NewEdge Wealth LLC lowered its position in McKesson Corporation (NYSE:MCK – Free Report) by 52.1% in the first quarter, Holdings Channel.com reports. The institutional investor owned 1,399 shares of the company’s stock after selling 1,521 shares during the period. NewEdge Wealth LLC’s holdings in McKesson were worth $1,211,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also modified their holdings of the company. University of Texas Texas AM Investment Management Co. acquired a new stake in McKesson during the 4th quarter worth $25,000. Swiss RE Ltd. acquired a new position in McKesson in the fourth quarter valued at $26,000. State of Wyoming acquired a new position in McKesson in the second quarter valued at $29,000. Kingdom Financial Group LLC. purchased a new stake in shares of McKesson in the fourth quarter valued at about $33,000. Finally, Birchwood Financial Partners Inc. purchased a new stake in shares of McKesson in the fourth quarter valued at about $33,000. 85.07% of the stock is currently owned by hedge funds and other institutional investors.
McKesson Stock Down 0.0%
Shares of NYSE:MCK opened at $840.76 on Monday. McKesson Corporation has a fifty-two week low of $637.00 and a fifty-two week high of $999.00. The firm’s 50-day simple moving average is $780.04 and its 200-day simple moving average is $838.56. The company has a market cap of $98.44 billion, a price-to-earnings ratio of 21.85, a PEG ratio of 1.38 and a beta of 0.31.
McKesson Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 1st will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 0.4%. The ex-dividend date is Tuesday, September 1st. This is a positive change from McKesson’s previous quarterly dividend of $0.82. McKesson’s payout ratio is presently 8.53%.
Insiders Place Their Bets
In other news, CAO Napoleon B. Rutledge, Jr. sold 133 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $764.00, for a total value of $101,612.00. Following the completion of the sale, the chief accounting officer directly owned 632 shares of the company’s stock, valued at $482,848. This trade represents a 17.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Thomas L. Rodgers sold 2,388 shares of McKesson stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $761.09, for a total value of $1,817,482.92. Following the completion of the sale, the executive vice president owned 3,090 shares in the company, valued at approximately $2,351,768.10. This trade represents a 43.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 28,748 shares of company stock valued at $22,262,035. Corporate insiders own 0.06% of the company’s stock.
Analysts Set New Price Targets
A number of research firms recently issued reports on MCK. TD Cowen lowered their price target on McKesson from $1,012.00 to $989.00 and set a “buy” rating on the stock in a report on Tuesday, July 21st. JPMorgan Chase & Co. reduced their price objective on McKesson from $1,107.00 to $1,015.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. UBS Group increased their price objective on McKesson from $1,000.00 to $1,050.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $875.00 target price on shares of McKesson in a research note on Friday, May 8th. Finally, Wells Fargo & Company dropped their target price on McKesson from $925.00 to $812.00 and set an “equal weight” rating on the stock in a report on Tuesday, May 12th. Fourteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, McKesson currently has a consensus rating of “Moderate Buy” and an average target price of $962.67.
Read Our Latest Research Report on MCK
Trending Headlines about McKesson
Here are the key news stories impacting McKesson this week:
- Positive Sentiment: McKesson boosted its quarterly dividend to $0.94 per share from $0.82, signaling management confidence in cash flow and returning more capital to shareholders. McKesson Raises Quarterly Dividend by 15%
- Positive Sentiment: Shareholders backed the board, auditors, and executive compensation at the annual meeting, reducing governance uncertainty. McKesson Shareholders Back Board, Auditors, and Executive Pay
- Neutral Sentiment: Recent commentary from analysts has been mixed, with one piece noting conflicting views on McKesson and other healthcare names, which may keep sentiment balanced in the near term. Analysts Have Conflicting Sentiments on These Healthcare Companies
- Neutral Sentiment: TD Cowen reportedly lowered expectations for McKesson’s stock price, adding a cautionary note despite the company’s strong operational backdrop. TD Cowen Has Lowered Expectations for McKesson (NYSE:MCK) Stock Price
McKesson Company Profile
McKesson Corporation (NYSE: MCK) is a global healthcare services and distribution company that supplies pharmaceuticals, medical-surgical products and health care technology solutions. Founded in 1833 and headquartered in Irving, Texas, McKesson operates across the drug distribution and healthcare services value chain, connecting manufacturers, pharmacies, hospitals and health systems to help manage the movement of medicines and clinical supplies.
The company’s core activities include pharmaceutical wholesale distribution and logistics, specialty pharmacy services, and the provision of medical-surgical supplies to acute and non-acute care providers.
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