Bartlett & CO. Wealth Management LLC Reduces Stock Position in McKesson Corporation $MCK

Bartlett & CO. Wealth Management LLC decreased its holdings in shares of McKesson Corporation (NYSE:MCK) by 0.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,030 shares of the company’s stock after selling 35 shares during the quarter. Bartlett & CO. Wealth Management LLC’s holdings in McKesson were worth $7,357,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Impact Capital Partners LLC grew its position in shares of McKesson by 5.7% in the 2nd quarter. Impact Capital Partners LLC now owns 334 shares of the company’s stock valued at $245,000 after buying an additional 18 shares during the last quarter. Childress Capital Advisors LLC boosted its stake in McKesson by 11.1% in the second quarter. Childress Capital Advisors LLC now owns 580 shares of the company’s stock valued at $425,000 after acquiring an additional 58 shares in the last quarter. Wetzel Investment Advisors Inc. acquired a new position in McKesson in the second quarter valued at $201,000. Truist Financial Corp lifted its holdings in shares of McKesson by 2.5% in the 2nd quarter. Truist Financial Corp now owns 74,841 shares of the company’s stock valued at $54,842,000 after purchasing an additional 1,811 shares during the last quarter. Finally, XML Financial LLC lifted its holdings in shares of McKesson by 88.2% in the 2nd quarter. XML Financial LLC now owns 623 shares of the company’s stock valued at $457,000 after purchasing an additional 292 shares during the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.

McKesson Price Performance

Shares of MCK stock opened at $772.61 on Wednesday. McKesson Corporation has a 1-year low of $480.39 and a 1-year high of $774.85. The firm’s 50-day simple moving average is $700.06 and its 200-day simple moving average is $701.27. The firm has a market cap of $96.10 billion, a P/E ratio of 30.81, a PEG ratio of 1.37 and a beta of 0.51.

McKesson (NYSE:MCK) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.33 by ($0.07). McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The company had revenue of $97.83 billion for the quarter, compared to analysts’ expectations of $95.93 billion. During the same period in the prior year, the firm earned $7.88 earnings per share. The firm’s quarterly revenue was up 23.4% on a year-over-year basis. Analysts expect that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be issued a $0.82 dividend. This is a positive change from McKesson’s previous quarterly dividend of $0.71. The ex-dividend date is Tuesday, September 2nd. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.4%. McKesson’s dividend payout ratio (DPR) is 13.08%.

Insider Transactions at McKesson

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $663.67, for a total transaction of $218,347.43. Following the completion of the sale, the chief accounting officer owned 657 shares of the company’s stock, valued at approximately $436,031.19. This represents a 33.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian S. Tyler sold 19,371 shares of the stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $708.09, for a total transaction of $13,716,411.39. Following the sale, the chief executive officer directly owned 27,872 shares of the company’s stock, valued at approximately $19,735,884.48. This trade represents a 41.00% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,560 shares of company stock worth $30,438,602. Company insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Evercore ISI increased their price target on shares of McKesson from $800.00 to $825.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 24th. Bank of America boosted their price target on McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Cowen reiterated a “buy” rating on shares of McKesson in a research note on Wednesday, September 24th. Leerink Partners lifted their target price on McKesson from $785.00 to $850.00 and gave the company an “outperform” rating in a research note on Wednesday, September 24th. Finally, Wells Fargo & Company increased their price target on McKesson from $772.00 to $816.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $829.08.

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.