Spire Wealth Management Sells 384 Shares of McKesson Corporation (NYSE:MCK)

Spire Wealth Management decreased its position in McKesson Corporation (NYSE:MCK) by 2.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 18,842 shares of the company’s stock after selling 384 shares during the quarter. Spire Wealth Management’s holdings in McKesson were worth $12,681,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of MCK. Golden State Equity Partners lifted its stake in shares of McKesson by 11.3% in the 1st quarter. Golden State Equity Partners now owns 671 shares of the company’s stock worth $452,000 after purchasing an additional 68 shares during the period. Moran Wealth Management LLC increased its holdings in McKesson by 0.7% during the first quarter. Moran Wealth Management LLC now owns 23,646 shares of the company’s stock valued at $15,914,000 after buying an additional 173 shares during the last quarter. Cornerstone Wealth Group LLC raised its position in McKesson by 3.9% in the first quarter. Cornerstone Wealth Group LLC now owns 664 shares of the company’s stock worth $447,000 after acquiring an additional 25 shares during the period. Keystone Financial Services boosted its stake in shares of McKesson by 1.2% during the 1st quarter. Keystone Financial Services now owns 1,404 shares of the company’s stock worth $945,000 after acquiring an additional 17 shares during the last quarter. Finally, Keudell Morrison Wealth Management purchased a new stake in shares of McKesson in the 1st quarter worth $202,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on MCK. Morgan Stanley boosted their price target on McKesson from $745.00 to $770.00 and gave the company an “overweight” rating in a report on Wednesday, June 11th. Mizuho lifted their price objective on McKesson from $630.00 to $690.00 and gave the company a “neutral” rating in a research report on Thursday, April 3rd. Wall Street Zen lowered shares of McKesson from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 14th. Bank of America raised their target price on shares of McKesson from $755.00 to $800.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Finally, Wells Fargo & Company set a $766.00 price target on shares of McKesson and gave the stock an “equal weight” rating in a research report on Tuesday, June 3rd. Three investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $696.42.

Insider Buying and Selling

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of McKesson stock in a transaction on Monday, May 19th. The shares were sold at an average price of $726.51, for a total transaction of $394,494.93. Following the completion of the transaction, the chief accounting officer now directly owns 1,972 shares of the company’s stock, valued at $1,432,677.72. The trade was a 21.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Brian S. Tyler sold 19,370 shares of the company’s stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $705.93, for a total transaction of $13,673,864.10. Following the transaction, the chief executive officer now owns 51,243 shares in the company, valued at $36,173,970.99. The trade was a 27.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 33,117 shares of company stock worth $23,526,451. Insiders own 0.11% of the company’s stock.

McKesson Stock Performance

MCK stock opened at $721.58 on Wednesday. The company’s fifty day moving average price is $709.57 and its 200-day moving average price is $649.70. McKesson Corporation has a one year low of $464.42 and a one year high of $733.10. The company has a market capitalization of $90.28 billion, a PE ratio of 27.94, a price-to-earnings-growth ratio of 1.44 and a beta of 0.49.

McKesson (NYSE:MCK) last released its quarterly earnings data on Thursday, May 8th. The company reported $10.12 EPS for the quarter, beating the consensus estimate of $9.83 by $0.29. The business had revenue of $90.82 billion during the quarter, compared to the consensus estimate of $94 billion. McKesson had a net margin of 0.92% and a negative return on equity of 201.12%. The business’s revenue was up 18.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $6.18 EPS. On average, research analysts predict that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.39%. McKesson’s dividend payout ratio is currently 10.99%.

McKesson 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.