Bartlett & CO. Wealth Management LLC Decreases Stake in McKesson Corporation $MCK

Bartlett & CO. Wealth Management LLC cut its holdings in shares of McKesson Corporation (NYSE:MCK) by 0.3% during the 2nd quarter, Holdings Channel.com reports. The firm owned 10,030 shares of the company’s stock after selling 35 shares during the quarter. Bartlett & CO. Wealth Management LLC’s holdings in McKesson were worth $7,357,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in MCK. MassMutual Private Wealth & Trust FSB grew its stake in shares of McKesson by 1.6% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 863 shares of the company’s stock worth $632,000 after purchasing an additional 14 shares in the last quarter. CVA Family Office LLC lifted its holdings in McKesson by 6.0% in the first quarter. CVA Family Office LLC now owns 265 shares of the company’s stock worth $178,000 after purchasing an additional 15 shares during the period. Palisade Asset Management LLC lifted its holdings in McKesson by 2.1% in the first quarter. Palisade Asset Management LLC now owns 715 shares of the company’s stock worth $481,000 after purchasing an additional 15 shares during the period. SteelPeak Wealth LLC lifted its holdings in McKesson by 0.5% in the first quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company’s stock worth $1,867,000 after purchasing an additional 15 shares during the period. Finally, Eagle Rock Investment Company LLC raised its position in shares of McKesson by 0.4% during the 1st quarter. Eagle Rock Investment Company LLC now owns 4,798 shares of the company’s stock worth $3,229,000 after buying an additional 17 shares in the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.

Insider Buying and Selling at McKesson

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction 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 completion of the sale, the chief accounting officer owned 657 shares of the company’s stock, valued at approximately $436,031.19. This trade represents a 33.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Brian S. Tyler sold 19,371 shares of McKesson stock in a transaction on Friday, July 11th. The shares were sold at an average price of $708.09, for a total value of $13,716,411.39. Following the sale, the chief executive officer directly owned 27,872 shares of the company’s stock, valued at approximately $19,735,884.48. The trade was a 41.00% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,560 shares of company stock worth $30,438,602. 0.08% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Bank of America raised their price objective on shares of McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. Morgan Stanley increased their price target on McKesson from $810.00 to $857.00 and gave the company an “overweight” rating in a research note on Wednesday, September 24th. UBS Group upped their price objective on McKesson from $820.00 to $860.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Mizuho upped their price objective on McKesson from $750.00 to $770.00 and gave the company a “neutral” rating in a report on Wednesday, September 24th. Finally, Wall Street Zen upgraded shares of McKesson from a “hold” rating to a “buy” rating in a research report on Sunday. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $829.08.

McKesson Trading Up 1.4%

Shares of MCK stock opened at $772.61 on Wednesday. McKesson Corporation has a 1-year low of $480.39 and a 1-year high of $774.85. The company has a market capitalization of $96.10 billion, a price-to-earnings ratio of 30.81, a P/E/G ratio of 1.37 and a beta of 0.51. The stock’s fifty day simple moving average is $700.06 and its 200-day simple moving average is $701.27.

McKesson (NYSE:MCK) last posted 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). The company had revenue of $97.83 billion during the quarter, compared to analysts’ expectations 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 last year, the company earned $7.88 earnings per share. On average, sell-side analysts predict that McKesson Corporation will post 32.77 EPS for the current 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 dividend of $0.82 per share. The ex-dividend date is 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 dividend payout ratio is presently 13.08%.

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.