Moran Wealth Management LLC Decreases Stake in McKesson Corporation $MCK

Moran Wealth Management LLC reduced its stake in McKesson Corporation (NYSE:MCK) by 0.4% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 23,555 shares of the company’s stock after selling 91 shares during the quarter. Moran Wealth Management LLC’s holdings in McKesson were worth $17,261,000 as of its most recent SEC filing.

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

Insider Buying and Selling

In other news, CEO Brian S. Tyler sold 11,930 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at $436,031.19. The trade was a 33.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,189 shares of company stock worth $16,722,190 in the last ninety days. Corporate insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

MCK has been the topic of several research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of McKesson in a report on Wednesday, October 8th. Bank of America increased their price target on shares of McKesson from $800.00 to $850.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. Morgan Stanley increased their price target on shares of McKesson from $810.00 to $857.00 and gave the stock an “overweight” rating in a report on Wednesday, September 24th. Deutsche Bank Aktiengesellschaft increased their price target on shares of McKesson from $775.00 to $856.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. Finally, UBS Group increased their price target on shares of McKesson from $820.00 to $860.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $834.54.

McKesson Price Performance

Shares of NYSE MCK opened at $768.79 on Tuesday. The stock has a market capitalization of $95.62 billion, a price-to-earnings ratio of 30.65, a PEG ratio of 1.38 and a beta of 0.52. McKesson Corporation has a 12 month low of $492.39 and a 12 month high of $776.14. The firm’s 50 day simple moving average is $708.64 and its 200-day simple moving average is $707.37.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 EPS for the quarter, missing analysts’ consensus estimates of $8.33 by ($0.07). The firm had revenue of $97.83 billion for the quarter, compared to analyst estimates of $95.93 billion. McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.McKesson’s revenue for the quarter was up 23.4% compared to the same quarter last year. During the same period in the previous year, the business earned $7.88 EPS. Analysts anticipate 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. Stockholders of record on Tuesday, September 2nd were paid a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.4%. 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. McKesson’s dividend payout ratio is 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.