McKesson Co. (NYSE:MCK) Shares Purchased by Cornerstone Wealth Group LLC

Cornerstone Wealth Group LLC increased its position in shares of McKesson Co. (NYSE:MCK) by 12.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 648 shares of the company’s stock after acquiring an additional 73 shares during the period. Cornerstone Wealth Group LLC’s holdings in McKesson were worth $348,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of MCK. Sachetta LLC acquired a new position in McKesson during the 4th quarter worth about $27,000. Register Financial Advisors LLC purchased a new stake in McKesson during the 1st quarter worth about $29,000. BKM Wealth Management LLC purchased a new stake in McKesson during the 4th quarter worth about $31,000. Richardson Financial Services Inc. purchased a new stake in McKesson during the 4th quarter worth about $31,000. Finally, Carolinas Wealth Consulting LLC increased its holdings in McKesson by 42.9% during the 4th quarter. Carolinas Wealth Consulting LLC now owns 80 shares of the company’s stock worth $37,000 after purchasing an additional 24 shares during the period. Institutional investors and hedge funds own 85.07% of the company’s stock.

McKesson Stock Down 1.5 %

NYSE:MCK opened at $584.04 on Monday. The stock’s 50 day moving average price is $565.88 and its 200 day moving average price is $525.49. The company has a market capitalization of $75.89 billion, a PE ratio of 26.10, a P/E/G ratio of 1.37 and a beta of 0.47. McKesson Co. has a 52-week low of $395.30 and a 52-week high of $612.17.

McKesson (NYSE:MCK) last released its quarterly earnings results on Tuesday, May 7th. The company reported $6.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.34 by ($0.16). The firm had revenue of $76.36 billion for the quarter, compared to analysts’ expectations of $79.32 billion. McKesson had a negative return on equity of 245.88% and a net margin of 0.97%. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $7.19 EPS. As a group, sell-side analysts anticipate that McKesson Co. will post 31.54 EPS for the current fiscal year.

McKesson Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be paid a dividend of $0.62 per share. The ex-dividend date is Monday, June 3rd. This represents a $2.48 dividend on an annualized basis and a yield of 0.42%. McKesson’s dividend payout ratio is presently 11.08%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Wells Fargo & Company upped their price target on McKesson from $502.00 to $551.00 and gave the stock an “equal weight” rating in a report on Thursday, May 9th. Deutsche Bank Aktiengesellschaft cut their price target on McKesson from $547.00 to $545.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. StockNews.com downgraded McKesson from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 18th. Argus upped their price target on McKesson from $570.00 to $670.00 and gave the stock a “buy” rating in a report on Monday, June 24th. Finally, Citigroup increased their price objective on McKesson from $575.00 to $620.00 and gave the company a “buy” rating in a report on Tuesday, April 30th. Two analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, McKesson currently has an average rating of “Moderate Buy” and an average target price of $590.47.

Insiders Place Their Bets

In other McKesson news, CFO Britt J. Vitalone sold 12,752 shares of the stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $558.09, for a total transaction of $7,116,763.68. Following the completion of the sale, the chief financial officer now directly owns 14,028 shares of the company’s stock, valued at approximately $7,828,886.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other McKesson news, EVP Leann B. Smith sold 704 shares of the stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $558.09, for a total transaction of $392,895.36. Following the completion of the sale, the executive vice president now directly owns 2,215 shares of the company’s stock, valued at approximately $1,236,169.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Britt J. Vitalone sold 12,752 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $558.09, for a total value of $7,116,763.68. Following the completion of the sale, the chief financial officer now directly owns 14,028 shares of the company’s stock, valued at $7,828,886.52. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,814 shares of company stock valued at $14,511,649. 0.21% of the stock is owned by company insiders.

McKesson Company Profile

McKesson Corporation provides healthcare services in the United States and internationally. It operates through four segments: U.S. Pharmaceutical, Prescription Technology Solutions (RxTS), Medical-Surgical Solutions, and International. The U.S. Pharmaceutical segment distributes branded, generic, specialty, biosimilar and over-the-counter pharmaceutical drugs, and other healthcare-related products.