Cigna Investments Inc. New Sells 53 Shares of McKesson Corporation $MCK

Cigna Investments Inc. New decreased its holdings in shares of McKesson Corporation (NYSE:MCK) by 4.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,278 shares of the company’s stock after selling 53 shares during the quarter. Cigna Investments Inc. New’s holdings in McKesson were worth $860,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Oppenheimer Asset Management Inc. grew its stake in shares of McKesson by 54.0% during the first quarter. Oppenheimer Asset Management Inc. now owns 4,541 shares of the company’s stock valued at $3,056,000 after buying an additional 1,592 shares during the last quarter. Dynamic Advisor Solutions LLC grew its stake in shares of McKesson by 16.6% during the first quarter. Dynamic Advisor Solutions LLC now owns 778 shares of the company’s stock valued at $524,000 after buying an additional 111 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in shares of McKesson by 18.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 23,033 shares of the company’s stock valued at $15,501,000 after buying an additional 3,659 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of McKesson by 4.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 183,258 shares of the company’s stock valued at $123,332,000 after buying an additional 7,556 shares during the last quarter. Finally, LPL Financial LLC grew its stake in shares of McKesson by 12.8% during the first quarter. LPL Financial LLC now owns 155,946 shares of the company’s stock valued at $104,950,000 after buying an additional 17,750 shares during the last quarter. Institutional investors own 85.07% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Brian S. Tyler sold 19,371 shares of McKesson stock in a transaction 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 directly owned 27,872 shares in the company, valued at approximately $19,735,884.48. This trade represents a 41.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction on Friday, August 8th. The shares were 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 owned 657 shares in the company, valued at $436,031.19. This represents a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 62,930 shares of company stock worth $44,112,466 over the last quarter. Company insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on MCK. Wells Fargo & Company upped their target price on McKesson from $766.00 to $772.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 13th. Wall Street Zen cut McKesson from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 13th. Evercore ISI increased their price objective on McKesson from $760.00 to $800.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 9th. Bank of America increased their price objective on McKesson from $755.00 to $800.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Finally, Cowen reissued a “buy” rating on shares of McKesson in a research note on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $725.10.

McKesson Stock Up 0.8%

Shares of NYSE:MCK opened at $686.44 on Tuesday. The stock has a market cap of $85.38 billion, a P/E ratio of 27.37, a price-to-earnings-growth ratio of 1.37 and a beta of 0.51. The business’s 50 day moving average is $701.72 and its 200 day moving average is $689.22. McKesson Corporation has a 52-week low of $464.42 and a 52-week high of $737.89.

McKesson (NYSE:MCK) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share (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 company had revenue of $97.83 billion during the quarter, compared to analysts’ expectations of $95.93 billion. During the same quarter in the prior year, the business posted $7.88 earnings per share. The company’s revenue was up 23.4% compared to the same quarter last year. On average, sell-side analysts anticipate that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be issued a $0.82 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.5%. This is a boost from McKesson’s previous quarterly dividend of $0.71. McKesson’s dividend payout ratio (DPR) is 11.32%.

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.