Braun Stacey Associates Inc. Decreases Stake in McKesson Corporation (NYSE:MCK)

Braun Stacey Associates Inc. lessened its stake in McKesson Corporation (NYSE:MCK) by 7.2% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 35,962 shares of the company’s stock after selling 2,793 shares during the quarter. Braun Stacey Associates Inc.’s holdings in McKesson were worth $24,202,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in MCK. GAMMA Investing LLC lifted its stake in McKesson by 75,632.7% during the first quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company’s stock worth $1,610,567,000 after purchasing an additional 2,389,992 shares during the last quarter. Norges Bank purchased a new stake in McKesson during the fourth quarter worth approximately $1,200,361,000. Farallon Capital Management LLC purchased a new stake in McKesson during the fourth quarter worth approximately $348,044,000. Marshall Wace LLP lifted its stake in McKesson by 59,720.3% during the fourth quarter. Marshall Wace LLP now owns 358,922 shares of the company’s stock worth $204,553,000 after purchasing an additional 358,322 shares during the last quarter. Finally, Leigh Baldwin & CO. LLC purchased a new stake in McKesson during the fourth quarter worth approximately $182,861,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Trading Up 2.0%

NYSE:MCK opened at $719.30 on Friday. The firm has a market cap of $89.99 billion, a P/E ratio of 27.85, a PEG ratio of 1.44 and a beta of 0.48. The stock’s 50 day simple moving average is $714.17 and its 200-day simple moving average is $657.15. McKesson Corporation has a 12-month low of $464.42 and a 12-month high of $736.96.

McKesson (NYSE:MCK) last announced its quarterly earnings data on Thursday, May 8th. The company reported $10.12 earnings per share for the quarter, topping analysts’ consensus estimates of $9.83 by $0.29. McKesson had a negative return on equity of 201.12% and a net margin of 0.92%. The firm had revenue of $90.82 billion for the quarter, compared to analyst estimates of $94 billion. During the same quarter in the prior year, the company posted $6.18 earnings per share. McKesson’s quarterly revenue was up 18.9% on a year-over-year basis. Research analysts forecast that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd were given a dividend of $0.71 per share. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $2.84 dividend on an annualized basis and a yield of 0.39%. McKesson’s payout ratio is 10.99%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Mizuho boosted their target price on McKesson from $630.00 to $690.00 and gave the stock a “neutral” rating in a research note on Thursday, April 3rd. Wall Street Zen raised McKesson from a “buy” rating to a “strong-buy” rating in a research report on Saturday. UBS Group lifted their price target on McKesson from $708.00 to $805.00 and gave the stock a “buy” rating in a research report on Tuesday, April 29th. Bank of America lifted their price target on McKesson from $755.00 to $800.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Finally, Wells Fargo & Company set a $766.00 price target on McKesson and gave the stock an “equal weight” rating in a research report on Tuesday, June 3rd. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $696.42.

Insider Activity at McKesson

In other McKesson news, EVP Thomas L. Rodgers sold 2,891 shares of the business’s stock in a transaction on Friday, May 30th. The stock was sold at an average price of $712.18, for a total transaction of $2,058,912.38. Following the sale, the executive vice president directly owned 2,544 shares in the company, valued at approximately $1,811,785.92. The trade was a 53.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Britt J. Vitalone sold 1,878 shares of the business’s stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $717.91, for a total value of $1,348,234.98. Following the sale, the chief financial officer owned 14,028 shares in the company, valued at approximately $10,070,841.48. The trade was a 11.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,117 shares of company stock valued at $23,526,451 in the last 90 days. 0.08% of the stock is owned by corporate insiders.

McKesson Company 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.