Cardinal Point Capital Management ULC Acquires 14 Shares of McKesson Corporation $MCK

Cardinal Point Capital Management ULC increased its holdings in McKesson Corporation (NYSE:MCK) by 2.2% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 645 shares of the company’s stock after purchasing an additional 14 shares during the period. Cardinal Point Capital Management ULC’s holdings in McKesson were worth $473,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of MCK. MassMutual Private Wealth & Trust FSB boosted its stake in shares of McKesson by 1.6% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 863 shares of the company’s stock valued at $632,000 after purchasing an additional 14 shares in the last quarter. SteelPeak Wealth LLC boosted its stake in shares of McKesson by 0.5% during the 1st quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company’s stock valued at $1,867,000 after purchasing an additional 15 shares in the last quarter. Cypress Wealth Services LLC boosted its stake in shares of McKesson by 3.7% during the 2nd quarter. Cypress Wealth Services LLC now owns 417 shares of the company’s stock valued at $305,000 after purchasing an additional 15 shares in the last quarter. Valmark Advisers Inc. boosted its stake in shares of McKesson by 2.1% during the 2nd quarter. Valmark Advisers Inc. now owns 843 shares of the company’s stock valued at $618,000 after purchasing an additional 17 shares in the last quarter. Finally, Parcion Private Wealth LLC boosted its stake in shares of McKesson by 1.4% during the 2nd quarter. Parcion Private Wealth LLC now owns 1,191 shares of the company’s stock valued at $873,000 after purchasing an additional 17 shares in the last quarter. 85.07% of the stock is owned by institutional investors.

McKesson Stock Performance

Shares of McKesson stock opened at $802.17 on Friday. The stock has a market capitalization of $99.77 billion, a PE ratio of 31.98, a price-to-earnings-growth ratio of 1.43 and a beta of 0.52. McKesson Corporation has a 52-week low of $492.39 and a 52-week high of $807.75. The company has a 50-day simple moving average of $728.97 and a two-hundred day simple moving average of $713.82.

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

McKesson Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd were issued a dividend of $0.82 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This is a positive change from McKesson’s previous quarterly dividend of $0.71. This represents a $3.28 annualized dividend and a dividend yield of 0.4%. McKesson’s dividend payout ratio is presently 13.08%.

Analysts Set New Price Targets

Several equities research analysts recently commented on MCK shares. UBS Group boosted their price objective on shares of McKesson from $820.00 to $860.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of McKesson from $775.00 to $856.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. JPMorgan Chase & Co. boosted their price objective on shares of McKesson from $821.00 to $853.00 and gave the stock an “overweight” rating in a research note on Friday, September 26th. Mizuho boosted their price objective 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. Finally, Evercore ISI boosted 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. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $834.54.

Insider Activity at McKesson

In other news, CEO Brian S. Tyler sold 11,930 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the completion of the transaction, the chief executive officer directly owned 4,012 shares of the company’s stock, valued at $2,830,987.56. The trade was a 74.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business’s stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $663.67, for a total transaction of $218,347.43. Following the transaction, the chief accounting officer directly owned 657 shares of the company’s stock, valued at $436,031.19. The trade was a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 24,189 shares of company stock valued at $16,722,190 over the last three months. 0.08% of the stock is owned by corporate insiders.

McKesson Profile

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.