Envestnet Portfolio Solutions Inc. Sells 4,197 Shares of McKesson Corporation (NYSE:MCK)

Envestnet Portfolio Solutions Inc. lowered its stake in McKesson Corporation (NYSE:MCK - Free Report) by 30.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,603 shares of the company's stock after selling 4,197 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in McKesson were worth $6,463,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Capital A Wealth Management LLC acquired a new stake in McKesson in the fourth quarter valued at approximately $26,000. Millstone Evans Group LLC bought a new stake in McKesson during the 4th quarter worth $28,000. Atala Financial Inc acquired a new position in McKesson in the 4th quarter worth about $34,000. Graney & King LLC bought a new position in McKesson in the fourth quarter valued at about $38,000. Finally, Kestra Investment Management LLC bought a new stake in shares of McKesson during the fourth quarter worth about $55,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MCK. Cfra Research lowered shares of McKesson from a "moderate buy" rating to a "hold" rating in a report on Friday, April 4th. Wells Fargo & Company set a $766.00 price objective on shares of McKesson and gave the stock an "equal weight" rating in a research note on Tuesday, June 3rd. Mizuho raised their target price on McKesson from $630.00 to $690.00 and gave the stock a "neutral" rating in a research report on Thursday, April 3rd. UBS Group lifted their target price on McKesson from $708.00 to $805.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Finally, Wall Street Zen cut McKesson from a "strong-buy" rating to a "buy" rating in a research note on Saturday, June 14th. Three research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $694.38.

Insider Buying and Selling

In other news, CEO Brian S. Tyler sold 19,370 shares of the business's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $705.93, for a total transaction of $13,673,864.10. Following the completion of the sale, the chief executive officer now owns 51,243 shares in the company, valued at $36,173,970.99. The trade was a 27.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Leann B. Smith sold 1,248 shares of the stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $717.30, for a total value of $895,190.40. Following the completion of the transaction, the executive vice president now owns 2,621 shares in the company, valued at approximately $1,880,043.30. This represents a 32.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,117 shares of company stock valued at $23,526,451. 0.11% of the stock is owned by company insiders.

McKesson Stock Down 1.1%

MCK traded down $8.03 during trading on Friday, hitting $720.88. The company's stock had a trading volume of 1,367,026 shares, compared to its average volume of 923,055. The firm has a market capitalization of $90.19 billion, a P/E ratio of 27.91, a PEG ratio of 1.44 and a beta of 0.49. McKesson Corporation has a twelve month low of $464.42 and a twelve month high of $733.10. The stock's fifty day moving average price is $708.42 and its 200-day moving average price is $648.09.

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

McKesson Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 2nd will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date is Monday, June 2nd. McKesson's payout ratio is 10.99%.

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.