Applied Finance Capital Management LLC Sells 2,102 Shares of McKesson Corporation $MCK

Applied Finance Capital Management LLC lessened its position in shares of McKesson Corporation (NYSE:MCK) by 8.4% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 23,053 shares of the company’s stock after selling 2,102 shares during the period. Applied Finance Capital Management LLC’s holdings in McKesson were worth $16,892,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Oxbow Advisors LLC boosted its position in McKesson by 1.3% during the second quarter. Oxbow Advisors LLC now owns 5,427 shares of the company’s stock valued at $3,977,000 after acquiring an additional 69 shares during the last quarter. WealthPLAN Partners LLC lifted its stake in shares of McKesson by 11.3% in the 2nd quarter. WealthPLAN Partners LLC now owns 2,778 shares of the company’s stock valued at $2,036,000 after purchasing an additional 283 shares during the period. Evernest Financial Advisors LLC boosted its position in shares of McKesson by 7.5% during the 2nd quarter. Evernest Financial Advisors LLC now owns 923 shares of the company’s stock valued at $676,000 after purchasing an additional 64 shares in the last quarter. ForthRight Wealth Management LLC grew its stake in McKesson by 18.5% during the second quarter. ForthRight Wealth Management LLC now owns 653 shares of the company’s stock worth $479,000 after purchasing an additional 102 shares during the period. Finally, Turtle Creek Wealth Advisors LLC bought a new stake in McKesson in the second quarter worth approximately $366,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Leerink Partners increased their price target on McKesson from $785.00 to $850.00 and gave the stock an “outperform” rating in a report on Wednesday, September 24th. Citigroup increased their price target on McKesson from $820.00 to $860.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. Morgan Stanley raised their price objective on shares of McKesson from $810.00 to $857.00 and gave the company an “overweight” rating in a research note on Wednesday, September 24th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of McKesson from $775.00 to $856.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Finally, Bank of America raised their price target on shares of McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $834.54.

McKesson Stock Performance

McKesson stock opened at $775.43 on Friday. McKesson Corporation has a fifty-two week low of $492.39 and a fifty-two week high of $793.97. The stock has a market cap of $96.45 billion, a PE ratio of 30.92, a price-to-earnings-growth ratio of 1.43 and a beta of 0.52. The firm’s 50-day simple moving average is $714.06 and its 200 day simple moving average is $709.17.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 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 firm had revenue of $97.83 billion during the quarter, compared to analysts’ expectations of $95.93 billion. During the same quarter last year, the business posted $7.88 EPS. The company’s quarterly revenue was up 23.4% on a year-over-year basis. As a group, analysts predict that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The firm 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 dividend on an annualized basis and a yield of 0.4%. This is an increase from McKesson’s previous quarterly dividend of $0.71. The ex-dividend date was Tuesday, September 2nd. McKesson’s dividend payout ratio is 13.08%.

Insider Buying and Selling at McKesson

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business’s stock in a transaction on Friday, August 8th. The stock was 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. The trade was a 33.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Brian S. Tyler sold 11,930 shares of the firm’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $705.63, for a total value of $8,418,165.90. Following the sale, the chief executive officer directly owned 4,012 shares of the company’s stock, valued at approximately $2,830,987.56. This represents a 74.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 24,189 shares of company stock worth $16,722,190. Insiders own 0.08% of the company’s stock.

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.