Cornerstone Wealth Group LLC Has $514,000 Holdings in McKesson Corporation $MCK

Cornerstone Wealth Group LLC increased its position in shares of McKesson Corporation (NYSE:MCK) by 5.7% in the 2nd quarter, HoldingsChannel reports. The firm owned 702 shares of the company’s stock after acquiring an additional 38 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in McKesson were worth $514,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Bank of Jackson Hole Trust grew its stake in McKesson by 64.3% during the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock worth $29,000 after buying an additional 18 shares in the last quarter. CBIZ Investment Advisory Services LLC grew its stake in McKesson by 1,366.7% during the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company’s stock worth $30,000 after buying an additional 41 shares in the last quarter. GFG Capital LLC acquired a new stake in McKesson during the second quarter worth about $30,000. Saudi Central Bank acquired a new stake in McKesson during the first quarter worth about $34,000. Finally, Flaharty Asset Management LLC acquired a new stake in McKesson during the first quarter worth about $39,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

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

McKesson Trading Up 1.6%

McKesson stock opened at $782.07 on Wednesday. The company has a market capitalization of $97.27 billion, a PE ratio of 31.18, a P/E/G ratio of 1.39 and a beta of 0.52. McKesson Corporation has a 12 month low of $492.39 and a 12 month high of $783.89. The stock has a 50-day moving average price of $710.10 and a two-hundred day moving average price of $707.89.

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

McKesson Increases Dividend

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

Wall Street Analysts Forecast Growth

MCK has been the topic of a number of analyst reports. Evercore ISI increased their price objective on shares of McKesson from $800.00 to $825.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 24th. UBS Group raised their price objective on McKesson from $820.00 to $860.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. Wells Fargo & Company raised their price objective on McKesson from $772.00 to $816.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 24th. Mizuho raised their price objective on McKesson from $750.00 to $770.00 and gave the company a “neutral” rating in a research note on Wednesday, September 24th. Finally, Bank of America raised their price objective on McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company has an average 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.