Butensky & Cohen Financial Security Inc. Sells 693 Shares of McKesson Corporation $MCK

Key Points

• Butensky & Cohen Financial Security Inc. reduced its stake in McKesson Corporation by 8.0%, selling 693 shares, while still holding 7,973 shares valued at approximately $5.84 million.
• Insider trading activity at McKesson shows significant sales, including CEO Brian S. Tyler selling over 19,000 shares, reflecting a total decrease in insider ownership.
• McKesson has announced a quarterly dividend increase from $0.71 to $0.82 per share, with the upcoming payment scheduled for October 1st, indicating a positive change in its dividend strategy.

Butensky & Cohen Financial Security Inc. cut its stake in shares of McKesson Corporation (NYSE:MCK - Free Report) by 8.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,973 shares of the company's stock after selling 693 shares during the quarter. McKesson accounts for about 1.7% of Butensky & Cohen Financial Security Inc.'s holdings, making the stock its 11th biggest holding. Butensky & Cohen Financial Security Inc.'s holdings in McKesson were worth $5,842,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Assenagon Asset Management S.A. lifted its position in McKesson by 30.5% during the second quarter. Assenagon Asset Management S.A. now owns 309,076 shares of the company's stock valued at $226,485,000 after purchasing an additional 72,244 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt lifted its holdings in shares of McKesson by 20.5% in the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 26,432 shares of the company's stock worth $19,362,000 after acquiring an additional 4,500 shares during the last quarter. Clare Market Investments LLC lifted its holdings in shares of McKesson by 17.2% in the 2nd quarter. Clare Market Investments LLC now owns 2,045 shares of the company's stock worth $1,499,000 after acquiring an additional 300 shares during the last quarter. ARS Wealth Advisors Group LLC bought a new stake in shares of McKesson in the 2nd quarter worth approximately $231,000. Finally, Exchange Traded Concepts LLC lifted its holdings in shares of McKesson by 44.0% in the 2nd quarter. Exchange Traded Concepts LLC now owns 2,433 shares of the company's stock worth $1,783,000 after acquiring an additional 744 shares during the last quarter. 85.07% of the stock is currently owned by institutional investors.

Insider Activity at McKesson

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $663.67, for a total transaction of $218,347.43. Following the transaction, the chief accounting officer owned 657 shares of the company's stock, valued at $436,031.19. The trade was a 33.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian S. Tyler sold 19,371 shares of McKesson stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $708.09, for a total transaction of $13,716,411.39. Following the transaction, the chief executive officer directly owned 27,872 shares in the company, valued at $19,735,884.48. This represents a 41.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,560 shares of company stock worth $30,438,602 in the last ninety days. Insiders own 0.08% of the company's stock.

McKesson Stock Performance

NYSE:MCK opened at $698.07 on Friday. The firm has a market cap of $86.83 billion, a P/E ratio of 27.83, a P/E/G ratio of 1.37 and a beta of 0.51. McKesson Corporation has a fifty-two week low of $464.42 and a fifty-two week high of $737.89. The firm has a 50-day simple moving average of $695.15 and a two-hundred day simple moving average of $696.05.

McKesson (NYSE:MCK - Get Free Report) last announced its quarterly 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 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 firm earned $7.88 earnings per share. The business's revenue was up 23.4% compared to the same quarter last year. On average, equities research analysts predict that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be issued a $0.82 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a positive change from McKesson's previous quarterly dividend of $0.71. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.5%. McKesson's payout ratio is 13.08%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on MCK. Wells Fargo & Company boosted their price objective on shares of McKesson from $766.00 to $772.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 13th. Evercore ISI boosted their price objective on shares of McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. Cowen reissued a "buy" rating on shares of McKesson in a research report on Thursday, August 7th. Wall Street Zen lowered shares of McKesson from a "buy" rating to a "hold" rating in a report on Saturday. Finally, Morgan Stanley restated an "overweight" rating and issued a $810.00 price objective (up from $770.00) on shares of McKesson in a report on Wednesday, July 16th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, McKesson presently has a consensus rating of "Moderate Buy" and a consensus price target of $725.10.

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.

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