Avantra Family Wealth Inc. Decreases Position in McKesson Corporation $MCK

Avantra Family Wealth Inc. cut its stake in shares of McKesson Corporation (NYSE:MCK) by 13.5% during the second quarter, HoldingsChannel reports. The firm owned 907 shares of the company’s stock after selling 141 shares during the quarter. Avantra Family Wealth Inc.’s holdings in McKesson were worth $665,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MCK. Bank of Jackson Hole Trust raised its position in McKesson by 64.3% during the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock valued at $29,000 after purchasing an additional 18 shares during the period. CBIZ Investment Advisory Services LLC grew its stake in shares of McKesson by 1,366.7% during the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company’s stock valued at $30,000 after buying an additional 41 shares during the last quarter. Saudi Central Bank bought a new position in shares of McKesson during the first quarter valued at approximately $34,000. Flaharty Asset Management LLC bought a new position in shares of McKesson during the first quarter valued at approximately $39,000. Finally, Pandora Wealth Inc. bought a new position in shares of McKesson during the first quarter valued at approximately $40,000. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

McKesson Stock Performance

Shares of NYSE MCK opened at $740.82 on Tuesday. The firm has a market capitalization of $92.15 billion, a price-to-earnings ratio of 29.54, a PEG ratio of 1.32 and a beta of 0.52. The stock has a 50 day moving average price of $703.30 and a 200 day moving average price of $704.05. McKesson Corporation has a 52-week low of $482.44 and a 52-week high of $776.14.

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

McKesson Increases Dividend

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

Analyst Ratings Changes

MCK has been the topic of a number of analyst reports. Evercore ISI upped their target price on McKesson from $800.00 to $825.00 and gave the company an “outperform” rating in a research note on Wednesday, September 24th. Deutsche Bank Aktiengesellschaft upped their target price on McKesson from $775.00 to $856.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. TD Cowen upped their target price on McKesson from $830.00 to $864.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. Wall Street Zen raised McKesson from a “hold” rating to a “buy” rating in a research note on Sunday, September 28th. Finally, JPMorgan Chase & Co. upped their target price on McKesson from $821.00 to $853.00 and gave the company an “overweight” rating in a research note on Friday, September 26th. One research 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 stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $829.08.

Insiders Place Their Bets

In other McKesson news, 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 completion of the sale, the chief executive officer owned 4,012 shares in the company, valued at $2,830,987.56. This represents a 74.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $663.67, for a total value of $218,347.43. Following the sale, the chief accounting officer owned 657 shares of the company’s stock, valued at approximately $436,031.19. This represents a 33.37% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,560 shares of company stock valued at $30,438,602. 0.08% of the stock is owned by company insiders.

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.