Kingswood Wealth Advisors LLC Lowers Stock Holdings in McKesson Corporation $MCK

Kingswood Wealth Advisors LLC trimmed its position in McKesson Corporation (NYSE:MCK) by 32.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,443 shares of the company’s stock after selling 692 shares during the quarter. Kingswood Wealth Advisors LLC’s holdings in McKesson were worth $1,057,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. CBIZ Investment Advisory Services LLC raised its stake in McKesson by 1,366.7% in the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company’s stock valued at $30,000 after purchasing an additional 41 shares in the last quarter. Bank of Jackson Hole Trust raised its stake in McKesson by 64.3% in the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock valued at $29,000 after purchasing an additional 18 shares in the last quarter. Saudi Central Bank purchased a new stake in McKesson in the first quarter valued at approximately $34,000. Flaharty Asset Management LLC purchased a new stake in McKesson in the first quarter valued at approximately $39,000. Finally, Signature Resources Capital Management LLC purchased a new stake in McKesson in the second quarter valued at approximately $43,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on MCK. Morgan Stanley raised their target price 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. Mizuho lifted their price target on shares of McKesson from $750.00 to $770.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 24th. Leerink Partners lifted 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. Weiss Ratings reissued a “buy (b)” rating on shares of McKesson in a research note on Wednesday. Finally, Wall Street Zen raised shares of McKesson from a “hold” rating to a “buy” rating in a research note on Sunday, September 28th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $829.08.

Insiders Place Their Bets

In other news, CEO Brian S. Tyler sold 11,930 shares of the business’s stock in a transaction on 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 sale, the chief executive officer 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 filing with the SEC, which is accessible through the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $663.67, for a total transaction of $218,347.43. Following the completion of the transaction, the chief accounting officer owned 657 shares in the company, valued at approximately $436,031.19. The trade was a 33.37% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,560 shares of company stock worth $30,438,602. Company insiders own 0.08% of the company’s stock.

McKesson Stock Up 0.7%

NYSE:MCK opened at $755.32 on Thursday. McKesson Corporation has a twelve month low of $492.39 and a twelve month high of $776.14. The stock has a market cap of $93.95 billion, a P/E ratio of 30.12, a price-to-earnings-growth ratio of 1.35 and a beta of 0.52. The firm’s fifty day simple moving average is $704.88 and its 200 day simple moving average is $704.72.

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

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd were issued a dividend of $0.82 per share. This is a boost from McKesson’s previous quarterly dividend of $0.71. 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%. McKesson’s dividend payout ratio (DPR) is presently 13.08%.

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.