Ashton Thomas Securities LLC Has $6.08 Million Position in McKesson Corporation $MCK

Key Points

• Ashton Thomas Securities LLC reduced its stake in McKesson Corporation by 9.8%, bringing its holdings to $6.08 million as of the end of Q2.
• Analysts have recently increased their price targets for McKesson, with TD Cowen raising it from $830 to $864 and JPMorgan from $821 to $853, indicating a positive outlook for the stock.
• McKesson announced a quarterly dividend increase to $0.82 per share, up from $0.71, reflecting a robust payout ratio of 13.08%.

Ashton Thomas Securities LLC trimmed its holdings in McKesson Corporation (NYSE:MCK - Free Report) by 9.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,300 shares of the company's stock after selling 900 shares during the quarter. McKesson comprises about 1.5% of Ashton Thomas Securities LLC's portfolio, making the stock its 14th biggest position. Ashton Thomas Securities LLC's holdings in McKesson were worth $6,084,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Northern Trust Corp lifted its position in shares of McKesson by 0.7% during the 1st quarter. Northern Trust Corp now owns 1,542,382 shares of the company's stock valued at $1,038,008,000 after acquiring an additional 10,179 shares during the period. Boston Partners grew its position in McKesson by 33.3% in the 1st quarter. Boston Partners now owns 1,461,785 shares of the company's stock worth $984,927,000 after purchasing an additional 365,484 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in McKesson by 9.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,290,116 shares of the company's stock valued at $868,237,000 after buying an additional 107,638 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in McKesson by 16.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,284,881 shares of the company's stock valued at $864,712,000 after buying an additional 181,831 shares during the last quarter. Finally, Invesco Ltd. lifted its position in shares of McKesson by 0.7% during the 1st quarter. Invesco Ltd. now owns 1,061,744 shares of the company's stock worth $714,543,000 after buying an additional 7,108 shares in the last quarter. Institutional investors and hedge funds own 85.07% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on MCK. TD Cowen lifted their price target on McKesson from $830.00 to $864.00 and gave the stock a "buy" rating in a report on Wednesday, September 24th. JPMorgan Chase & Co. increased their price target on shares of McKesson from $821.00 to $853.00 and gave the company an "overweight" rating in a research report on Friday, September 26th. UBS Group lifted their price objective on shares of McKesson from $820.00 to $860.00 and gave the stock a "buy" rating in a research report on Wednesday, September 24th. Evercore ISI raised their price target on shares of McKesson from $800.00 to $825.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 24th. Finally, Mizuho upped their price objective on McKesson from $750.00 to $770.00 and gave the company a "neutral" rating in a research note on Wednesday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, McKesson currently has a consensus rating of "Moderate Buy" and an average price target of $829.08.

Insider Activity at McKesson

In other McKesson news, CEO Brian S. Tyler sold 11,930 shares of the firm's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $705.63, for a total value of $8,418,165.90. Following the completion of the transaction, the chief executive officer directly owned 4,012 shares of the company's stock, valued at $2,830,987.56. This trade represents a 74.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company's stock in a transaction on 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 directly 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. Insiders sold a total of 43,560 shares of company stock worth $30,438,602 over the last quarter. Corporate insiders own 0.08% of the company's stock.

McKesson Price Performance

McKesson stock opened at $759.65 on Friday. The firm has a market capitalization of $94.49 billion, a P/E ratio of 30.29, a PEG ratio of 1.37 and a beta of 0.52. McKesson Corporation has a one year low of $480.39 and a one year high of $776.14. The business has a fifty day moving average price of $702.08 and a 200-day moving average price of $702.43.

McKesson (NYSE:MCK - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $8.26 EPS for the quarter, missing the consensus estimate of $8.33 by ($0.07). McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The company had revenue of $97.83 billion during the quarter, compared to the consensus estimate of $95.93 billion. During the same quarter in the prior year, the business earned $7.88 EPS. The firm's revenue for the quarter was up 23.4% compared to the same quarter last year. Sell-side analysts expect that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Investors 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 of this dividend was Tuesday, September 2nd. This represents a $3.28 dividend on an annualized basis and a yield of 0.4%. McKesson's payout ratio is currently 13.08%.

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.

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