Haverford Trust Co Cuts Position in McKesson Corporation $MCK

Key Points

• Haverford Trust Co reduced its stake in McKesson Corporation by 1.7%, now holding approximately $92.8 million worth of shares after selling 2,417 shares in Q1.
• Multiple brokerages have raised their target prices for McKesson shares, with Morgan Stanley setting a new target of $810.00, and the company currently has an average rating of "Moderate Buy".
• McKesson recently increased its quarterly dividend to $0.82 from $0.71, with the payment date set for October 1st, representing an annual yield of 0.5%.

Haverford Trust Co cut its stake in McKesson Corporation (NYSE:MCK - Free Report) by 1.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 137,950 shares of the company's stock after selling 2,417 shares during the quarter. Haverford Trust Co owned about 0.11% of McKesson worth $92,839,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in MCK. Capital A Wealth Management LLC purchased a new position in shares of McKesson in the 4th quarter valued at $26,000. Bank of Jackson Hole Trust grew its stake in McKesson by 64.3% during the 1st quarter. Bank of Jackson Hole Trust now owns 46 shares of the company's stock worth $29,000 after buying an additional 18 shares during the last quarter. CBIZ Investment Advisory Services LLC grew its stake in McKesson by 1,366.7% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company's stock worth $30,000 after buying an additional 41 shares during the last quarter. Pandora Wealth Inc. purchased a new position in McKesson during the 1st quarter worth $40,000. Finally, Dagco Inc. purchased a new position in McKesson during the 1st quarter worth $47,000. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MCK. Morgan Stanley restated an "overweight" rating and set a $810.00 target price (up from $770.00) on shares of McKesson in a research note on Wednesday, July 16th. Cowen restated a "buy" rating on shares of McKesson in a research note on Thursday, August 7th. Evercore ISI boosted their target price on McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. Wells Fargo & Company boosted their target price on McKesson from $766.00 to $772.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 13th. Finally, UBS Group boosted their target price on McKesson from $708.00 to $805.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $725.10.

Insiders Place Their Bets

In other news, EVP Leann B. Smith sold 341 shares of the business's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $717.91, for a total value of $244,807.31. Following the completion of the transaction, the executive vice president owned 2,800 shares of the company's stock, valued at $2,010,148. The trade was a 10.86% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Britt J. Vitalone sold 1,878 shares of the business's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $717.91, for a total value of $1,348,234.98. Following the completion of the transaction, the chief financial officer directly owned 14,028 shares of the company's stock, valued at approximately $10,070,841.48. This trade represents a 11.81% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 56,620 shares of company stock worth $39,712,388. 0.08% of the stock is currently owned by company insiders.

McKesson Stock Down 2.6%

Shares of MCK stock opened at $687.7050 on Friday. The stock has a market cap of $85.54 billion, a PE ratio of 27.42, a price-to-earnings-growth ratio of 1.40 and a beta of 0.50. The business has a 50-day simple moving average of $706.69 and a 200-day simple moving average of $684.60. McKesson Corporation has a 52-week low of $464.42 and a 52-week high of $737.89.

McKesson (NYSE:MCK - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.33 by ($0.07). The company had revenue of $97.83 billion during the quarter, compared to analyst estimates of $95.93 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The business's quarterly revenue was up 23.4% compared to the same quarter last year. During the same period last year, the firm earned $7.88 EPS. Sell-side analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be issued a $0.82 dividend. This is a boost from McKesson's previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $3.28 annualized dividend and a dividend yield of 0.5%. McKesson's payout ratio is presently 11.32%.

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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