of McKesson during the second quarter worth $30,000. Abound Wealth Management grew its stake in McKesson by 104.3% during the third quarter. Abound Wealth Management now owns 47 shares of the company’s stock valued at $37,000 after acquiring an additional 24 shares in the last quarter. Finally, Delos Wealth Advisors LLC bought a new stake in McKesson in the 2nd quarter valued at $35,000. 85.07% of the stock is currently owned by institutional investors.

McKesson Trading Up 0.5%

Shares of MCK opened at $851.02 on Wednesday. The company’s fifty day simple moving average is $826.85 and its 200-day simple moving average is $776.36. The company has a market cap of $105.04 billion, a P/E ratio of 26.49, a P/E/G ratio of 1.39 and a beta of 0.40. McKesson Corporation has a twelve month low of $570.51 and a twelve month high of $895.58.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $9.86 EPS for the quarter, beating the consensus estimate of $8.84 by $1.02. McKesson had a net margin of 1.04% and a negative return on equity of 248.14%. The company had revenue of $103.15 billion for the quarter, compared to the consensus estimate of $103.80 billion. During the same period in the prior year, the firm posted $7.07 EPS. The firm’s revenue was up 10.2% compared to the same quarter last year. Analysts predict that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Monday, March 2nd will be issued a $0.82 dividend. This represents a $3.28 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Monday, March 2nd. McKesson’s dividend payout ratio is presently 10.21%.

Insider Buying and Selling

In related news, EVP Thomas L. Rodgers sold 276 shares of the business’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $816.18, for a total transaction of $225,265.68. Following the completion of the transaction, the executive vice president owned 2,268 shares in the company, valued at $1,851,096.24. The trade was a 10.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction on Friday, November 7th. The stock was sold at an average price of $861.63, for a total value of $283,476.27. Following the completion of the sale, the chief accounting officer owned 328 shares in the company, valued at approximately $282,614.64. The trade was a 50.08% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.08% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have commented on MCK. Wall Street Zen downgraded shares of McKesson from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Weiss Ratings reissued a “buy (a-)” rating on shares of McKesson in a research note on Monday, December 29th. Robert W. Baird set a $968.00 price target on McKesson in a report on Wednesday, January 14th. Jefferies Financial Group upped their price objective on McKesson from $820.00 to $900.00 and gave the stock a “buy” rating in a report on Monday, October 13th. Finally, Zacks Research lowered shares of McKesson from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 25th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $899.36.

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.