Synergy Asset Management LLC buys shares of 349 McKesson Co. (NYSE:MCK)

VaselineSeptember 7, 2024

0 4 minutes read

Synergy Asset Management LLC acquired a new stake in McKesson Co. (NYSE:MCK – Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 349 shares of the company’s stock, valued at approximately $204,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. 9258 Wealth Management LLC acquired a new position in shares of McKesson in the second quarter valued at about $216,000. Chase Investment Counsel Corp boosted its holdings in McKesson by 54.7% in the second quarter. Chase Investment Counsel Corp now owns 9,215 shares of the company’s stock worth $5,685,000 after purchasing an additional 3,257 shares in the last quarter. Range Financial Group LLC lifted its position in shares of McKesson by 4.9% in the second quarter. Range Financial Group LLC now owns 706 shares of the company’s stock worth $412,000 after purchasing an additional 33 shares during the period. TD Asset Management Inc boosted its stake in shares of McKesson by 4.7% during the second quarter. TD Asset Management Inc now owns 701,796 shares of the company’s stock valued at $409,877,000 after buying an additional 31,468 shares in the last quarter. Finally, FineMark National Bank & Trust boosted its position in shares of McKesson by 4.1% during the second quarter. FineMark National Bank & Trust now owns 713 shares of the company’s stock valued at $416,000 after purchasing an additional 28 shares during the period. 85.07% of shares are held by institutional investors.

McKesson stock fell 2.1%

Shares of NYSE MCK opened at $504.17 on Friday. The firm has a market cap of $65.51 billion, a P/E ratio of 22.53, a PEG ratio of 1.29 and a beta of 0.44. McKesson Co. has a twelve month low of $412.64 and a twelve month high of $637.51. The company has a 50-day moving average of $574.75 and a 200-day moving average of $557.29.

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McKesson (NYSE:MCK – Get Your Free Report ) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, topping the consensus estimate of $7.21 by $0.67. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The firm had revenue of $79.28 billion during the quarter, compared to analysts’ expectations of $82.53 billion. In the same quarter last year, the company earned $7.27 per share. The company’s revenue increased by 6.4% year-on-year. As a group, equities analysts expect McKesson Co. to post 32.14 earnings per share for the current fiscal year.

McKesson increases dividend

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

Changes in Analyst Ratings

Several analysts have weighed in on MCK shares. JPMorgan Chase & Co. raised their price objective on McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. StockNews.com cut McKesson from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 9th. Evercore ISI reduced their price objective on McKesson from $660.00 to $630.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Bank of America upped their target price on shares of McKesson from $590.00 to $670.00 and gave the stock a “buy” rating in a research report on Tuesday, June 25th. Finally, Leerink Partners cut their price target on shares of McKesson from $670.00 to $665.00 and set an “outperform” rating for the company in a research report on Thursday. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $624.93.

Check out the latest stock analysis on McKesson

Indoor activity

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $561.10, for a total value of $2,105,808.30. Following the transaction, the chief executive officer now owns 78,586 shares of the company’s stock, valued at $44,094,604.60. The transaction was disclosed in a filing with the SEC, which can be accessed via this hyperlink. In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $561.10, for a total transaction of $2,105,808.30. Following the completion of the sale, the chief executive officer now directly owns 78,586 shares in the company, valued at approximately $44,094,604.60. The transaction was disclosed in a filing with the SEC, which is available on the SEC’s website. Also, EVP Leann B. Smith sold 600 shares of the stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 2,022 shares in the company, valued at approximately $1,183,941.66. The disclosure for this sale can be found here. Insiders sold 11,859 shares of company stock worth $6,986,810 over the last ninety days. 0.11% of shares are currently owned by company insiders.

McKesson profile

(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.