Schechter Investment Advisors LLC Cuts Stock Holdings in McKesson Corporation (NYSE:MCK)

Schechter Investment Advisors LLC lessened its stake in McKesson Corporation (NYSE:MCK) by 7.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,124 shares of the company’s stock after selling 405 shares during the quarter. Schechter Investment Advisors LLC’s holdings in McKesson were worth $3,448,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Arizona State Retirement System increased its holdings in McKesson by 1.6% in the 1st quarter. Arizona State Retirement System now owns 37,943 shares of the company’s stock worth $25,535,000 after acquiring an additional 596 shares in the last quarter. Kathmere Capital Management LLC increased its holdings in McKesson by 7.0% in the 1st quarter. Kathmere Capital Management LLC now owns 2,299 shares of the company’s stock worth $1,547,000 after acquiring an additional 150 shares in the last quarter. Ballentine Partners LLC increased its holdings in McKesson by 2.4% in the 1st quarter. Ballentine Partners LLC now owns 11,769 shares of the company’s stock worth $7,920,000 after acquiring an additional 277 shares in the last quarter. Beirne Wealth Consulting Services LLC purchased a new stake in McKesson in the 1st quarter worth $219,000. Finally, SteelPeak Wealth LLC increased its holdings in McKesson by 0.5% in the 1st quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company’s stock worth $1,867,000 after acquiring an additional 15 shares in the last quarter. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on MCK. Bank of America boosted their price target on shares of McKesson from $755.00 to $800.00 and gave the stock a “buy” rating in a report on Friday, May 9th. Wells Fargo & Company set a $766.00 target price on shares of McKesson and gave the stock an “equal weight” rating in a research note on Tuesday, June 3rd. Mizuho lifted their target price on shares of McKesson from $630.00 to $690.00 and gave the stock a “neutral” rating in a research note on Thursday, April 3rd. Evercore ISI lifted their target price on shares of McKesson from $760.00 to $800.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, UBS Group lifted their target price on shares of McKesson from $708.00 to $805.00 and gave the stock a “buy” rating in a research note on Tuesday, April 29th. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $706.83.

Insider Buying and Selling at McKesson

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the firm’s stock in a transaction 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 completion of the sale, the chief accounting officer owned 1,972 shares of the company’s stock, valued at approximately $1,432,677.72. This trade represents a 21.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian S. Tyler sold 19,370 shares of the firm’s stock in a transaction on Friday, June 6th. The shares were sold at an average price of $705.93, for a total value of $13,673,864.10. Following the completion of the sale, the chief executive officer directly owned 51,243 shares of the company’s stock, valued at approximately $36,173,970.99. This trade represents a 27.43% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,117 shares of company stock valued at $23,526,451. Corporate insiders own 0.08% of the company’s stock.

McKesson Price Performance

Shares of NYSE:MCK opened at $708.49 on Friday. The firm has a market capitalization of $88.64 billion, a PE ratio of 27.43, a price-to-earnings-growth ratio of 1.42 and a beta of 0.48. The firm’s 50-day moving average is $715.67 and its two-hundred day moving average is $662.71. McKesson Corporation has a 1 year low of $464.42 and a 1 year high of $737.89.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Thursday, May 8th. The company reported $10.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $9.83 by $0.29. McKesson had a net margin of 0.92% and a negative return on equity of 201.12%. The company had revenue of $90.82 billion for the quarter, compared to analyst estimates of $94 billion. During the same period in the prior year, the firm earned $6.18 earnings per share. The business’s revenue for the quarter was up 18.9% compared to the same quarter last year. Analysts expect that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd were paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 0.40%. The ex-dividend date of this dividend was Monday, June 2nd. McKesson’s dividend payout ratio (DPR) is presently 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.