Perigon Wealth Management LLC Buys 36 Shares of McKesson Co. (NYSE:MCK)

Posted by MarketBeat News on Mar 19th, 2023

Perigon Wealth Management LLC grew its stake in McKesson Co. (NYSE:MCK – Get Rating) by 3.9% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 961 shares of the company’s stock after purchasing an additional 36 shares during the quarter. Perigon Wealth Management LLC’s holdings in McKesson were worth $327,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Covestor Ltd increased its position in shares of McKesson by 72.3% during the first quarter. Covestor Ltd now owns 81 shares of the company’s stock valued at $25,000 after acquiring an additional 34 shares during the last quarter. Almanack Investment Partners LLC. purchased a new stake in shares of McKesson during the third quarter valued at approximately $41,000. Worth Asset Management LLC purchased a new stake in shares of McKesson during the first quarter valued at approximately $41,000. Fairfield Bush & CO. purchased a new stake in shares of McKesson during the first quarter valued at approximately $46,000. Finally, Orion Capital Management LLC purchased a new stake in shares of McKesson during the third quarter valued at approximately $49,000. Institutional investors own 85.23% of the company’s stock.

McKesson Stock Performance

Shares of NYSE MCK opened at $339.35 on Friday. The stock has a market cap of $46.47 billion, a PE ratio of 15.52, a price-to-earnings-growth ratio of 1.25 and a beta of 0.59. McKesson Co. has a fifty-two week low of $292.40 and a fifty-two week high of $401.78. The stock has a fifty day moving average of $362.87 and a 200-day moving average of $366.41.

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McKesson (NYSE:MCK – Get Rating) last announced its quarterly earnings results on Wednesday, February 1st. The company reported $6.90 earnings per share for the quarter, beating the consensus estimate of $6.36 by $0.54. The company had revenue of $70.49 billion during the quarter, compared to analysts’ expectations of $70.98 billion. McKesson had a negative return on equity of 216.12% and a net margin of 1.15%. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the business earned $6.15 earnings per share. On average, sell-side analysts predict that McKesson Co. will post 25.93 EPS for the current year.

McKesson Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 3rd. Investors of record on Wednesday, March 1st will be paid a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 0.64%. The ex-dividend date of this dividend is Tuesday, February 28th. McKesson’s dividend payout ratio is 9.88%.

Insider Activity at McKesson

In related news, CEO Brian S. Tyler sold 7,416 shares of McKesson stock in a transaction on Thursday, February 2nd. The stock was sold at an average price of $380.00, for a total transaction of $2,818,080.00. Following the completion of the sale, the chief executive officer now owns 75,737 shares of the company’s stock, valued at $28,780,060. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Brian S. Tyler sold 7,416 shares of McKesson stock in a transaction on Thursday, February 2nd. The stock was sold at an average price of $380.00, for a total transaction of $2,818,080.00. Following the completion of the sale, the chief executive officer now owns 75,737 shares of the company’s stock, valued at $28,780,060. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Nancy Avila sold 161 shares of McKesson stock in a transaction on Friday, February 3rd. The shares were sold at an average price of $370.02, for a total value of $59,573.22. Following the sale, the executive vice president now directly owns 4,631 shares of the company’s stock, valued at approximately $1,713,562.62. The disclosure for this sale can be found here. 0.21% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Robert W. Baird increased their price target on McKesson from $445.00 to $450.00 and gave the company an “outperform” rating in a research report on Thursday, February 2nd. UBS Group decreased their target price on McKesson from $450.00 to $440.00 and set a “buy” rating for the company in a research report on Tuesday, January 31st. StockNews.com began coverage on McKesson in a research report on Thursday. They issued a “strong-buy” rating for the company. Finally, Morgan Stanley raised their target price on McKesson from $420.00 to $426.00 and gave the stock an “overweight” rating in a research report on Thursday, February 2nd. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $416.30.

McKesson Profile

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McKesson Corp. engages in the provision of supply chain management solutions, retail pharmacy, community oncology and specialty care, and healthcare information technology. It operates through the following segments: U.S. Pharmaceutical, International, Medical-Surgical Solutions, and Prescription Technology Solutions (RxTS).