Empirical Financial Services LLC d.b.a. Empirical Wealth Management Sells 2,166 Shares of McKesson Corporation $MCK

Key Points

• Empirical Financial Services LLC sold 2,166 shares of McKesson Corporation, reducing its stake by 20.5% and leaving it with 8,424 shares valued at approximately $6.17 million.
• Insider trading was notable, with CEO Brian S. Tyler selling 19,371 shares for over $13.7 million and CAO Napoleon B. Rutledge, Jr. selling 329 shares, reflecting decreases in their ownership positions.
• Analysts are optimistic about McKesson's stock, as several firms raised their price targets, with an average consensus target of $829.08 and a "Moderate Buy" rating.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management reduced its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 20.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,424 shares of the company's stock after selling 2,166 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in McKesson were worth $6,173,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Bank of Jackson Hole Trust raised its stake in shares of McKesson by 64.3% in the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company's stock worth $29,000 after acquiring an additional 18 shares during the last quarter. CBIZ Investment Advisory Services LLC grew its holdings in McKesson by 1,366.7% during the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company's stock valued at $30,000 after purchasing an additional 41 shares during the period. Saudi Central Bank acquired a new position in McKesson during the first quarter valued at approximately $34,000. Flaharty Asset Management LLC acquired a new position in McKesson during the first quarter valued at approximately $39,000. Finally, Pandora Wealth Inc. acquired a new position in McKesson during the first quarter valued at approximately $40,000. 85.07% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $663.67, for a total value of $218,347.43. Following the transaction, the chief accounting officer directly owned 657 shares of the company's stock, valued at approximately $436,031.19. The trade was a 33.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Brian S. Tyler sold 19,371 shares of the business's stock in a transaction dated 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 directly owned 27,872 shares in the company, valued at $19,735,884.48. This trade represents a 41.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 43,560 shares of company stock worth $30,438,602 over the last ninety days. Insiders own 0.08% of the company's stock.

Wall Street Analysts Forecast Growth

MCK has been the subject of several research analyst reports. Evercore ISI upped their price target on shares of McKesson from $800.00 to $825.00 and gave the company an "outperform" rating in a report on Wednesday, September 24th. Mizuho boosted their price objective on shares of McKesson from $750.00 to $770.00 and gave the company a "neutral" rating in a report on Wednesday, September 24th. Leerink Partners boosted their price objective on shares of McKesson from $785.00 to $850.00 and gave the company an "outperform" rating in a report on Wednesday, September 24th. JPMorgan Chase & Co. boosted their price objective on shares of McKesson from $821.00 to $853.00 and gave the company an "overweight" rating in a report on Friday, September 26th. Finally, Bank of America boosted their price objective on shares of McKesson from $800.00 to $850.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, McKesson has a consensus rating of "Moderate Buy" and an average target price of $829.08.

McKesson Stock Performance

McKesson stock opened at $759.65 on Friday. McKesson Corporation has a 52-week low of $480.39 and a 52-week high of $776.14. The firm has a 50 day moving average price of $702.08 and a two-hundred day moving average price of $702.43. The firm has a market cap of $94.49 billion, a price-to-earnings ratio of 30.29, a PEG ratio of 1.37 and a beta of 0.52.

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). The business had revenue of $97.83 billion for the quarter, compared to the consensus estimate of $95.93 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The business's revenue for the quarter was up 23.4% compared to the same quarter last year. During the same quarter last year, the firm posted $7.88 EPS. As a group, equities research analysts predict that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd were issued a dividend of $0.82 per share. 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%. This is a positive change from McKesson's previous quarterly dividend of $0.71. McKesson's payout ratio is presently 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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