McKesson Corporation $MCK Shares Sold by Abundance Wealth Counselors

Abundance Wealth Counselors decreased its stake in McKesson Corporation (NYSE:MCK) by 0.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,046 shares of the company’s stock after selling 23 shares during the quarter. Abundance Wealth Counselors’ holdings in McKesson were worth $2,902,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Oppenheimer Asset Management Inc. grew its position in shares of McKesson by 54.0% in the first 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 period. Dynamic Advisor Solutions LLC grew its position in shares of McKesson by 16.6% in the first 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 period. Cambridge Investment Research Advisors Inc. grew its position in shares of McKesson by 18.9% in the first 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 period. Acadian Asset Management LLC grew its position in shares of McKesson by 22.0% in the first 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 period. Finally, Wealth Enhancement Advisory Services LLC grew its position in shares of McKesson by 4.3% in the first 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 period. Institutional investors and hedge funds own 85.07% of the company’s stock.

Wall Street Analysts Forecast Growth

MCK has been the topic of a number of recent research reports. Cowen restated a “buy” rating on shares of McKesson in a research report on Wednesday, September 24th. Bank of America boosted their price target on shares of McKesson from $800.00 to $850.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Citigroup boosted their price target on shares of McKesson from $820.00 to $860.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Evercore ISI boosted their price target on shares of McKesson from $800.00 to $825.00 and gave the stock an “outperform” rating in a research 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, September 28th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, McKesson has an average rating of “Moderate Buy” and a consensus target price of $829.08.

Insider Activity

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $663.67, for a total value of $218,347.43. Following the transaction, 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Brian S. Tyler sold 19,371 shares of the business’s stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $708.09, for a total transaction of $13,716,411.39. Following the completion of the sale, the chief executive officer directly owned 27,872 shares in the company, valued at $19,735,884.48. This trade represents a 41.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,560 shares of company stock worth $30,438,602 over the last quarter. 0.08% of the stock is currently owned by company insiders.

McKesson Price Performance

NYSE:MCK opened at $759.65 on Friday. The firm has a market capitalization of $94.49 billion, a price-to-earnings ratio of 30.29, a PEG ratio of 1.37 and a beta of 0.52. The company’s 50-day moving average is $702.08 and its two-hundred day moving average is $702.43. McKesson Corporation has a 1-year low of $480.39 and a 1-year high of $776.14.

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

McKesson Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd were issued a $0.82 dividend. This represents a $3.28 annualized dividend and a yield of 0.4%. The ex-dividend date was Tuesday, September 2nd. This is a positive change from McKesson’s previous quarterly dividend of $0.71. McKesson’s dividend payout ratio (DPR) 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.