McKesson Corporation (NYSE:MCK) Shares Sold by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC decreased its holdings in McKesson Corporation (NYSE:MCK - Free Report) by 75.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 543 shares of the company's stock after selling 1,629 shares during the quarter. Axxcess Wealth Management LLC's holdings in McKesson were worth $365,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MCK. Oppenheimer Asset Management Inc. grew its holdings in shares of McKesson by 54.0% during the first quarter. Oppenheimer Asset Management Inc. now owns 4,541 shares of the company's stock valued at $3,056,000 after buying an additional 1,592 shares during the last quarter. Dynamic Advisor Solutions LLC increased its holdings in shares of McKesson by 16.6% in the first quarter. Dynamic Advisor Solutions LLC now owns 778 shares of the company's stock valued at $524,000 after purchasing an additional 111 shares during the period. Cambridge Investment Research Advisors Inc. raised its stake in shares of McKesson by 18.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 23,033 shares of the company's stock worth $15,501,000 after purchasing an additional 3,659 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of McKesson by 4.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 183,258 shares of the company's stock worth $123,332,000 after purchasing an additional 7,556 shares during the period. Finally, CWA Asset Management Group LLC boosted its position in McKesson by 6.3% in the first quarter. CWA Asset Management Group LLC now owns 979 shares of the company's stock valued at $659,000 after buying an additional 58 shares during the last quarter. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at McKesson

In other news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the business's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $726.51, for a total value of $394,494.93. Following the completion of the sale, the chief accounting officer directly owned 1,972 shares of the company's stock, valued at approximately $1,432,677.72. The trade was a 21.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Thomas L. Rodgers sold 2,891 shares of the business's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $712.18, for a total value of $2,058,912.38. Following the completion of the sale, the executive vice president owned 2,544 shares of the company's stock, valued at approximately $1,811,785.92. This represents a 53.19% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,117 shares of company stock worth $23,526,451. 0.08% of the stock is currently owned by corporate insiders.

McKesson Stock Performance

Shares of MCK traded up $6.87 during midday trading on Monday, hitting $716.46. 432,463 shares of the stock were exchanged, compared to its average volume of 908,757. McKesson Corporation has a 52-week low of $464.42 and a 52-week high of $737.89. The stock has a fifty day simple moving average of $715.67 and a 200 day simple moving average of $663.30. The firm has a market cap of $89.64 billion, a P/E ratio of 27.74, a P/E/G ratio of 1.42 and a beta of 0.48.

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

McKesson Announces Dividend

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

Analysts Set New Price Targets

A number of research firms recently issued reports on MCK. 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. Morgan Stanley boosted their price objective on McKesson from $745.00 to $770.00 and gave the company an "overweight" rating in a report on Wednesday, June 11th. Wall Street Zen cut McKesson from a "strong-buy" rating to a "buy" rating in a research report on Sunday. Cfra Research lowered McKesson from a "moderate buy" rating to a "hold" rating in a research report on Friday, April 4th. Finally, Bank of America lifted their target price on shares of McKesson from $755.00 to $800.00 and gave the company a "buy" rating in a report on Friday, May 9th. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, McKesson presently has an average rating of "Moderate Buy" and a consensus price target of $706.83.

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.