McKesson Corporation $MCK Position Lowered by Channel Wealth LLC

Channel Wealth LLC lessened its position in shares of McKesson Corporation (NYSE:MCK) by 21.7% in the third quarter, HoldingsChannel.com reports. The fund owned 4,831 shares of the company’s stock after selling 1,342 shares during the period. Channel Wealth LLC’s holdings in McKesson were worth $4,125,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Nvwm LLC increased its stake in McKesson by 933.3% in the third quarter. Nvwm LLC now owns 31 shares of the company’s stock valued at $26,000 after acquiring an additional 28 shares during the last quarter. Delos Wealth Advisors LLC acquired a new position in McKesson during the second quarter valued at approximately $27,000. Trellis Wealth Advisors LLC acquired a new position in McKesson during the third quarter valued at approximately $32,000. GK Wealth Management LLC bought a new stake in McKesson during the third quarter worth $38,000. Finally, Curry Webb Wealth Management LLC bought a new stake in McKesson during the third quarter worth $38,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

Insider Activity

In other news, EVP Francisco Fraga sold 800 shares of the business’s stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $995.80, for a total transaction of $796,640.00. Following the sale, the executive vice president directly owned 5,423 shares in the company, valued at approximately $5,400,223.40. The trade was a 12.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Napoleon B. Rutledge, Jr. sold 111 shares of the company’s stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $891.45, for a total value of $98,950.95. Following the completion of the transaction, the chief accounting officer directly owned 521 shares of the company’s stock, valued at $464,445.45. This represents a 17.56% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 2,161 shares of company stock valued at $2,242,515 over the last quarter. Corporate insiders own 0.06% of the company’s stock.

McKesson Stock Performance

Shares of MCK opened at $1,103.31 on Friday. McKesson Corporation has a 52 week low of $723.68 and a 52 week high of $1,121.50. The stock has a market capitalization of $127.39 billion, a price-to-earnings ratio of 28.37, a PEG ratio of 1.82 and a beta of 0.27. The stock has a fifty day moving average of $955.45 and a 200-day moving average of $874.53.

McKesson (NYSE:MCK) last released its quarterly earnings data on Wednesday, November 4th. The company reported $11.68 earnings per share for the quarter, beating the consensus estimate of $10.72 by $0.96. The company had revenue of $110.96 billion for the quarter, compared to the consensus estimate of $109.90 billion. McKesson had a negative return on equity of 202.94% and a net margin of 1.12%. McKesson’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter last year, the business posted $9.86 EPS. As a group, equities analysts forecast that McKesson Corporation will post 46.16 EPS for the current year.

McKesson Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, January 4th. Shareholders of record on Tuesday, December 1st will be given a $0.94 dividend. The ex-dividend date is Tuesday, December 1st. This represents a $3.76 annualized dividend and a yield of 0.3%. McKesson’s dividend payout ratio (DPR) is currently 9.67%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Robert W. Baird set a $1,015.00 target price on McKesson in a report on Thursday, August 6th. Morgan Stanley set a $977.00 price target on McKesson in a report on Tuesday, October 6th. Mizuho boosted their price target on McKesson from $905.00 to $1,020.00 and gave the stock a “neutral” rating in a report on Tuesday, October 20th. Evercore restated an “outperform” rating and set a $950.00 price objective (down from $1,000.00) on shares of McKesson in a research report on Thursday, August 6th. Finally, UBS Group raised their price objective on McKesson from $1,200.00 to $1,250.00 and gave the company a “buy” rating in a research note on Thursday, November 5th. Fifteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, McKesson presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,040.29.

About McKesson

McKesson Corporation is a healthcare services and information technology company that distributes pharmaceuticals and other medical products. Its customers include pharmacies, hospitals, health systems, clinics and other healthcare providers. The company also provides medical-surgical supplies and technology and services that support pharmacy operations, prescription management and care delivery. Its offerings include specialized support for oncology and other areas of care. Founded in 1833, McKesson serves customers primarily in the United States and Canada.