Apollon Wealth Management LLC Trims Stock Position in McKesson Corporation (NYSE:MCK)

Apollon Wealth Management LLC reduced its holdings in shares of McKesson Corporation (NYSE:MCK - Free Report) by 13.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,780 shares of the company's stock after selling 1,014 shares during the quarter. Apollon Wealth Management LLC's holdings in McKesson were worth $4,563,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. Capital A Wealth Management LLC bought a new position in McKesson in the fourth quarter valued at approximately $26,000. Millstone Evans Group LLC acquired a new position in McKesson during the fourth quarter worth $28,000. Graney & King LLC acquired a new stake in McKesson in the fourth quarter valued at $38,000. CoreFirst Bank & Trust bought a new position in McKesson during the fourth quarter worth about $67,000. Finally, Cornerstone Planning Group LLC boosted its stake in shares of McKesson by 1,840.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 97 shares of the company's stock worth $67,000 after acquiring an additional 92 shares during the period. Institutional investors and hedge funds own 85.07% of the company's stock.

Wall Street Analyst Weigh In

MCK has been the topic of a number of research reports. Wall Street Zen lowered shares of McKesson from a "strong-buy" rating to a "buy" rating in a research note on Sunday. Bank of America lifted their price target on McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Mizuho upped their price objective on McKesson from $630.00 to $690.00 and gave the company a "neutral" rating in a report on Thursday, April 3rd. Evercore ISI increased their price objective on McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. Finally, Wells Fargo & Company set a $766.00 target price on shares of McKesson and gave the company an "equal weight" rating in a research report on Tuesday, June 3rd. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $710.17.

Insider Activity

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the company's stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $726.51, for a total transaction of $394,494.93. Following the transaction, the chief accounting officer owned 1,972 shares in the company, valued at approximately $1,432,677.72. This represents a 21.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Brian S. Tyler sold 19,371 shares of the stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $708.09, for a total transaction of $13,716,411.39. Following the completion of the transaction, the chief executive officer owned 27,872 shares in the company, valued at $19,735,884.48. The trade was a 41.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 52,488 shares of company stock valued at $37,242,862. 0.08% of the stock is currently owned by insiders.

McKesson Stock Down 0.7%

Shares of NYSE:MCK traded down $4.87 during midday trading on Thursday, reaching $710.87. 402,202 shares of the company traded hands, compared to its average volume of 920,261. The firm's fifty day moving average price is $715.73 and its two-hundred day moving average price is $664.96. The firm has a market capitalization of $88.94 billion, a price-to-earnings ratio of 27.52, a price-to-earnings-growth ratio of 1.42 and a beta of 0.48. McKesson Corporation has a 12 month low of $464.42 and a 12 month high of $737.89.

McKesson (NYSE:MCK - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $10.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $9.83 by $0.29. The firm had revenue of $90.82 billion during the quarter, compared to analysts' expectations of $94 billion. McKesson had a negative return on equity of 201.12% and a net margin of 0.92%. The company's revenue for the quarter was up 18.9% compared to the same quarter last year. During the same period in the prior year, the business earned $6.18 EPS. Analysts forecast that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Monday, June 2nd were given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date was Monday, June 2nd. McKesson's dividend payout ratio (DPR) is presently 10.99%.

About McKesson

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.