Golden State Equity Partners Raises Holdings in McKesson Corporation $MCK

Golden State Equity Partners grew its holdings in McKesson Corporation (NYSE:MCK) by 116.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,009 shares of the company’s stock after buying an additional 1,081 shares during the period. Golden State Equity Partners’ holdings in McKesson were worth $1,552,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Solstein Capital LLC increased its stake in shares of McKesson by 171.4% in the 2nd quarter. Solstein Capital LLC now owns 38 shares of the company’s stock worth $28,000 after acquiring an additional 24 shares during the last quarter. State of Wyoming purchased a new position in McKesson during the second quarter worth about $29,000. GFG Capital LLC purchased a new stake in McKesson in the second quarter valued at approximately $30,000. Delos Wealth Advisors LLC purchased a new stake in McKesson during the second quarter worth about $35,000. Finally, Abound Wealth Management lifted its position in shares of McKesson by 104.3% during the third quarter. Abound Wealth Management now owns 47 shares of the company’s stock worth $37,000 after purchasing an additional 24 shares in the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on MCK shares. Cowen reissued a “buy” rating on shares of McKesson in a research report on Monday, December 22nd. Leerink Partners increased their target price on shares of McKesson from $785.00 to $850.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 24th. TD Cowen boosted their price objective on shares of McKesson from $830.00 to $864.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. JPMorgan Chase & Co. boosted their target price on McKesson from $821.00 to $853.00 and gave the stock an “overweight” rating in a research report on Friday, September 26th. Finally, Bank of America increased their price target on shares of McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $892.86.

Insiders Place Their Bets

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction on Friday, November 7th. The stock was sold at an average price of $861.63, for a total transaction of $283,476.27. Following the transaction, the chief accounting officer owned 328 shares of the company’s stock, valued at $282,614.64. This represents a 50.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.08% of the company’s stock.

McKesson Trading Down 0.9%

Shares of NYSE MCK opened at $820.18 on Friday. The company’s 50-day moving average price is $833.25 and its 200 day moving average price is $758.34. McKesson Corporation has a 52 week low of $565.75 and a 52 week high of $895.58. The stock has a market cap of $101.23 billion, a price-to-earnings ratio of 25.53, a PEG ratio of 1.35 and a beta of 0.41.

McKesson (NYSE:MCK) last posted its earnings results on Wednesday, November 5th. The company reported $9.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.84 by $1.02. McKesson had a negative return on equity of 248.14% and a net margin of 1.04%.The firm had revenue of $103.15 billion for the quarter, compared to analyst estimates of $103.80 billion. During the same quarter in the prior year, the company earned $7.07 EPS. McKesson’s revenue was up 10.2% on a year-over-year basis. As a group, research analysts expect that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 1st will be paid a $0.82 dividend. This represents a $3.28 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Monday, December 1st. McKesson’s payout ratio is presently 10.21%.

McKesson Company Profile

McKesson Corporation (NYSE: MCK) is a global healthcare services and distribution company that supplies pharmaceuticals, medical-surgical products and health care technology solutions. Founded in 1833 and headquartered in Irving, Texas, McKesson operates across the drug distribution and healthcare services value chain, connecting manufacturers, pharmacies, hospitals and health systems to help manage the movement of medicines and clinical supplies.

The company’s core activities include pharmaceutical wholesale distribution and logistics, specialty pharmacy services, and the provision of medical-surgical supplies to acute and non-acute care providers.