Lake Street Advisors Group LLC sells 37 shares of McKesson Co. (NYSE:MCK)

VaselineSeptember 8, 2024

0 4 minutes read

Lake Street Advisors Group LLC reduced its holdings in shares of McKesson Co. (NYSE:MCK – Free Report) by 1.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,026 shares of the company’s stock after selling 37 shares during the quarter. Lake Street Advisors Group LLC’s holdings in McKesson were worth $1,185,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. LRI Investments LLC purchased a new stake in McKesson in the first quarter valued at about $28,000. Register Financial Advisors LLC bought a new position in shares of McKesson in the first quarter valued at $29,000. Sachetta LLC bought a new position in shares of McKesson in the fourth quarter valued at $27,000. Newbridge Financial Services Group Inc. raised its stake in shares of McKesson by 333.3% in the first quarter. Newbridge Financial Services Group Inc. now owns 65 shares of the company’s stock valued at $35,000 after acquiring an additional 50 shares in the last quarter. Finally, Richardson Financial Services Inc. bought a new position in shares of McKesson during the fourth quarter valued at $31,000. Institutional investors and hedge funds own 85.07% of the company’s shares.

McKesson stock fell 2.1%

MCK opened at $504.17 on Friday. McKesson Co. it has a 52-week low of $412.64 and a 52-week high of $637.51. The company has a market cap of $65.51 billion, a P/E ratio of 22.53, a price-to-earnings-growth ratio of 1.29 and a beta of 0.44. The company’s 50-day moving average price is $574.75 and its 200-day moving average price is $557.64.

Want more great investment ideas?

McKesson (NYSE:MCK – Get Your Free Report ) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, topping analysts’ consensus estimates of $7.21 by $0.67. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The company had revenue of $79.28 billion for the quarter, compared to analysts’ expectations of $82.53 billion. In the same quarter last year, the company earned $7.27 EPS. The company’s revenue increased by 6.4% year-on-year. On average, research analysts anticipate that McKesson Co. will post 32.14 EPS for the current fiscal year.

McKesson increases dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be paid a dividend of $0.71 per share. This represents an annualized dividend of $2.84 and a dividend yield of 0.56%. The ex-dividend date of this dividend is Friday, August 30. This is an increase from McKesson’s previous quarterly dividend of $0.62. McKesson’s dividend yield is 12.69%.

Analysts on Wall Street are forecasting an increase

A number of brokerages have recently weighed in on MCK. Mizuho raised their target price on shares of McKesson from $540.00 to $570.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Citigroup raised their target price on shares of McKesson from $620.00 to $670.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Evercore ISI cut their price target on shares of McKesson from $660.00 to $630.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Barclays raised their target price on shares of McKesson from $596.00 to $616.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Finally, Bank of America raised their target price on shares of McKesson from $590.00 to $670.00 and gave the company a “buy” rating in a research note on Tuesday, June 25th. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. McKesson presently has an average rating of “Moderate Buy” and a consensus price target of $624.93, according to MarketBeat.

Check out the latest stock analysis on MCK

Insider trading at McKesson

In related news, EVP Leann B. Smith sold 600 shares of the company’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $585.53, for a total transaction of $351,318.00. Following the transaction, the executive vice president now owns 2,022 shares of the company’s stock, valued at $1,183,941.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Leann B. Smith sold 600 shares of the business’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $585.53, for a total transaction of $351,318.00. Following the transaction, the executive vice president now owns 2,022 shares of the company’s stock, valued at $1,183,941.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $580.92, for a total value of $2,180,192.76. Following the completion of the sale, the chief executive officer now directly owns 86,092 shares in the company, valued at approximately $50,012,564.64. The disclosure for this sale can be found here. Insiders have sold 11,859 shares of company stock worth $6,986,810 over the last 90 days. 0.11% of shares are currently owned by insiders.

About McKesson

(Free report)

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