First Horizon Advisors Inc. Trims Stake in McKesson Corporation $MCK

First Horizon Advisors Inc. reduced its position in McKesson Corporation (NYSE:MCK) by 2.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,594 shares of the company’s stock after selling 461 shares during the quarter. First Horizon Advisors Inc.’s holdings in McKesson were worth $14,358,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB raised its position in McKesson by 1.6% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 863 shares of the company’s stock worth $632,000 after purchasing an additional 14 shares during the period. Cardinal Point Capital Management ULC raised its position in McKesson by 2.2% in the 2nd quarter. Cardinal Point Capital Management ULC now owns 645 shares of the company’s stock worth $473,000 after purchasing an additional 14 shares during the period. SteelPeak Wealth LLC raised its position in McKesson by 0.5% in the 1st 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. Cypress Wealth Services LLC raised its position in McKesson by 3.7% in the 2nd quarter. Cypress Wealth Services LLC now owns 417 shares of the company’s stock worth $305,000 after purchasing an additional 15 shares during the period. Finally, HBK Sorce Advisory LLC raised its position in McKesson by 1.4% in the 2nd quarter. HBK Sorce Advisory LLC now owns 1,182 shares of the company’s stock worth $866,000 after purchasing an additional 16 shares during the period. 85.07% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on MCK shares. Citigroup upped their target price on shares of McKesson from $820.00 to $860.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Weiss Ratings restated a “buy (b)” rating on shares of McKesson in a research note on Wednesday, October 8th. TD Cowen upped their target price on shares of McKesson from $830.00 to $864.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Wells Fargo & Company upped their target price on shares of McKesson from $772.00 to $816.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 24th. Finally, Morgan Stanley upped their target price on shares of McKesson from $810.00 to $857.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 24th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, McKesson currently has a consensus rating of “Moderate Buy” and a consensus price target of $839.15.

Insider Activity at McKesson

In other McKesson news, CEO Brian S. Tyler sold 11,930 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $705.63, for a total value of $8,418,165.90. Following the completion of the sale, the chief executive officer directly owned 4,012 shares in the company, valued at $2,830,987.56. This trade represents a 74.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the firm’s stock in a transaction that occurred 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 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 disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 24,189 shares of company stock valued at $16,722,190. 0.08% of the stock is owned by insiders.

McKesson Stock Performance

NYSE MCK opened at $843.19 on Wednesday. The firm’s 50 day moving average price is $747.47 and its 200-day moving average price is $721.07. McKesson Corporation has a 52-week low of $520.20 and a 52-week high of $846.43. The company has a market cap of $104.88 billion, a PE ratio of 33.62, a P/E/G ratio of 1.46 and a beta of 0.52.

McKesson (NYSE:MCK) last released its quarterly earnings data 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 business had revenue of $97.83 billion for the quarter, compared to the consensus estimate of $95.93 billion. During the same quarter in the prior year, the business posted $7.88 earnings per share. McKesson’s revenue for the quarter was up 23.4% on a year-over-year basis. On average, analysts forecast that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 1st will be paid a $0.82 dividend. This represents a $3.28 annualized dividend and a yield of 0.4%. The ex-dividend date is Monday, December 1st. McKesson’s dividend payout ratio (DPR) is 13.08%.

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.