Envestnet Portfolio Solutions Inc. Lowers Stock Position in McKesson Corporation $MCK

Envestnet Portfolio Solutions Inc. lowered its position in shares of McKesson Corporation (NYSE:MCKFree Report) by 14.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,249 shares of the company’s stock after selling 1,354 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in McKesson were worth $6,045,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Bank of Jackson Hole Trust raised its position in shares of McKesson by 64.3% in the 1st quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock worth $29,000 after purchasing an additional 18 shares during the last quarter. CBIZ Investment Advisory Services LLC raised its position in shares of McKesson by 1,366.7% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company’s stock worth $30,000 after purchasing an additional 41 shares during the last quarter. GFG Capital LLC purchased a new position in shares of McKesson in the 2nd quarter worth about $30,000. Saudi Central Bank purchased a new position in shares of McKesson in the 1st quarter worth about $34,000. Finally, Flaharty Asset Management LLC purchased a new position in shares of McKesson in the 1st quarter worth about $39,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Wall Street Analyst Weigh In

MCK has been the subject of several recent analyst reports. JPMorgan Chase & Co. lifted their price target on McKesson from $821.00 to $853.00 and gave the stock an “overweight” rating in a research report on Friday, September 26th. Bank of America lifted their price objective on McKesson from $800.00 to $850.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. Deutsche Bank Aktiengesellschaft lifted their price objective on McKesson from $775.00 to $856.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. Jefferies Financial Group lifted their price objective on McKesson from $820.00 to $900.00 and gave the stock a “buy” rating in a report on Monday. Finally, Citigroup lifted their price objective on McKesson from $820.00 to $860.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, McKesson presently has a consensus rating of “Moderate Buy” and an average price target of $834.54.

View Our Latest Analysis on MCK

McKesson Stock Up 1.6%

McKesson stock opened at $782.07 on Wednesday. The business has a 50-day simple moving average of $710.10 and a two-hundred day simple moving average of $707.89. The company has a market cap of $97.27 billion, a P/E ratio of 31.18, a P/E/G ratio of 1.39 and a beta of 0.52. McKesson Corporation has a 52-week low of $492.39 and a 52-week high of $783.89.

McKesson (NYSE:MCKGet Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company’s revenue for the quarter was up 23.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $7.88 earnings per share. Research analysts anticipate that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

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

Insider Transactions at McKesson

In related news, CEO Brian S. Tyler sold 11,930 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the completion of the transaction, the chief executive officer directly owned 4,012 shares in the company, valued at approximately $2,830,987.56. The trade was a 74.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business’s stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $663.67, for a total value of $218,347.43. Following the transaction, the chief accounting officer owned 657 shares of the company’s stock, valued at approximately $436,031.19. This trade represents a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 24,189 shares of company stock valued at $16,722,190. Corporate insiders own 0.08% of the company’s stock.

About McKesson

(Free Report)

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.

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Institutional Ownership by Quarter for McKesson (NYSE:MCK)

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