McKesson Corporation (NYSE:MCK) Shares Sold by Forum Financial Management LP

Forum Financial Management LP cut its stake in shares of McKesson Corporation (NYSE:MCK - Free Report) by 19.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,540 shares of the company's stock after selling 366 shares during the quarter. Forum Financial Management LP's holdings in McKesson were worth $1,037,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Capital A Wealth Management LLC bought a new position in shares of McKesson during the 4th quarter valued at approximately $26,000. Millstone Evans Group LLC bought a new stake in McKesson in the fourth quarter worth $28,000. Graney & King LLC bought a new stake in McKesson in the fourth quarter worth $38,000. Cornerstone Planning Group LLC lifted its position in McKesson by 1,840.0% in the first quarter. Cornerstone Planning Group LLC now owns 97 shares of the company's stock worth $67,000 after buying an additional 92 shares during the last quarter. Finally, CoreFirst Bank & Trust bought a new stake in McKesson in the fourth quarter worth $67,000. 85.07% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on MCK shares. UBS Group raised their price target on McKesson from $708.00 to $805.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Bank of America boosted their price target on McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Mizuho upped their target price on McKesson from $630.00 to $690.00 and gave the company a "neutral" rating in a research report on Thursday, April 3rd. Cfra Research lowered McKesson from a "moderate buy" rating to a "hold" rating in a research report on Friday, April 4th. Finally, Wells Fargo & Company set a $766.00 target price on McKesson and gave the company an "equal weight" rating in a research report on Tuesday, June 3rd. Three equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $710.17.

McKesson Stock Performance

MCK stock traded down $0.44 during mid-day trading on Friday, reaching $709.84. The company had a trading volume of 496,474 shares, compared to its average volume of 919,808. The company has a market capitalization of $88.81 billion, a price-to-earnings ratio of 27.48, a price-to-earnings-growth ratio of 1.42 and a beta of 0.48. The firm has a fifty day simple moving average of $716.44 and a 200 day simple moving average of $666.89. McKesson Corporation has a fifty-two week low of $464.42 and a fifty-two week high of $737.89.

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

McKesson Announces Dividend

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

Insider Buying and Selling

In related news, EVP Thomas L. Rodgers sold 2,891 shares of McKesson stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $712.18, for a total value of $2,058,912.38. Following the sale, the executive vice president directly owned 2,544 shares in the company, valued at $1,811,785.92. The trade was a 53.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the business's stock in a transaction on Monday, May 19th. The stock was sold at an average price of $726.51, for a total value of $394,494.93. Following the sale, the chief accounting officer owned 1,972 shares in the company, valued at approximately $1,432,677.72. The trade was a 21.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 52,488 shares of company stock worth $37,242,862. 0.08% of the stock is currently owned by insiders.

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.