Great Waters Wealth Management Lowers Position in McKesson Co. (NYSE:MCK)

Great Waters Wealth Management lessened its holdings in McKesson Co. (NYSE:MCK) by 65.5% during the first quarter, HoldingsChannel reports. The institutional investor owned 991 shares of the company’s stock after selling 1,880 shares during the quarter. Great Waters Wealth Management’s holdings in McKesson were worth $667,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Range Financial Group LLC raised its position in shares of McKesson by 7.1% in the first quarter. Range Financial Group LLC now owns 796 shares of the company’s stock worth $536,000 after buying an additional 53 shares in the last quarter. Moss Adams Wealth Advisors LLC purchased a new stake in shares of McKesson in the first quarter worth $222,000. Greystone Financial Group LLC raised its position in shares of McKesson by 0.7% in the first quarter. Greystone Financial Group LLC now owns 16,433 shares of the company’s stock worth $11,059,000 after buying an additional 108 shares in the last quarter. Toth Financial Advisory Corp raised its position in shares of McKesson by 6.9% in the first quarter. Toth Financial Advisory Corp now owns 17,183 shares of the company’s stock worth $11,564,000 after buying an additional 1,104 shares in the last quarter. Finally, Abacus Planning Group Inc. purchased a new stake in McKesson during the first quarter valued at about $205,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Price Performance

NYSE MCK opened at $712.99 on Monday. The stock has a market capitalization of $89.20 billion, a PE ratio of 32.65, a PEG ratio of 1.29 and a beta of 0.49. McKesson Co. has a 1 year low of $464.42 and a 1 year high of $731.00. The business’s 50-day moving average is $699.69 and its 200 day moving average is $641.34.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Thursday, May 8th. The company reported $10.12 earnings per share for the quarter, beating the consensus estimate of $9.83 by $0.29. The business had revenue of $90.82 billion for the quarter, compared to analysts’ expectations of $94 billion. McKesson had a negative return on equity of 181.26% and a net margin of 0.82%. The business’s revenue was up 18.9% on a year-over-year basis. During the same period in the previous year, the firm posted $6.18 EPS. As a group, equities research analysts anticipate that McKesson Co. will post 32.77 earnings per share for the current year.

McKesson Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders 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 annualized dividend and a yield of 0.40%. McKesson’s payout ratio is 10.99%.

Insider Buying and Selling at McKesson

In other news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the business’s stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $726.51, for a total value of $394,494.93. Following the sale, 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 position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Britt J. Vitalone sold 6,336 shares of the business’s stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $717.30, for a total value of $4,544,812.80. Following the completion of the sale, the chief financial officer now directly owns 14,760 shares in the company, valued at approximately $10,587,348. This represents a 30.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 13,747 shares of company stock valued at $9,852,587. 0.11% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have weighed in on MCK shares. Wells Fargo & Company set a $766.00 price target on McKesson and gave the company an “equal weight” rating in a research report on Tuesday, June 3rd. Morgan Stanley raised their price target on McKesson from $642.00 to $745.00 and gave the company an “overweight” rating in a research report on Wednesday, April 2nd. Wall Street Zen upgraded McKesson from a “buy” rating to a “strong-buy” rating in a research report on Friday, May 30th. Bank of America raised their price target on McKesson from $755.00 to $800.00 and gave the company a “buy” rating in a research report on Friday, May 9th. Finally, UBS Group raised their price target on McKesson from $708.00 to $805.00 and gave the company a “buy” rating in a research report on Tuesday, April 29th. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $692.46.

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.