McKesson Corporation $MCK Shares Purchased by Atlantic Union Bankshares Corp

Atlantic Union Bankshares Corp raised its stake in McKesson Corporation (NYSE:MCK) by 123.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 799 shares of the company’s stock after buying an additional 441 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in McKesson were worth $585,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Moors & Cabot Inc. boosted its position in shares of McKesson by 1.3% during the 2nd quarter. Moors & Cabot Inc. now owns 3,707 shares of the company’s stock worth $2,716,000 after purchasing an additional 48 shares during the period. Main Street Research LLC lifted its stake in McKesson by 0.8% during the second quarter. Main Street Research LLC now owns 69,178 shares of the company’s stock worth $50,741,000 after purchasing an additional 522 shares in the last quarter. Crestwood Advisors Group LLC boosted its position in shares of McKesson by 13.1% during the second quarter. Crestwood Advisors Group LLC now owns 649 shares of the company’s stock worth $475,000 after buying an additional 75 shares during the period. NewSquare Capital LLC grew its stake in shares of McKesson by 70.6% in the second quarter. NewSquare Capital LLC now owns 87 shares of the company’s stock valued at $64,000 after buying an additional 36 shares in the last quarter. Finally, Elyxium Wealth LLC raised its holdings in shares of McKesson by 19.4% in the 2nd quarter. Elyxium Wealth LLC now owns 493 shares of the company’s stock valued at $361,000 after buying an additional 80 shares during the period. 85.07% of the stock is currently owned by institutional investors and hedge funds.

McKesson Stock Down 0.9%

Shares of McKesson stock opened at $850.77 on Friday. McKesson Corporation has a 52 week low of $558.13 and a 52 week high of $867.63. The firm’s 50 day moving average is $757.54 and its two-hundred day moving average is $724.25. The firm has a market capitalization of $105.82 billion, a P/E ratio of 33.92, a P/E/G ratio of 1.46 and a beta of 0.51.

McKesson (NYSE:MCK) last issued its earnings results on Wednesday, November 5th. The company reported $9.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.84 by $1.02. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The business had revenue of $103.15 billion during the quarter, compared to analysts’ expectations of $103.80 billion. During the same quarter in the prior year, the business posted $7.07 EPS. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, research analysts expect that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 1st 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 of this dividend is Monday, December 1st. McKesson’s payout ratio is presently 10.21%.

Insider Buying and Selling at McKesson

In related news, CEO Brian S. Tyler sold 11,930 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 4,012 shares of the company’s stock, valued at $2,830,987.56. This represents a 74.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

MCK has been the subject of several research reports. Wall Street Zen downgraded McKesson from a “buy” rating to a “hold” rating in a research report on Saturday. Evercore ISI restated an “outperform” rating and issued a $1,000.00 price objective on shares of McKesson in a report on Thursday. Leerink Partners raised their price target on shares of McKesson from $785.00 to $850.00 and gave the company an “outperform” rating in a research report on Wednesday, September 24th. Robert W. Baird upped their price objective on McKesson from $873.00 to $927.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, Morgan Stanley lifted their target price on McKesson from $857.00 to $916.00 and gave the company an “overweight” rating in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $880.15.

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.