Alpine Bank Wealth Management Takes Position in McKesson Corporation (NYSE:MCK)

Alpine Bank Wealth Management bought a new position in shares of McKesson Corporation (NYSE:MCK) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 169 shares of the company’s stock, valued at approximately $114,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Brighton Jones LLC increased its stake in shares of McKesson by 46.3% during the fourth quarter. Brighton Jones LLC now owns 2,523 shares of the company’s stock worth $1,438,000 after purchasing an additional 798 shares during the period. IFP Advisors Inc grew its holdings in McKesson by 82.1% in the 4th quarter. IFP Advisors Inc now owns 2,407 shares of the company’s stock valued at $1,372,000 after buying an additional 1,085 shares in the last quarter. Crestwood Advisors Group LLC bought a new position in McKesson during the 4th quarter worth $249,000. Rothschild Investment LLC boosted its position in shares of McKesson by 9.8% in the fourth quarter. Rothschild Investment LLC now owns 460 shares of the company’s stock valued at $262,000 after acquiring an additional 41 shares during the period. Finally, Lake Street Advisors Group LLC boosted its position in shares of McKesson by 5.0% in the fourth quarter. Lake Street Advisors Group LLC now owns 2,092 shares of the company’s stock valued at $1,194,000 after acquiring an additional 99 shares during the period. Institutional investors and hedge funds own 85.07% of the company’s stock.

McKesson Stock Performance

McKesson stock opened at $719.18 on Thursday. McKesson Corporation has a 52 week low of $464.42 and a 52 week high of $733.10. The stock has a market capitalization of $89.98 billion, a P/E ratio of 27.84, a price-to-earnings-growth ratio of 1.44 and a beta of 0.49. The stock has a fifty day moving average of $710.10 and a 200-day moving average of $650.18.

McKesson (NYSE:MCK) last posted its earnings results on Thursday, May 8th. The company reported $10.12 EPS for the quarter, topping analysts’ consensus estimates of $9.83 by $0.29. McKesson had a net margin of 0.92% and a negative return on equity of 201.12%. The firm had revenue of $90.82 billion during the quarter, compared to analysts’ expectations of $94 billion. During the same quarter in the prior year, the business earned $6.18 earnings per share. The business’s revenue for the quarter was up 18.9% compared to the same quarter last year. On average, research analysts forecast that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd will be paid a dividend of $0.71 per share. The ex-dividend date is Monday, June 2nd. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.39%. McKesson’s payout ratio is presently 10.99%.

Insider Transactions at McKesson

In other news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the business’s stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $726.51, for a total transaction of $394,494.93. Following the sale, the chief accounting officer now directly owns 1,972 shares in the company, valued at approximately $1,432,677.72. The trade was a 21.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Brian S. Tyler sold 19,370 shares of the firm’s stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $705.93, for a total transaction of $13,673,864.10. Following the completion of the transaction, the chief executive officer now owns 51,243 shares of the company’s stock, valued at approximately $36,173,970.99. This trade represents a 27.43% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,117 shares of company stock worth $23,526,451. Corporate insiders own 0.11% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. UBS Group lifted their price objective on shares of McKesson from $708.00 to $805.00 and gave the stock a “buy” rating in a research note on Tuesday, April 29th. Bank of America lifted their price target on shares of McKesson from $755.00 to $800.00 and gave the company a “buy” rating in a research report on Friday, May 9th. Mizuho boosted their price target on McKesson from $630.00 to $690.00 and gave the company a “neutral” rating in a research note on Thursday, April 3rd. Cfra Research lowered McKesson from a “moderate buy” rating to a “hold” rating in a research note on Friday, April 4th. Finally, Wells Fargo & Company set a $766.00 target price on McKesson and gave the company an “equal weight” rating in a research report on Tuesday, June 3rd. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $696.42.

McKesson Company 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.