Investment Advisory Services Inc. TX ADV Reduces Holdings in McKesson Corporation (NYSE:MCK)

Investment Advisory Services Inc. TX ADV reduced its stake in McKesson Corporation (NYSE:MCK) by 12.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,004 shares of the company’s stock after selling 287 shares during the period. Investment Advisory Services Inc. TX ADV’s holdings in McKesson were worth $1,348,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Sequoia Financial Advisors LLC boosted its holdings in McKesson by 24.1% during the 1st quarter. Sequoia Financial Advisors LLC now owns 8,696 shares of the company’s stock valued at $5,852,000 after acquiring an additional 1,688 shares during the period. Value Partners Investments Inc. grew its holdings in McKesson by 11.0% during the 1st quarter. Value Partners Investments Inc. now owns 4,305 shares of the company’s stock worth $2,899,000 after acquiring an additional 425 shares in the last quarter. Pure Financial Advisors LLC grew its holdings in McKesson by 27.5% during the 1st quarter. Pure Financial Advisors LLC now owns 1,010 shares of the company’s stock worth $680,000 after acquiring an additional 218 shares in the last quarter. Tyche Wealth Partners LLC purchased a new stake in shares of McKesson in the 1st quarter valued at approximately $205,000. Finally, Alpine Bank Wealth Management acquired a new stake in shares of McKesson in the 1st quarter valued at $114,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the firm’s stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $726.51, for a total value of $394,494.93. Following the completion of the transaction, the chief accounting officer now directly owns 1,972 shares of the company’s stock, valued at $1,432,677.72. This trade represents a 21.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Brian S. Tyler sold 19,370 shares of the business’s stock in a transaction on Friday, June 6th. The stock was sold at an average price of $705.93, for a total value of $13,673,864.10. Following the sale, the chief executive officer now owns 51,243 shares in the company, valued at approximately $36,173,970.99. The trade was a 27.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 33,117 shares of company stock valued at $23,526,451. Corporate insiders own 0.11% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on MCK shares. Morgan Stanley increased their target price on McKesson from $745.00 to $770.00 and gave the company an “overweight” rating in a report on Wednesday, June 11th. Mizuho increased their price objective on McKesson from $630.00 to $690.00 and gave the company a “neutral” rating in a report on Thursday, April 3rd. Bank of America upped their price target on McKesson from $755.00 to $800.00 and gave the company a “buy” rating in a report on Friday, May 9th. Wells Fargo & Company set a $766.00 price objective on shares of McKesson and gave the stock an “equal weight” rating in a research report on Tuesday, June 3rd. Finally, Cfra Research downgraded shares of McKesson from a “moderate buy” rating to a “hold” rating in a research report on Friday, April 4th. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, McKesson presently has an average rating of “Moderate Buy” and a consensus price target of $696.42.

McKesson Stock Performance

Shares of MCK opened at $719.18 on Thursday. The stock has a market capitalization of $89.98 billion, a P/E ratio of 27.84, a P/E/G ratio of 1.44 and a beta of 0.49. McKesson Corporation has a 1 year low of $464.42 and a 1 year high of $733.10. The company’s fifty day moving average is $710.10 and its two-hundred day moving average is $650.18.

McKesson (NYSE:MCK) last released its earnings results on Thursday, May 8th. The company reported $10.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.83 by $0.29. McKesson had a negative return on equity of 201.12% and a net margin of 0.92%. The company had revenue of $90.82 billion for the quarter, compared to analysts’ expectations of $94 billion. During the same quarter in the previous year, the firm posted $6.18 EPS. The firm’s quarterly revenue was up 18.9% on a year-over-year basis. Sell-side analysts predict that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 2nd will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 0.39%. The ex-dividend date is Monday, June 2nd. McKesson’s dividend payout ratio (DPR) is 10.99%.

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.