Ameriflex Group Inc. Trims Stock Holdings in McKesson Corporation $MCK

Key Points

• Ameriflex Group Inc. significantly reduced its holdings in McKesson Corporation by 87.6%, holding only 74 shares worth $53,000 at the end of the second quarter.
• Analysts have raised their price targets for McKesson, with Bank of America setting a new target of $850.00 and a consensus price target of $829.08.
• CEO Brian S. Tyler sold 11,930 shares of McKesson stock, reducing his ownership by 74.83%, and insiders have sold a total of 43,560 shares valued at about $30.4 million in the past three months.

Ameriflex Group Inc. reduced its holdings in shares of McKesson Corporation (NYSE:MCK - Free Report) by 87.6% in the second quarter, according to its most recent filing with the SEC. The fund owned 74 shares of the company's stock after selling 524 shares during the period. Ameriflex Group Inc.'s holdings in McKesson were worth $53,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of MCK. MassMutual Private Wealth & Trust FSB increased its stake in McKesson by 1.6% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 863 shares of the company's stock worth $632,000 after buying an additional 14 shares during the period. CVA Family Office LLC grew its stake in McKesson by 6.0% in the 1st quarter. CVA Family Office LLC now owns 265 shares of the company's stock worth $178,000 after acquiring an additional 15 shares in the last quarter. Palisade Asset Management LLC increased its position in shares of McKesson by 2.1% during the first quarter. Palisade Asset Management LLC now owns 715 shares of the company's stock worth $481,000 after acquiring an additional 15 shares during the period. SteelPeak Wealth LLC raised its stake in shares of McKesson by 0.5% during the first quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company's stock valued at $1,867,000 after acquiring an additional 15 shares in the last quarter. Finally, Keystone Financial Services boosted its holdings in shares of McKesson by 1.2% in the first quarter. Keystone Financial Services now owns 1,404 shares of the company's stock valued at $945,000 after purchasing an additional 17 shares during the period. Institutional investors own 85.07% of the company's stock.

Analysts Set New Price Targets

MCK has been the topic of several research reports. Bank of America raised 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. Mizuho raised their price target on McKesson from $750.00 to $770.00 and gave the company a "neutral" rating in a research note on Wednesday, September 24th. Wall Street Zen raised shares of McKesson from a "hold" rating to a "buy" rating in a research note on Sunday, September 28th. JPMorgan Chase & Co. increased their target price on shares of McKesson from $821.00 to $853.00 and gave the stock an "overweight" rating in a report on Friday, September 26th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of McKesson from $775.00 to $856.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $829.08.

Insiders Place Their Bets

In other McKesson news, CEO Brian S. Tyler sold 11,930 shares of the firm'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 approximately $2,830,987.56. This trade represents a 74.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $663.67, for a total value of $218,347.43. Following the sale, the chief accounting officer owned 657 shares in the company, valued at $436,031.19. The trade was a 33.37% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 43,560 shares of company stock valued at $30,438,602 in the last three months. Insiders own 0.08% of the company's stock.

McKesson Stock Performance

Shares of McKesson stock opened at $738.00 on Monday. The company has a market capitalization of $91.79 billion, a PE ratio of 29.43, a P/E/G ratio of 1.32 and a beta of 0.52. The company has a 50-day simple moving average of $702.60 and a two-hundred day simple moving average of $703.48. McKesson Corporation has a one year low of $480.39 and a one year high of $776.14.

McKesson (NYSE:MCK - Get Free Report) last issued its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $95.93 billion. McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The firm's quarterly revenue was up 23.4% on a year-over-year basis. During the same period in the previous year, the firm earned $7.88 EPS. On average, equities analysts predict that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The firm also recently disclosed 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. The ex-dividend date was Tuesday, September 2nd. This represents a $3.28 annualized dividend and a dividend yield of 0.4%. This is a boost from McKesson's previous quarterly dividend of $0.71. McKesson's dividend payout ratio (DPR) is currently 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.

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