Relyea Zuckerberg Hanson LLC Lowers Holdings in McKesson Corporation $MCK

Relyea Zuckerberg Hanson LLC trimmed its stake in shares of McKesson Corporation (NYSE:MCK) by 2.2% during the 2nd quarter, Holdings Channel reports. The fund owned 1,484 shares of the company’s stock after selling 34 shares during the quarter. Relyea Zuckerberg Hanson LLC’s holdings in McKesson were worth $1,087,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of the company. Valeo Financial Advisors LLC boosted its position in McKesson by 3.5% during the second quarter. Valeo Financial Advisors LLC now owns 1,476 shares of the company’s stock worth $1,081,000 after purchasing an additional 50 shares in the last quarter. Global Assets Advisory LLC purchased a new stake in McKesson during the 2nd quarter valued at about $323,000. Grimes & Company Inc. lifted its position in McKesson by 19.7% during the second quarter. Grimes & Company Inc. now owns 728 shares of the company’s stock worth $533,000 after buying an additional 120 shares in the last quarter. Three Bridge Wealth Advisors LLC acquired a new position in shares of McKesson during the 2nd quarter valued at about $250,000. Finally, JSF Financial LLC grew its stake in shares of McKesson by 4.9% in the 2nd quarter. JSF Financial LLC now owns 1,843 shares of the company’s stock valued at $1,351,000 after buying an additional 86 shares during the period. Institutional investors and hedge funds own 85.07% of the company’s stock.

McKesson Trading Down 2.7%

MCK stock opened at $738.00 on Monday. McKesson Corporation has a 52 week low of $480.39 and a 52 week high of $776.14. The company has a market cap of $91.79 billion, a P/E ratio of 29.43, a P/E/G ratio of 1.32 and a beta of 0.52. The company’s 50-day moving average price is $702.60 and its 200 day moving average price is $703.48.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.33 by ($0.07). McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.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 prior year, the firm 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, equities research analysts expect that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on MCK shares. Wall Street Zen raised McKesson from a “hold” rating to a “buy” rating in a research report on Sunday, September 28th. Morgan Stanley boosted their target price on McKesson from $810.00 to $857.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 24th. Citigroup raised their price objective on shares of McKesson from $820.00 to $860.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Leerink Partners raised their target price on McKesson from $785.00 to $850.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 24th. Finally, 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. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, McKesson presently has an average rating of “Moderate Buy” and a consensus target price of $829.08.

Insiders Place Their Bets

In other McKesson news, CEO Brian S. Tyler sold 11,930 shares of the 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 transaction, the chief executive officer owned 4,012 shares of the company’s stock, valued at $2,830,987.56. This represents a 74.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the firm’s stock in a transaction dated 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 sale, the chief accounting officer directly owned 657 shares in the company, valued at approximately $436,031.19. The trade was a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 43,560 shares of company stock worth $30,438,602. 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.