Wells Trecaso Financial Group LLC Has $7.86 Million Stock Position in McKesson Corporation $MCK

Wells Trecaso Financial Group LLC reduced its stake in shares of McKesson Corporation (NYSE:MCK) by 3.3% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 10,728 shares of the company’s stock after selling 361 shares during the quarter. McKesson accounts for 2.4% of Wells Trecaso Financial Group LLC’s holdings, making the stock its 14th biggest holding. Wells Trecaso Financial Group LLC’s holdings in McKesson were worth $7,861,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. CBIZ Investment Advisory Services LLC grew its holdings 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 purchasing an additional 41 shares in the last quarter. Bank of Jackson Hole Trust grew its holdings in shares of McKesson by 64.3% during the 1st quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock worth $29,000 after purchasing an additional 18 shares in the last quarter. Saudi Central Bank acquired a new stake in shares of McKesson during the 1st quarter worth $34,000. Flaharty Asset Management LLC bought a new stake in shares of McKesson during the 1st quarter worth $39,000. Finally, Signature Resources Capital Management LLC acquired a new stake in McKesson in the second quarter valued at about $43,000. 85.07% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at McKesson

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $663.67, for a total transaction of $218,347.43. Following the sale, the chief accounting officer directly owned 657 shares of the company’s stock, 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 document filed with the SEC, which can be accessed through the SEC website. Also, CEO Brian S. Tyler sold 11,930 shares of the firm’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $705.63, for a total value of $8,418,165.90. Following the transaction, the chief executive officer owned 4,012 shares of the company’s stock, valued at $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. Insiders have sold 43,560 shares of company stock worth $30,438,602 over the last three months. Insiders own 0.08% of the company’s stock.

McKesson Trading Down 2.7%

Shares of MCK stock opened at $738.00 on Friday. The business’s 50-day moving average price is $702.60 and its 200-day moving average price is $702.96. McKesson Corporation has a 12 month low of $480.39 and a 12 month high of $776.14. The firm has a market capitalization of $91.80 billion, a price-to-earnings ratio of 29.43, a PEG ratio of 1.36 and a beta of 0.52.

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

McKesson Increases Dividend

The company 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. The ex-dividend date of this dividend was Tuesday, September 2nd. This is a positive change from McKesson’s previous quarterly dividend of $0.71. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.4%. McKesson’s payout ratio is 13.08%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Leerink Partners raised their price objective on McKesson from $785.00 to $850.00 and gave the company an “outperform” rating in a research note on Wednesday, September 24th. UBS Group raised their price objective on McKesson from $820.00 to $860.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. Mizuho raised their price objective on McKesson from $750.00 to $770.00 and gave the company a “neutral” rating in a research note on Wednesday, September 24th. Wells Fargo & Company raised their price objective on McKesson from $772.00 to $816.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 24th. Finally, Cowen reaffirmed a “buy” rating on shares of McKesson in a research note on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, McKesson presently has a consensus rating of “Moderate Buy” and a consensus price target of $829.08.

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.