Hennion & Walsh Asset Management Inc. Reduces Stake in McKesson Co. (NYSE:MCK)

Hennion & Walsh Asset Management Inc. trimmed its holdings in shares of McKesson Co. (NYSE:MCK - Free Report) by 16.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,554 shares of the company's stock after selling 2,479 shares during the quarter. Hennion & Walsh Asset Management Inc.'s holdings in McKesson were worth $8,449,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Brighton Jones LLC increased its holdings in McKesson by 46.3% in the 4th quarter. Brighton Jones LLC now owns 2,523 shares of the company's stock worth $1,438,000 after acquiring an additional 798 shares in the last quarter. Chicago Partners Investment Group LLC boosted its position in shares of McKesson by 85.0% in the fourth quarter. Chicago Partners Investment Group LLC now owns 1,262 shares of the company's stock worth $745,000 after purchasing an additional 580 shares during the period. Tokio Marine Asset Management Co. Ltd. increased its stake in shares of McKesson by 2.2% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 3,978 shares of the company's stock worth $2,267,000 after purchasing an additional 84 shares in the last quarter. DAVENPORT & Co LLC raised its position in shares of McKesson by 6.1% during the 4th quarter. DAVENPORT & Co LLC now owns 2,147 shares of the company's stock valued at $1,223,000 after purchasing an additional 124 shares during the period. Finally, Golden State Equity Partners raised its position in shares of McKesson by 40.2% during the 4th quarter. Golden State Equity Partners now owns 603 shares of the company's stock valued at $344,000 after purchasing an additional 173 shares during the period. 85.07% of the stock is currently owned by institutional investors.

Insider Activity at McKesson

In related news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the business's stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $726.51, for a total transaction of $394,494.93. Following the transaction, the chief accounting officer now directly owns 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Britt J. Vitalone sold 6,336 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 $4,544,812.80. Following the transaction, the chief financial officer now owns 14,760 shares of the company's stock, valued at approximately $10,587,348. This represents a 30.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 13,747 shares of company stock worth $9,852,587 in the last three months. Company insiders own 0.11% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have 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 report on Tuesday, April 29th. Cfra Research downgraded McKesson from a "moderate buy" rating to a "hold" rating in a research report on Friday, April 4th. Bank of America upped their target price on McKesson from $755.00 to $800.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Morgan Stanley increased their price target on McKesson from $642.00 to $745.00 and gave the stock an "overweight" rating in a report on Wednesday, April 2nd. Finally, Mizuho raised their price target on McKesson from $630.00 to $690.00 and gave the stock a "neutral" rating in a research note on Thursday, April 3rd. Three equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, McKesson has an average rating of "Moderate Buy" and an average target price of $692.46.

McKesson Stock Down 0.7%

Shares of MCK stock traded down $4.94 on Wednesday, hitting $709.94. The stock had a trading volume of 644,590 shares, compared to its average volume of 915,745. McKesson Co. has a one year low of $464.42 and a one year high of $731.00. The business has a 50 day moving average price of $697.33 and a 200 day moving average price of $639.30. The company has a market cap of $88.82 billion, a PE ratio of 32.51, a P/E/G ratio of 1.29 and a beta of 0.53.

McKesson (NYSE:MCK - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $10.12 earnings per share for the quarter, beating analysts' consensus estimates of $9.83 by $0.29. The business had revenue of $90.82 billion for the quarter, compared to analysts' expectations of $94 billion. McKesson had a net margin of 0.82% and a negative return on equity of 181.26%. The company's revenue was up 18.9% compared to the same quarter last year. During the same period last year, the business earned $6.18 EPS. Equities research analysts expect that McKesson Co. will post 32.77 EPS for the current year.

McKesson Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 2nd will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 0.40%. The ex-dividend date of this dividend is Monday, June 2nd. McKesson's dividend payout ratio is currently 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.