Institute for Wealth Management LLC. Cuts Stake in McKesson Co. (NYSE:MCK)
Institute for Wealth Management LLC. lowered its holdings in shares of McKesson Co. (NYSE:MCK) by 5.7% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 2,413 shares of the company’s stock after selling 147 shares during the period. Institute for Wealth Management LLC.’s holdings in McKesson were worth $324,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in MCK. Markel Corp grew its holdings in McKesson by 16.2% during the 2nd quarter. Markel Corp now owns 43,100 shares of the company’s stock valued at $5,792,000 after buying an additional 6,000 shares in the last quarter. Everence Capital Management Inc. grew its holdings in McKesson by 43.8% during the 2nd quarter. Everence Capital Management Inc. now owns 5,714 shares of the company’s stock valued at $768,000 after buying an additional 1,740 shares in the last quarter. GHP Investment Advisors Inc. grew its holdings in McKesson by 9.1% during the 2nd quarter. GHP Investment Advisors Inc. now owns 13,512 shares of the company’s stock valued at $1,816,000 after buying an additional 1,123 shares in the last quarter. Sompo Japan Nipponkoa Asset Management CO. LTD. grew its holdings in McKesson by 1.2% during the 2nd quarter. Sompo Japan Nipponkoa Asset Management CO. LTD. now owns 14,160 shares of the company’s stock valued at $1,903,000 after buying an additional 170 shares in the last quarter. Finally, Pzena Investment Management LLC grew its holdings in McKesson by 4.8% during the 2nd quarter. Pzena Investment Management LLC now owns 3,860,785 shares of the company’s stock valued at $518,851,000 after buying an additional 177,589 shares in the last quarter. Hedge funds and other institutional investors own 89.65% of the company’s stock.
In other news, CEO Brian Scott Tyler sold 1,488 shares of McKesson stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $125.49, for a total value of $186,729.12. Following the completion of the transaction, the chief executive officer now owns 12,192 shares in the company, valued at approximately $1,529,974.08. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director M Christine Jacobs sold 1,296 shares of McKesson stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $146.65, for a total value of $190,058.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,704 shares of company stock valued at $625,131. Company insiders own 0.88% of the company’s stock.
McKesson (NYSE:MCK) last announced its earnings results on Wednesday, July 31st. The company reported $3.31 EPS for the quarter, topping the Zacks’ consensus estimate of $3.04 by $0.27. The firm had revenue of $55.73 billion during the quarter, compared to analysts’ expectations of $54.03 billion. McKesson had a return on equity of 30.73% and a net margin of 0.27%. The company’s quarterly revenue was up 5.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.90 EPS. As a group, analysts anticipate that McKesson Co. will post 14.35 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 3rd will be issued a $0.41 dividend. This is a boost from McKesson’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 1.11%. McKesson’s payout ratio is 11.50%.
Several equities analysts have weighed in on the company. ValuEngine cut McKesson from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 6th. Credit Suisse Group assumed coverage on McKesson in a report on Monday, July 22nd. They set a “neutral” rating and a $143.00 price target for the company. Zacks Investment Research cut McKesson from a “hold” rating to a “sell” rating in a report on Thursday, May 2nd. Bank of America set a $160.00 price target on McKesson and gave the company a “buy” rating in a report on Wednesday, July 31st. Finally, TheStreet upgraded McKesson from a “c” rating to a “b” rating in a report on Wednesday, July 31st. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $148.70.
McKesson Corporation provides pharmaceuticals and medical supplies in the United States and internationally. It operates in three segments: U.S. Pharmaceutical and Specialty Solutions, European Pharmaceutical Solutions, and Medical-Surgical Solutions. The company distributes branded, generic, specialty, biosimilar, and over-the-counter pharmaceutical drugs, as well as other healthcare-related products; and offers practice management, technology, clinical support, and business solutions to community-based oncology and other specialty practices.
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