Clifford Swan Investment Counsel LLC lowered its stake in McKesson Corporation (NYSE:MCK – Free Report) by 2.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 35,779 shares of the company’s stock after selling 864 shares during the quarter. Clifford Swan Investment Counsel LLC’s holdings in McKesson were worth $27,035,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of McKesson in the 4th quarter worth approximately $25,000. Swiss RE Ltd. acquired a new position in shares of McKesson during the fourth quarter valued at approximately $26,000. Delos Wealth Advisors LLC bought a new stake in McKesson during the second quarter worth approximately $27,000. State of Wyoming bought a new stake in McKesson during the second quarter worth approximately $29,000. Finally, Kingdom Financial Group LLC. acquired a new stake in McKesson in the fourth quarter worth approximately $33,000. Institutional investors own 85.07% of the company’s stock.
McKesson Trading Down 0.9%
Shares of MCK opened at $885.36 on Tuesday. The business’s 50-day moving average price is $836.11 and its 200 day moving average price is $842.95. The stock has a market capitalization of $103.22 billion, a P/E ratio of 23.69, a P/E/G ratio of 1.76 and a beta of 0.30. McKesson Corporation has a 1-year low of $679.65 and a 1-year high of $999.00.
McKesson Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 1st will be paid a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $3.76 dividend on an annualized basis and a yield of 0.4%. This is a positive change from McKesson’s previous quarterly dividend of $0.82. McKesson’s dividend payout ratio (DPR) is 8.78%.
Insider Buying and Selling
In other news, CEO Brian S. Tyler sold 8,463 shares of the firm’s stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $793.56, for a total value of $6,715,898.28. Following the completion of the sale, the chief executive officer owned 5,919 shares of the company’s stock, valued at $4,697,081.64. This trade represents a 58.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Napoleon B. Rutledge, Jr. sold 133 shares of the company’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $764.00, for a total value of $101,612.00. Following the transaction, the chief accounting officer directly owned 632 shares in the company, valued at $482,848. The trade was a 17.39% 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. In the last 90 days, insiders sold 22,289 shares of company stock valued at $17,406,854. Company insiders own 0.06% of the company’s stock.
Analyst Ratings Changes
A number of equities analysts have issued reports on the company. Wall Street Zen lowered McKesson from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Robert W. Baird set a $1,015.00 target price on McKesson in a research note on Thursday, August 6th. Evercore reaffirmed an “outperform” rating on shares of McKesson in a report on Thursday, August 6th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $875.00 price target on shares of McKesson in a research report on Friday, May 8th. Finally, Morgan Stanley restated an “overweight” rating on shares of McKesson in a research report on Friday, August 7th. Fourteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, McKesson currently has a consensus rating of “Moderate Buy” and an average price target of $973.44.
Check Out Our Latest Stock Report on McKesson
About McKesson
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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