Patton Albertson Miller Group LLC Has $9.58 Million Position in McKesson Corporation (NYSE:MCK)

Patton Albertson Miller Group LLC lessened its position in McKesson Corporation (NYSE:MCK) by 20.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,233 shares of the company’s stock after selling 3,549 shares during the period. McKesson accounts for about 1.4% of Patton Albertson Miller Group LLC’s portfolio, making the stock its 12th biggest holding. Patton Albertson Miller Group LLC’s holdings in McKesson were worth $9,579,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of MCK. Capital A Wealth Management LLC acquired a new stake in shares of McKesson in the fourth quarter valued at about $26,000. Millstone Evans Group LLC acquired a new stake in shares of McKesson in the fourth quarter valued at about $28,000. Graney & King LLC acquired a new stake in shares of McKesson in the fourth quarter valued at about $38,000. Cornerstone Planning Group LLC increased its stake in shares of McKesson by 1,840.0% in the first quarter. Cornerstone Planning Group LLC now owns 97 shares of the company’s stock valued at $67,000 after buying an additional 92 shares during the period. Finally, CoreFirst Bank & Trust acquired a new stake in shares of McKesson in the fourth quarter valued at about $67,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

McKesson Price Performance

Shares of MCK stock opened at $710.87 on Friday. The stock has a market capitalization of $88.94 billion, a PE ratio of 27.52, a P/E/G ratio of 1.43 and a beta of 0.48. McKesson Corporation has a 1-year low of $464.42 and a 1-year high of $737.89. The business has a 50-day moving average of $716.12 and a 200 day moving average of $665.92.

McKesson (NYSE:MCK) last announced its earnings results on Thursday, May 8th. The company reported $10.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.83 by $0.29. McKesson had a negative return on equity of 201.12% and a net margin of 0.92%. The firm had revenue of $90.82 billion during the quarter, compared to analyst estimates of $94 billion. During the same quarter in the prior year, the company earned $6.18 EPS. The business’s revenue was up 18.9% compared to the same quarter last year. Analysts anticipate that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Monday, June 2nd were given a dividend of $0.71 per share. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $2.84 annualized dividend and a yield of 0.40%. McKesson’s dividend payout ratio (DPR) is presently 10.99%.

Insider Activity at McKesson

In other news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of McKesson stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $726.51, for a total value of $394,494.93. Following the sale, the chief accounting officer directly owned 1,972 shares of the company’s stock, valued at approximately $1,432,677.72. The trade was a 21.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Britt J. Vitalone sold 6,336 shares of McKesson stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $717.30, for a total value of $4,544,812.80. Following the completion of the sale, the chief financial officer directly owned 14,760 shares in the company, valued at $10,587,348. This trade represents a 30.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 52,488 shares of company stock valued at $37,242,862 in the last ninety days. Corporate insiders own 0.08% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Wall Street Zen cut McKesson from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 13th. Bank of America raised their target price on McKesson from $755.00 to $800.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Evercore ISI raised their target price on McKesson from $760.00 to $800.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 9th. Morgan Stanley reaffirmed an “overweight” rating and set a $810.00 target price (up previously from $770.00) on shares of McKesson in a research note on Wednesday. Finally, Cfra Research cut McKesson from a “moderate buy” rating to a “hold” rating in a research note on Friday, April 4th. Three investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, McKesson currently has an average rating of “Moderate Buy” and an average target price of $710.17.

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.