Robertson Stephens Wealth Management LLC Lowers Stock Holdings in McKesson Corporation $MCK

Robertson Stephens Wealth Management LLC decreased its position in shares of McKesson Corporation (NYSE:MCK) by 16.5% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 616 shares of the company’s stock after selling 122 shares during the quarter. Robertson Stephens Wealth Management LLC’s holdings in McKesson were worth $452,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Bank of Jackson Hole Trust lifted its stake in shares of McKesson by 64.3% during the 1st quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock valued at $29,000 after buying an additional 18 shares in the last quarter. CBIZ Investment Advisory Services LLC lifted its stake in shares of McKesson by 1,366.7% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company’s stock valued at $30,000 after buying an additional 41 shares in the last quarter. GFG Capital LLC bought a new stake in McKesson in the 2nd quarter valued at $30,000. Saudi Central Bank bought a new stake in McKesson in the 1st quarter valued at $34,000. Finally, Flaharty Asset Management LLC bought a new stake in McKesson in the 1st quarter valued at $39,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Stock Up 0.8%

McKesson stock opened at $763.89 on Friday. The company’s 50-day moving average price is $707.48 and its 200-day moving average price is $706.39. McKesson Corporation has a twelve month low of $492.39 and a twelve month high of $776.14. The company has a market cap of $95.01 billion, a PE ratio of 30.46, a price-to-earnings-growth ratio of 1.38 and a beta of 0.52.

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

McKesson Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were issued a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a yield of 0.4%. The ex-dividend date was Tuesday, September 2nd. This is a positive change from McKesson’s previous quarterly dividend of $0.71. McKesson’s payout ratio is currently 13.08%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Bank of America lifted their price target on shares of McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Wells Fargo & Company lifted their price target on shares of McKesson from $772.00 to $816.00 and gave the company an “equal weight” rating in a report on Wednesday, September 24th. Weiss Ratings reiterated a “buy (b)” rating on shares of McKesson in a report on Wednesday. Citigroup lifted their price target on shares of McKesson from $820.00 to $860.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Finally, Evercore ISI lifted their price target on shares of McKesson from $800.00 to $825.00 and gave the company an “outperform” rating in a report on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, McKesson currently has an average rating of “Moderate Buy” and a consensus target price of $829.08.

Insider Activity

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $663.67, for a total transaction of $218,347.43. Following the transaction, the chief accounting officer directly owned 657 shares in the company, valued at approximately $436,031.19. This represents a 33.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Brian S. Tyler sold 11,930 shares of the company’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the transaction, the chief executive officer owned 4,012 shares in the company, valued at $2,830,987.56. The trade was a 74.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,189 shares of company stock worth $16,722,190 over the last quarter. 0.08% of the stock is currently owned by insiders.

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.