Elevation Point Wealth Partners LLC Lowers Stock Position in McKesson Corporation $MCK

Elevation Point Wealth Partners LLC cut its stake in shares of McKesson Corporation (NYSE:MCK) by 10.2% in the 2nd quarter, HoldingsChannel reports. The firm owned 1,568 shares of the company’s stock after selling 179 shares during the period. Elevation Point Wealth Partners LLC’s holdings in McKesson were worth $1,149,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in MCK. Vanguard Group Inc. raised its position in shares of McKesson by 2.0% during the 2nd quarter. Vanguard Group Inc. now owns 12,072,090 shares of the company’s stock valued at $8,846,186,000 after buying an additional 232,286 shares in the last quarter. Geode Capital Management LLC increased its stake in McKesson by 4.1% in the second quarter. Geode Capital Management LLC now owns 2,820,724 shares of the company’s stock valued at $2,057,065,000 after acquiring an additional 112,224 shares during the last quarter. Northern Trust Corp increased its stake in McKesson by 0.7% in the first quarter. Northern Trust Corp now owns 1,542,382 shares of the company’s stock valued at $1,038,008,000 after acquiring an additional 10,179 shares during the last quarter. Boston Partners raised its position in McKesson by 33.3% during the first quarter. Boston Partners now owns 1,461,785 shares of the company’s stock valued at $984,927,000 after purchasing an additional 365,484 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in McKesson by 9.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,290,116 shares of the company’s stock worth $868,237,000 after purchasing an additional 107,638 shares during the last quarter. Institutional investors own 85.07% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on MCK. Cowen reiterated a “buy” rating on shares of McKesson in a report on Wednesday, September 24th. Evercore ISI reaffirmed an “outperform” rating and issued a $1,000.00 target price on shares of McKesson in a research note on Thursday, November 6th. Zacks Research cut shares of McKesson from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Weiss Ratings restated a “buy (a-)” rating on shares of McKesson in a report on Tuesday. Finally, UBS Group upped their price objective on shares of McKesson from $920.00 to $980.00 and gave the company a “buy” rating in a research note on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $887.69.

McKesson Price Performance

Shares of McKesson stock opened at $884.76 on Friday. McKesson Corporation has a one year low of $558.13 and a one year high of $895.58. The business’s 50 day simple moving average is $803.50 and its two-hundred day simple moving average is $739.53. The stock has a market capitalization of $109.20 billion, a P/E ratio of 35.28, a price-to-earnings-growth ratio of 1.46 and a beta of 0.51.

McKesson (NYSE:MCK) last issued its earnings results on Wednesday, November 5th. The company reported $9.86 EPS for the quarter, topping the consensus estimate of $8.84 by $1.02. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The company had revenue of $103.15 billion for the quarter, compared to the consensus estimate of $103.80 billion. During the same period in the previous year, the firm earned $7.07 earnings per share. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. Sell-side analysts expect that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 1st will be paid a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Monday, December 1st. McKesson’s dividend payout ratio is 10.21%.

Insider Buying and Selling at McKesson

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $861.63, for a total transaction of $283,476.27. Following the completion of the sale, the chief accounting officer directly owned 328 shares in the company, valued at approximately $282,614.64. This represents a 50.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.08% of the company’s stock.

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.