Alpine Woods Capital Investors LLC Invests $432,000 in McKesson Corporation $MCK

Alpine Woods Capital Investors LLC bought a new position in shares of McKesson Corporation (NYSE:MCK) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 590 shares of the company’s stock, valued at approximately $432,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Nadler Financial Group Inc. acquired a new stake in shares of McKesson during the 2nd quarter worth about $213,000. Cornerstone Wealth Group LLC raised its position in shares of McKesson by 5.7% during the 2nd quarter. Cornerstone Wealth Group LLC now owns 702 shares of the company’s stock worth $514,000 after acquiring an additional 38 shares in the last quarter. NorthRock Partners LLC raised its position in shares of McKesson by 13.8% during the 2nd quarter. NorthRock Partners LLC now owns 1,515 shares of the company’s stock worth $1,111,000 after acquiring an additional 184 shares in the last quarter. Verdence Capital Advisors LLC raised its position in shares of McKesson by 23.6% during the 2nd quarter. Verdence Capital Advisors LLC now owns 11,318 shares of the company’s stock worth $8,294,000 after acquiring an additional 2,163 shares in the last quarter. Finally, Sequoia Financial Advisors LLC raised its position in shares of McKesson by 3.4% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 8,988 shares of the company’s stock worth $6,587,000 after acquiring an additional 292 shares in the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.

McKesson Stock Up 0.7%

MCK opened at $768.79 on Tuesday. The business’s 50 day moving average is $708.64 and its two-hundred day moving average is $707.37. McKesson Corporation has a 52 week low of $492.39 and a 52 week high of $776.14. The firm has a market cap of $95.62 billion, a price-to-earnings ratio of 30.65, a price-to-earnings-growth ratio of 1.38 and a beta of 0.52.

McKesson (NYSE:MCK) last announced its earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share for the quarter, missing the consensus estimate of $8.33 by ($0.07). McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The company had revenue of $97.83 billion during the quarter, compared to analysts’ expectations of $95.93 billion. During the same quarter last year, the business posted $7.88 earnings per share. The company’s revenue for the quarter was up 23.4% compared to the same quarter last year. Equities analysts expect that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd were paid a $0.82 dividend. This is an increase from McKesson’s previous quarterly dividend of $0.71. The ex-dividend date was Tuesday, September 2nd. This represents a $3.28 annualized dividend and a dividend yield of 0.4%. McKesson’s dividend payout ratio (DPR) is 13.08%.

Insider Activity at McKesson

In other McKesson news, CEO Brian S. Tyler sold 11,930 shares of McKesson stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $705.63, for a total value of $8,418,165.90. Following the transaction, the chief executive officer directly owned 4,012 shares in the company, valued at approximately $2,830,987.56. This trade represents a 74.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $663.67, for a total value of $218,347.43. Following the completion of the sale, the chief accounting officer owned 657 shares in the company, valued at approximately $436,031.19. This trade represents a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 24,189 shares of company stock worth $16,722,190 over the last quarter. Company insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Jefferies Financial Group set a $900.00 target price on McKesson and gave the stock a “buy” rating in a research report on Monday. Evercore ISI lifted their price target on McKesson from $800.00 to $825.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 24th. Bank of America lifted their price target on McKesson from $800.00 to $850.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. TD Cowen lifted their price target on McKesson from $830.00 to $864.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Finally, Wells Fargo & Company lifted their price target on McKesson from $772.00 to $816.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $834.54.

About McKesson

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.