McKesson Corporation $MCK Shares Sold by Meridian Wealth Management LLC

Meridian Wealth Management LLC reduced its position in shares of McKesson Corporation (NYSE:MCK) by 5.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,393 shares of the company’s stock after selling 76 shares during the period. Meridian Wealth Management LLC’s holdings in McKesson were worth $1,021,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in shares of McKesson by 7.1% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 30,684 shares of the company’s stock valued at $22,485,000 after buying an additional 2,024 shares during the period. Kane Investment Management Inc. raised its holdings in McKesson by 24.7% in the 2nd quarter. Kane Investment Management Inc. now owns 2,283 shares of the company’s stock valued at $1,677,000 after acquiring an additional 452 shares during the last quarter. Islay Capital Management LLC purchased a new position in shares of McKesson during the 2nd quarter worth $1,042,000. Advisors Capital Management LLC boosted its holdings in shares of McKesson by 0.4% during the second quarter. Advisors Capital Management LLC now owns 46,931 shares of the company’s stock worth $34,391,000 after purchasing an additional 207 shares during the last quarter. Finally, Intrua Financial LLC purchased a new stake in shares of McKesson in the second quarter valued at $213,000. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Mizuho raised their price target on McKesson from $750.00 to $770.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 24th. Jefferies Financial Group increased their price objective on shares of McKesson from $820.00 to $900.00 and gave the stock a “buy” rating in a report on Monday, October 13th. Bank of America boosted their target price on shares of McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Evercore ISI reaffirmed an “outperform” rating and set a $1,000.00 price target on shares of McKesson in a research report on Thursday, November 6th. Finally, Leerink Partners increased their price target on shares of McKesson from $785.00 to $850.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $887.69.

Insider Transactions at McKesson

In other news, CEO Brian S. Tyler sold 11,930 shares of the company’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $705.63, for a total value of $8,418,165.90. Following the completion of the sale, the chief executive officer owned 4,012 shares of the company’s stock, valued at $2,830,987.56. This represents a 74.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $861.63, for a total value of $283,476.27. Following the completion of the sale, the chief accounting officer owned 328 shares of the company’s stock, valued at approximately $282,614.64. This trade represents a 50.08% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.08% of the company’s stock.

McKesson Stock Performance

NYSE MCK opened at $842.26 on Monday. McKesson Corporation has a one year low of $558.13 and a one year high of $867.63. The company’s 50 day moving average price is $773.51 and its 200 day moving average price is $729.70. The firm has a market capitalization of $103.96 billion, a price-to-earnings ratio of 33.58, a PEG ratio of 1.46 and a beta of 0.51.

McKesson (NYSE:MCK) last released its quarterly earnings data on Wednesday, November 5th. The company reported $9.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.84 by $1.02. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The company had revenue of $103.15 billion during the quarter, compared to the consensus estimate of $103.80 billion. During the same period in the previous year, the firm earned $7.07 earnings per share. McKesson’s revenue for the quarter was up 10.2% on a year-over-year basis. Sell-side analysts forecast that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 1st will be given a $0.82 dividend. The ex-dividend date of this dividend is Monday, December 1st. This represents a $3.28 annualized dividend and a yield of 0.4%. McKesson’s dividend payout ratio (DPR) is 10.21%.

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.