United Asset Strategies Inc. Lowers Stock Holdings in McKesson Corporation $MCK

United Asset Strategies Inc. cut its stake in shares of McKesson Corporation (NYSE:MCK) by 10.0% during the second quarter, HoldingsChannel.com reports. The fund owned 15,402 shares of the company’s stock after selling 1,704 shares during the quarter. United Asset Strategies Inc.’s holdings in McKesson were worth $11,286,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of MCK. Solstein Capital LLC increased its holdings in McKesson by 171.4% during the 2nd quarter. Solstein Capital LLC now owns 38 shares of the company’s stock worth $28,000 after purchasing an additional 24 shares during the period. GFG Capital LLC purchased a new position in shares of McKesson during the second quarter valued at $30,000. CBIZ Investment Advisory Services LLC raised its holdings in shares of McKesson by 1,366.7% in the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company’s stock valued at $30,000 after acquiring an additional 41 shares in the last quarter. Bank of Jackson Hole Trust lifted its stake in McKesson by 64.3% in the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock worth $29,000 after acquiring an additional 18 shares during the period. Finally, Saudi Central Bank bought a new position in McKesson during the 1st quarter worth about $34,000. Institutional investors own 85.07% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on MCK shares. Mizuho lifted their price target on McKesson from $750.00 to $770.00 and gave the company a “neutral” rating in a report on Wednesday, September 24th. Bank of America increased their price objective on shares of McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Wall Street Zen downgraded shares of McKesson from a “buy” rating to a “hold” rating in a research report on Saturday. Jefferies Financial Group upped their price target on shares of McKesson from $820.00 to $900.00 and gave the company a “buy” rating in a research note on Monday, October 13th. Finally, Citigroup lifted their price objective 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. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, McKesson currently has a consensus rating of “Moderate Buy” and a consensus target price of $887.69.

McKesson Stock Down 0.4%

Shares of MCK stock opened at $855.78 on Wednesday. McKesson Corporation has a 52-week low of $558.13 and a 52-week high of $867.63. The stock has a market cap of $106.44 billion, a PE ratio of 34.12, a price-to-earnings-growth ratio of 1.46 and a beta of 0.51. The business has a 50-day simple moving average of $764.28 and a 200-day simple moving average of $726.81.

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

McKesson Announces Dividend

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

Insider Activity 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 value of $283,476.27. Following the completion of the sale, the chief accounting officer directly owned 328 shares in the company, valued at $282,614.64. This represents a 50.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Brian S. Tyler sold 11,930 shares of the firm’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $705.63, for a total transaction 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 represents a 74.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 24,189 shares of company stock valued at $16,787,319 over the last quarter. 0.08% of the stock is owned by company insiders.

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.