Checchi Capital Advisers LLC Decreases Stake in McKesson Corporation $MCK

Checchi Capital Advisers LLC reduced its position in McKesson Corporation (NYSE:MCK) by 4.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,259 shares of the company’s stock after selling 55 shares during the period. Checchi Capital Advisers LLC’s holdings in McKesson were worth $923,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. lifted its position in shares of McKesson by 54.0% in the first quarter. Oppenheimer Asset Management Inc. now owns 4,541 shares of the company’s stock worth $3,056,000 after buying an additional 1,592 shares in the last quarter. Dynamic Advisor Solutions LLC increased its stake in McKesson by 16.6% during the first quarter. Dynamic Advisor Solutions LLC now owns 778 shares of the company’s stock worth $524,000 after acquiring an additional 111 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in McKesson by 18.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 23,033 shares of the company’s stock worth $15,501,000 after acquiring an additional 3,659 shares during the last quarter. Acadian Asset Management LLC increased its stake in McKesson by 22.0% during the first quarter. Acadian Asset Management LLC now owns 378,926 shares of the company’s stock worth $254,979,000 after acquiring an additional 68,294 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its stake in McKesson by 4.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 183,258 shares of the company’s stock worth $123,332,000 after acquiring an additional 7,556 shares during the last quarter. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at McKesson

In related news, CEO Brian S. Tyler sold 19,371 shares of the stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $708.09, for a total value of $13,716,411.39. Following the transaction, the chief executive officer owned 27,872 shares of the company’s stock, valued at $19,735,884.48. This represents a 41.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer directly owned 657 shares in the company, valued at approximately $436,031.19. This trade represents a 33.37% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 43,560 shares of company stock worth $30,438,602. 0.08% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Mizuho boosted their price objective on McKesson from $750.00 to $770.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 24th. Citigroup boosted their price objective on McKesson from $820.00 to $860.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. UBS Group boosted their price objective on McKesson from $820.00 to $860.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Morgan Stanley boosted their price objective on McKesson from $810.00 to $857.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 24th. Finally, Wall Street Zen raised McKesson from a “hold” rating to a “buy” rating in a research note on Sunday, September 28th. One investment 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. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $829.08.

McKesson Stock Performance

MCK opened at $738.00 on Monday. The stock has a market cap of $91.79 billion, a price-to-earnings ratio of 29.43, a P/E/G ratio of 1.32 and a beta of 0.52. The stock’s 50 day moving average price is $702.60 and its 200-day moving average price is $703.48. McKesson Corporation has a one year low of $480.39 and a one year high of $776.14.

McKesson (NYSE:MCK) last released its 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 business had revenue of $97.83 billion for the quarter, compared to the consensus estimate of $95.93 billion. During the same period in the prior year, the company posted $7.88 EPS. The company’s quarterly revenue was up 23.4% compared to the same quarter last year. As a group, analysts predict that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were paid a $0.82 dividend. This represents a $3.28 annualized dividend and a yield of 0.4%. This is an increase from McKesson’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Tuesday, September 2nd. McKesson’s payout ratio is currently 13.08%.

About McKesson

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.