SteelPeak Wealth LLC Increases Stock Position in McKesson Co. (NYSE:MCK)

SteelPeak Wealth LLC grew its stake in shares of McKesson Co. (NYSE:MCK) by 22.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,313 shares of the company’s stock after buying an additional 604 shares during the period. SteelPeak Wealth LLC’s holdings in McKesson were worth $1,781,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in MCK. CWA Asset Management Group LLC grew its stake in shares of McKesson by 8.3% during the 3rd quarter. CWA Asset Management Group LLC now owns 733 shares of the company’s stock valued at $319,000 after buying an additional 56 shares during the period. Lazard Asset Management LLC boosted its position in McKesson by 5.7% during the 3rd quarter. Lazard Asset Management LLC now owns 40,491 shares of the company’s stock worth $17,607,000 after purchasing an additional 2,192 shares during the period. Truist Financial Corp boosted its position in McKesson by 1.7% during the 3rd quarter. Truist Financial Corp now owns 114,282 shares of the company’s stock worth $49,696,000 after purchasing an additional 1,862 shares during the period. Glenmede Trust Co. NA boosted its position in McKesson by 11.1% during the 3rd quarter. Glenmede Trust Co. NA now owns 46,579 shares of the company’s stock worth $20,255,000 after purchasing an additional 4,657 shares during the period. Finally, Wahed Invest LLC boosted its position in McKesson by 8.5% during the 3rd quarter. Wahed Invest LLC now owns 2,117 shares of the company’s stock worth $921,000 after purchasing an additional 166 shares during the period. 85.07% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MCK has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft decreased their price target on shares of McKesson from $547.00 to $545.00 and set a “buy” rating for the company in a research report on Thursday, May 9th. TD Cowen lifted their price objective on McKesson from $563.00 to $652.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Morgan Stanley increased their target price on McKesson from $522.00 to $548.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Evercore ISI lifted their price target on shares of McKesson from $590.00 to $600.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 8th. Finally, StockNews.com downgraded shares of McKesson from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, June 18th. Two equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $590.47.

McKesson Stock Performance

McKesson stock opened at $584.04 on Monday. The firm’s 50-day moving average is $565.88 and its 200-day moving average is $525.49. McKesson Co. has a 1 year low of $395.30 and a 1 year high of $612.17. The company has a market cap of $75.89 billion, a P/E ratio of 26.10, a PEG ratio of 1.37 and a beta of 0.45.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $6.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.34 by ($0.16). McKesson had a negative return on equity of 245.88% and a net margin of 0.97%. The business had revenue of $76.36 billion during the quarter, compared to the consensus estimate of $79.32 billion. During the same quarter in the previous year, the business posted $7.19 earnings per share. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. As a group, sell-side analysts predict that McKesson Co. will post 31.54 earnings per share for the current year.

McKesson Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be given a $0.62 dividend. The ex-dividend date is Monday, June 3rd. This represents a $2.48 annualized dividend and a yield of 0.42%. McKesson’s dividend payout ratio is presently 11.08%.

Insider Activity at McKesson

In related news, Director Maria Martinez sold 483 shares of McKesson stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $585.88, for a total value of $282,980.04. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other McKesson news, Director Maria Martinez sold 483 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $585.88, for a total transaction of $282,980.04. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $574.41, for a total transaction of $2,155,760.73. Following the sale, the chief executive officer now owns 89,845 shares in the company, valued at $51,607,866.45. The disclosure for this sale can be found here. Insiders have sold a total of 25,814 shares of company stock worth $14,511,649 in the last ninety days. 0.11% of the stock is owned by insiders.

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.