Pinnacle Wealth Management Advisory Group LLC Sells 97 Shares of McKesson Co. (NYSE:MCK)

07 Jan 2024, 12:48 by Scott Moore · The Cerbat Gem

Pinnacle Wealth Management Advisory Group LLC decreased its position in shares of McKesson Co. (NYSE:MCK – Free Report) by 7.4% in the 3rd quarter, HoldingsChannel reports. The fund owned 1,219 shares of the company’s stock after selling 97 shares during the period. Pinnacle Wealth Management Advisory Group LLC’s holdings in McKesson were worth $530,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of MCK. Fairfield Bush & CO. bought a new position in McKesson in the 1st quarter valued at about $46,000. Synovus Financial Corp raised its stake in shares of McKesson by 4.0% in the first quarter. Synovus Financial Corp now owns 2,192 shares of the company’s stock worth $673,000 after purchasing an additional 85 shares during the last quarter. Prudential PLC bought a new position in shares of McKesson in the first quarter valued at approximately $1,610,000. Cetera Investment Advisers boosted its position in shares of McKesson by 17.8% during the first quarter. Cetera Investment Advisers now owns 9,839 shares of the company’s stock valued at $3,012,000 after buying an additional 1,490 shares during the last quarter. Finally, Moors & Cabot Inc. bought a new stake in McKesson during the first quarter worth $598,000. 82.69% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at McKesson

In related news, CEO Brian S. Tyler sold 14,026 shares of the business’s stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $480.00, for a total transaction of $6,732,480.00. Following the sale, the chief executive officer now directly owns 43,445 shares in the company, valued at approximately $20,853,600. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, EVP Leann B. Smith sold 660 shares of the business’s stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $461.26, for a total transaction of $304,431.60. Following the completion of the transaction, the executive vice president now directly owns 1,325 shares in the company, valued at approximately $611,169.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian S. Tyler sold 14,026 shares of the company’s stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $480.00, for a total transaction of $6,732,480.00. Following the completion of the transaction, the chief executive officer now directly owns 43,445 shares in the company, valued at approximately $20,853,600. The disclosure for this sale can be found here. Insiders sold 28,678 shares of company stock valued at $13,438,522 over the last three months. Company insiders own 0.21% of the company’s stock.

McKesson Price Performance

Shares of MCK opened at $478.19 on Friday. The firm has a market cap of $63.63 billion, a PE ratio of 18.89, a PEG ratio of 1.67 and a beta of 0.48. McKesson Co. has a 1 year low of $331.75 and a 1 year high of $485.22. The stock’s fifty day moving average price is $458.15 and its two-hundred day moving average price is $438.12.

McKesson (NYSE:MCK – Get Free Report) last released its quarterly earnings data on Wednesday, November 1st. The company reported $6.23 EPS for the quarter, beating the consensus estimate of $6.11 by $0.12. The business had revenue of $77.22 billion for the quarter, compared to the consensus estimate of $76.03 billion. McKesson had a net margin of 1.20% and a negative return on equity of 241.79%. The company’s revenue was up 10.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $6.06 earnings per share. Sell-side analysts anticipate that McKesson Co. will post 27.25 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders of record on Friday, December 1st were given a dividend of $0.62 per share. The ex-dividend date was Thursday, November 30th. This represents a $2.48 annualized dividend and a dividend yield of 0.52%. McKesson’s dividend payout ratio is currently 9.80%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Argus raised their price objective on McKesson from $450.00 to $480.00 and gave the company a “buy” rating in a research note on Monday, October 9th. Evercore ISI boosted their price target on shares of McKesson from $485.00 to $490.00 in a report on Wednesday, October 11th. JPMorgan Chase & Co. increased their price objective on shares of McKesson from $495.00 to $514.00 and gave the company an “overweight” rating in a research note on Friday, November 17th. Barclays started coverage on McKesson in a research note on Wednesday. They issued an “overweight” rating and a $537.00 target price on the stock. Finally, Mizuho increased their price target on McKesson from $427.00 to $450.00 and gave the company a “neutral” rating in a research report on Friday, November 3rd. Two analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, McKesson currently has an average rating of “Moderate Buy” and an average target price of $489.31.

Read Our Latest Stock Analysis on MCK

About McKesson

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