Centricity Wealth Management LLC Decreases Stock Position in McKesson Corporation $MCK

Centricity Wealth Management LLC lessened its position in McKesson Corporation (NYSE:MCK) by 10.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 656 shares of the company’s stock after selling 73 shares during the quarter. Centricity Wealth Management LLC’s holdings in McKesson were worth $481,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in MCK. Bank of Jackson Hole Trust grew its stake in shares of McKesson by 64.3% in the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock valued at $29,000 after buying an additional 18 shares in the last quarter. CBIZ Investment Advisory Services LLC lifted its holdings in shares of McKesson by 1,366.7% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company’s stock valued at $30,000 after purchasing an additional 41 shares during the last quarter. Saudi Central Bank purchased a new stake in shares of McKesson in the 1st quarter valued at about $34,000. Flaharty Asset Management LLC purchased a new stake in McKesson during the 1st quarter valued at approximately $39,000. Finally, Pandora Wealth Inc. purchased a new stake in McKesson during the 1st quarter valued at approximately $40,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MCK. TD Cowen raised their price objective on McKesson from $830.00 to $864.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. UBS Group lifted their target price on McKesson from $820.00 to $860.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Citigroup boosted their price objective on McKesson from $820.00 to $860.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Deutsche Bank Aktiengesellschaft boosted their price objective on McKesson from $775.00 to $856.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Finally, Bank of America upped their target price on McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $829.08.

McKesson Price Performance

MCK opened at $772.61 on Wednesday. McKesson Corporation has a fifty-two week low of $480.39 and a fifty-two week high of $774.85. The company’s 50-day moving average is $700.06 and its 200 day moving average is $701.27. The firm has a market capitalization of $96.10 billion, a PE ratio of 30.81, a P/E/G ratio of 1.37 and a beta of 0.51.

McKesson (NYSE:MCK) last released its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 EPS for the quarter, missing the consensus estimate of $8.33 by ($0.07). The business had revenue of $97.83 billion during the quarter, compared to the consensus estimate of $95.93 billion. McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The firm’s quarterly revenue was up 23.4% on a year-over-year basis. During the same period last year, the business posted $7.88 earnings per share. As a group, analysts expect that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be issued a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a yield of 0.4%. This is a boost from McKesson’s previous quarterly dividend of $0.71. The ex-dividend date is Tuesday, September 2nd. McKesson’s dividend payout ratio is currently 13.08%.

Insider Buying and Selling

In other McKesson news, CEO Brian S. Tyler sold 19,371 shares of the stock in a transaction that occurred 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 transaction of $218,347.43. Following the completion of the sale, the chief accounting officer owned 657 shares in the company, valued at approximately $436,031.19. This represents a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,560 shares of company stock worth $30,438,602. 0.08% of the stock is owned by insiders.

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.