Cynosure Group LLC Acquires 962 Shares of McKesson Co. (NYSE:MCK)

Cynosure Group LLC boosted its position in McKesson Co. (NYSE:MCK) by 151.5% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 1,597 shares of the company’s stock after purchasing an additional 962 shares during the period. Cynosure Group LLC’s holdings in McKesson were worth $790,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MCK. Distillate Capital Partners LLC increased its holdings in McKesson by 127,542.9% in the 2nd quarter. Distillate Capital Partners LLC now owns 35,740 shares of the company’s stock worth $20,874,000 after acquiring an additional 35,712 shares during the last quarter. Chase Investment Counsel Corp grew its stake in McKesson by 50.8% during the second quarter. Chase Investment Counsel Corp now owns 8,985 shares of the company’s stock valued at $5,247,000 after acquiring an additional 3,027 shares in the last quarter. Wealthspire Advisors LLC raised its holdings in shares of McKesson by 8.9% in the 2nd quarter. Wealthspire Advisors LLC now owns 1,623 shares of the company’s stock valued at $948,000 after acquiring an additional 133 shares in the last quarter. Vaughan David Investments LLC IL purchased a new stake in shares of McKesson during the 2nd quarter valued at $238,000. Finally, Newbridge Financial Services Group Inc. lifted its position in McKesson by 2,143.1% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,458 shares of the company’s stock worth $851,000 after buying an additional 1,393 shares during the last quarter. 85.07% of the stock is owned by hedge funds and other institutional investors.

McKesson Price Performance

Shares of NYSE MCK opened at $625.00 on Wednesday. The business’s 50 day moving average is $535.14 and its two-hundred day moving average is $558.45. McKesson Co. has a 1-year low of $431.35 and a 1-year high of $637.51. The stock has a market capitalization of $79.34 billion, a P/E ratio of 32.37, a PEG ratio of 1.33 and a beta of 0.44.

McKesson (NYSE:MCK) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $7.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.88 by $0.19. McKesson had a net margin of 0.77% and a negative return on equity of 207.50%. The business had revenue of $93.65 billion during the quarter, compared to the consensus estimate of $89.33 billion. During the same quarter last year, the firm earned $6.23 earnings per share. The firm’s quarterly revenue was up 21.3% compared to the same quarter last year. As a group, equities research analysts anticipate that McKesson Co. will post 32.78 earnings per share for the current fiscal year.

McKesson Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.71 per share. The ex-dividend date is Monday, December 2nd. This represents a $2.84 annualized dividend and a yield of 0.45%. McKesson’s payout ratio is currently 14.71%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on MCK. Deutsche Bank Aktiengesellschaft lowered their price objective on McKesson from $623.00 to $579.00 and set a “buy” rating for the company in a research report on Wednesday, September 25th. Evercore ISI raised their price objective on shares of McKesson from $560.00 to $680.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. StockNews.com upgraded McKesson from a “hold” rating to a “buy” rating in a report on Wednesday, November 6th. Robert W. Baird upgraded McKesson from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $531.00 to $688.00 in a research report on Thursday, November 7th. Finally, Citigroup raised their target price on McKesson from $630.00 to $713.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $631.57.

Insiders Place Their Bets

In related news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $561.10, for a total value of $2,105,808.30. Following the completion of the transaction, the chief executive officer now owns 78,586 shares of the company’s stock, valued at $44,094,604.60. The trade was a 4.56 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.11% of the company’s stock.

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.