McKesson Corporation $MCK Stock Position Cut by Moloney Securities Asset Management LLC

Moloney Securities Asset Management LLC lessened its stake in McKesson Corporation (NYSE:MCK) by 9.2% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 758 shares of the company’s stock after selling 77 shares during the period. Moloney Securities Asset Management LLC’s holdings in McKesson were worth $555,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Catalyst Capital Advisors LLC bought a new position in McKesson in the 2nd quarter valued at about $523,000. AlTi Global Inc. bought a new position in shares of McKesson during the 2nd quarter valued at about $326,000. Cardinal Point Capital Management ULC boosted its position in shares of McKesson by 2.2% during the 2nd quarter. Cardinal Point Capital Management ULC now owns 645 shares of the company’s stock valued at $473,000 after purchasing an additional 14 shares in the last quarter. Carnegie Investment Counsel boosted its position in shares of McKesson by 1.9% during the 2nd quarter. Carnegie Investment Counsel now owns 989 shares of the company’s stock valued at $725,000 after purchasing an additional 18 shares in the last quarter. Finally, Smith Group Asset Management LLC boosted its position in shares of McKesson by 2.7% during the 2nd quarter. Smith Group Asset Management LLC now owns 51,015 shares of the company’s stock valued at $37,383,000 after purchasing an additional 1,323 shares in the last quarter. Institutional investors own 85.07% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Morgan Stanley raised their price objective on shares of McKesson from $810.00 to $857.00 and gave the company an “overweight” rating in a research report on Wednesday, September 24th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of McKesson from $775.00 to $856.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. Wells Fargo & Company upped their price objective on shares of McKesson from $772.00 to $816.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 24th. Cowen reaffirmed a “buy” rating on shares of McKesson in a research note on Wednesday, September 24th. Finally, Bank of America upped their price objective on shares of McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, McKesson has an average rating of “Moderate Buy” and a consensus price target of $834.54.

McKesson Stock Performance

Shares of MCK opened at $802.17 on Friday. The firm has a market cap of $99.77 billion, a PE ratio of 31.98, a PEG ratio of 1.43 and a beta of 0.52. The firm’s 50 day moving average price is $728.97 and its 200 day moving average price is $713.82. McKesson Corporation has a twelve month low of $492.39 and a twelve month high of $807.75.

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

McKesson Increases Dividend

The business also recently declared 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 represents a $3.28 annualized dividend and a yield of 0.4%. This is a boost from McKesson’s previous quarterly dividend of $0.71. The ex-dividend date was Tuesday, September 2nd. McKesson’s dividend payout ratio is 13.08%.

Insider Activity at McKesson

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the firm’s stock in a transaction on Friday, August 8th. The shares were 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 in the company, valued at approximately $436,031.19. This trade represents a 33.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Brian S. Tyler sold 11,930 shares of the firm’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 approximately $2,830,987.56. The trade was a 74.83% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 24,189 shares of company stock worth $16,722,190. Corporate insiders own 0.08% of the company’s stock.

McKesson 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.