Quadcap Wealth Management LLC Cuts Holdings in McKesson Corporation $MCK

Quadcap Wealth Management LLC reduced its position in McKesson Corporation (NYSE:MCK) by 1.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,519 shares of the company’s stock after selling 18 shares during the quarter. Quadcap Wealth Management LLC’s holdings in McKesson were worth $1,022,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Capital A Wealth Management LLC purchased a new position in shares of McKesson in the 4th quarter worth $26,000. Bank of Jackson Hole Trust raised its position in shares of McKesson by 64.3% in the 1st quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock worth $29,000 after buying an additional 18 shares during the period. CBIZ Investment Advisory Services LLC raised its position 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 worth $30,000 after buying an additional 41 shares during the period. Pandora Wealth Inc. purchased a new position in shares of McKesson in the 1st quarter worth $40,000. Finally, Dagco Inc. purchased a new position in shares of McKesson in the 1st quarter worth $47,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MCK. Evercore ISI increased their target price on McKesson from $760.00 to $800.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 9th. Bank of America raised their price objective on McKesson from $755.00 to $800.00 and gave the company a “buy” rating in a research report on Friday, May 9th. Cowen reissued a “buy” rating on shares of McKesson in a research report on Thursday, August 7th. UBS Group raised their price objective on McKesson from $708.00 to $805.00 and gave the company a “buy” rating in a research report on Tuesday, April 29th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $810.00 price objective (up from $770.00) on shares of McKesson in a research report on Wednesday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $725.10.

Insider Transactions at McKesson

In related news, CEO Brian S. Tyler sold 11,930 shares of McKesson stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $705.63, for a total value of $8,418,165.90. Following the completion of the transaction, the chief executive officer directly owned 4,012 shares in the company, valued at approximately $2,830,987.56. This trade represents a 74.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $663.67, for a total value of $218,347.43. Following the completion of the transaction, the chief accounting officer owned 657 shares of the company’s stock, valued at $436,031.19. This trade represents a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 65,821 shares of company stock valued at $46,171,378. 0.08% of the stock is currently owned by insiders.

McKesson Stock Performance

Shares of NYSE MCK opened at $680.19 on Wednesday. McKesson Corporation has a 1 year low of $464.42 and a 1 year high of $737.89. The firm has a market cap of $84.60 billion, a price-to-earnings ratio of 27.12, a PEG ratio of 1.35 and a beta of 0.50. The stock’s 50-day simple moving average is $705.00 and its 200-day simple moving average is $686.29.

McKesson (NYSE:MCK) last announced its earnings results 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 negative return on equity of 196.66% and a net margin of 0.84%.The business had revenue of $97.83 billion for the quarter, compared to analysts’ expectations of $95.93 billion. During the same period in the previous year, the firm posted $7.88 earnings per share. The firm’s revenue was up 23.4% compared to the same quarter last year. As a group, research analysts predict that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be given a dividend of $0.82 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a positive change from McKesson’s previous quarterly dividend of $0.71. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.5%. McKesson’s dividend payout ratio is presently 11.32%.

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.