Apollon Wealth Management LLC Decreases Stake in McKesson Corporation $MCK

Apollon Wealth Management LLC lowered its position in McKesson Corporation (NYSE:MCK) by 2.7% in the second quarter, Holdings Channel reports. The fund owned 6,598 shares of the company’s stock after selling 182 shares during the period. Apollon Wealth Management LLC’s holdings in McKesson were worth $4,835,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in MCK. Bank of Jackson Hole Trust lifted its stake in McKesson by 64.3% in the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock worth $29,000 after acquiring an additional 18 shares during the last quarter. CBIZ Investment Advisory Services LLC lifted its position in shares of McKesson by 1,366.7% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company’s stock worth $30,000 after buying an additional 41 shares during the last quarter. GFG Capital LLC purchased a new stake in shares of McKesson during the 2nd quarter worth approximately $30,000. Saudi Central Bank purchased a new stake in shares of McKesson during the 1st quarter worth approximately $34,000. Finally, Flaharty Asset Management LLC purchased a new stake in shares of McKesson during the 1st quarter worth approximately $39,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Stock Performance

Shares of MCK opened at $763.89 on Friday. The stock has a market capitalization of $95.01 billion, a P/E ratio of 30.46, a P/E/G ratio of 1.38 and a beta of 0.52. The company’s fifty day moving average is $707.48 and its two-hundred day moving average is $706.39. McKesson Corporation has a 1 year low of $492.39 and a 1 year high of $776.14.

McKesson (NYSE:MCK) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.33 by ($0.07). The firm had revenue of $97.83 billion during the quarter, compared to analyst estimates of $95.93 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The business’s quarterly revenue was up 23.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $7.88 earnings per share. Sell-side analysts predict that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd were paid a dividend of $0.82 per share. This is a boost from McKesson’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.4%. McKesson’s dividend payout ratio is currently 13.08%.

Insiders Place Their Bets

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $663.67, for a total transaction of $218,347.43. Following the transaction, the chief accounting officer directly owned 657 shares of the company’s stock, valued at $436,031.19. This represents a 33.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Brian S. Tyler sold 11,930 shares of the company’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the transaction, the chief executive officer directly owned 4,012 shares in the company, valued at approximately $2,830,987.56. This trade represents a 74.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 24,189 shares of company stock worth $16,722,190. Corporate insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on MCK. Wells Fargo & Company boosted their price objective on shares of McKesson from $772.00 to $816.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 24th. Bank of America boosted their price objective on shares of McKesson from $800.00 to $850.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Weiss Ratings restated a “buy (b)” rating on shares of McKesson in a research report on Wednesday. Evercore ISI lifted their target price on shares of McKesson from $800.00 to $825.00 and gave the company an “outperform” rating in a report on Wednesday, September 24th. Finally, TD Cowen lifted their target price on shares of McKesson from $830.00 to $864.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, McKesson currently has an average rating of “Moderate Buy” and a consensus target price of $829.08.

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.