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

Morey & Quinn Wealth Partners LLC purchased a new position in McKesson Corporation (NYSE:MCK) in the 3rd quarter, Holdings Channel reports. The institutional investor purchased 754 shares of the company’s stock, valued at approximately $582,000.

Several other institutional investors have also modified their holdings of the business. Solstein Capital LLC increased its stake in McKesson by 171.4% during the 2nd quarter. Solstein Capital LLC now owns 38 shares of the company’s stock worth $28,000 after purchasing an additional 24 shares in the last quarter. State of Wyoming acquired a new position in shares of McKesson in the second quarter valued at approximately $29,000. GFG Capital LLC bought a new stake in shares of McKesson during the second quarter worth $30,000. Delos Wealth Advisors LLC acquired a new stake in shares of McKesson during the second quarter worth $35,000. Finally, Abound Wealth Management lifted its position in McKesson by 104.3% in the 3rd 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. Institutional investors own 85.07% of the company’s stock.

Wall Street Analyst Weigh In

MCK has been the topic of several recent research reports. Bank of America lifted their price target on McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. UBS Group upped their price target on McKesson from $920.00 to $980.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. Mizuho raised their price target on shares of McKesson from $750.00 to $770.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 24th. Zacks Research lowered shares of McKesson from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 25th. Finally, Wall Street Zen cut shares of McKesson from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, McKesson has a consensus rating of “Moderate Buy” and an average target price of $895.79.

McKesson Trading Up 1.3%

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

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 company had revenue of $103.15 billion during the quarter, compared to the consensus estimate of $103.80 billion. McKesson had a net margin of 1.04% and a negative return on equity of 248.14%. The company’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter last year, the firm posted $7.07 EPS. As a group, research analysts forecast that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Dividend Announcement

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

Insiders Place Their Bets

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

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.