HB Wealth Management LLC Trims Stock Holdings in McKesson Corporation $MCK

Key Points

• HB Wealth Management LLC reduced its holdings in McKesson Corporation by 21.3%, decreasing to 6,616 shares worth approximately $4.85 million as of the second quarter filing.
• McKesson announced a quarterly dividend increase from $0.71 to $0.82 per share, with an ex-dividend date of September 2nd, reflecting a 0.4% dividend yield.
• Wall Street analysts are optimistic about McKesson, with price targets raised by several firms, including Evercore ISI's upgrade to $825.00, indicating a positive outlook for the company's stock performance.

HB Wealth Management LLC decreased its position in McKesson Corporation (NYSE:MCK - Free Report) by 21.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,616 shares of the company's stock after selling 1,794 shares during the period. HB Wealth Management LLC's holdings in McKesson were worth $4,848,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MCK. Bank of Jackson Hole Trust raised its stake in shares of McKesson by 64.3% during the 1st quarter. Bank of Jackson Hole Trust now owns 46 shares of the company's stock valued at $29,000 after buying an additional 18 shares during the last quarter. CBIZ Investment Advisory Services LLC raised its stake in shares of McKesson by 1,366.7% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company's stock valued at $30,000 after buying an additional 41 shares during the last quarter. Saudi Central Bank purchased a new position in shares of McKesson during the 1st quarter valued at about $34,000. Flaharty Asset Management LLC purchased a new position in shares of McKesson during the 1st quarter valued at about $39,000. Finally, Pandora Wealth Inc. purchased a new position in shares of McKesson during the 1st quarter valued at about $40,000. Hedge funds and other institutional investors own 85.07% of the company's stock.

McKesson Stock Up 1.4%

Shares of NYSE MCK opened at $772.61 on Wednesday. The firm has a market cap of $96.10 billion, a price-to-earnings ratio of 30.81, a PEG ratio of 1.37 and a beta of 0.51. McKesson Corporation has a 52-week low of $480.39 and a 52-week high of $774.85. The business's 50 day moving average is $700.06 and its two-hundred day moving average is $701.27.

McKesson (NYSE:MCK - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $8.33 by ($0.07). McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The firm had revenue of $97.83 billion during the quarter, compared to analysts' expectations of $95.93 billion. During the same period in the previous year, the firm earned $7.88 EPS. The firm's revenue for the quarter was up 23.4% compared to the same quarter last year. Analysts anticipate that McKesson Corporation will post 32.77 EPS 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 given a dividend of $0.82 per share. This is an increase from McKesson's previous quarterly dividend of $0.71. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Tuesday, September 2nd. McKesson's dividend payout ratio is currently 13.08%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MCK. Mizuho lifted their price objective on McKesson from $750.00 to $770.00 and gave the company a "neutral" rating in a research note on Wednesday, September 24th. Evercore ISI lifted their price objective on McKesson from $800.00 to $825.00 and gave the company an "outperform" rating in a research note on Wednesday, September 24th. Bank of America raised their target price on McKesson from $800.00 to $850.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. Deutsche Bank Aktiengesellschaft raised their target price on McKesson from $775.00 to $856.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. Finally, Wells Fargo & Company raised their target price on McKesson from $772.00 to $816.00 and gave the company an "equal weight" rating in a research report on Wednesday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, McKesson has a consensus rating of "Moderate Buy" and a consensus price target of $829.08.

Insiders Place Their Bets

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business's stock in a transaction 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 completion of the transaction, the chief accounting officer owned 657 shares in the company, valued at approximately $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 SEC, which is accessible through the SEC website. Also, CEO Brian S. Tyler sold 11,930 shares of the business's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the transaction, the chief executive officer owned 4,012 shares of the company's stock, valued at approximately $2,830,987.56. The trade was a 74.83% 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. Corporate insiders own 0.08% of the company's stock.

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.

Want to see what other hedge funds are holding MCK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for McKesson Corporation (NYSE:MCK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.