Kestra Advisory Services LLC Trims Stock Position in McKesson Corporation $MCK

Key Points

• Kestra Advisory Services LLC has reduced its stake in McKesson Corporation by 7.7%, selling 643 shares and holding a total of 7,762 shares valued at approximately $5.2 million.
• Multiple institutional investors are adjusting their positions in McKesson, with nearly 85% of shares owned by hedge funds and institutional investors.
• McKesson recently increased its quarterly dividend from $0.71 to $0.82 per share, with an upcoming payment date on October 1st for shareholders of record on September 2nd.

Kestra Advisory Services LLC reduced its stake in shares of McKesson Corporation (NYSE:MCK - Free Report) by 7.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,762 shares of the company's stock after selling 643 shares during the quarter. Kestra Advisory Services LLC's holdings in McKesson were worth $5,224,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in MCK. Brighton Jones LLC grew its stake in McKesson by 46.3% in the fourth quarter. Brighton Jones LLC now owns 2,523 shares of the company's stock valued at $1,438,000 after purchasing an additional 798 shares during the last quarter. Integrated Wealth Concepts LLC grew its stake in McKesson by 3.3% in the fourth quarter. Integrated Wealth Concepts LLC now owns 4,192 shares of the company's stock valued at $2,389,000 after purchasing an additional 135 shares during the last quarter. Capital Analysts LLC grew its stake in McKesson by 38.0% during the 4th quarter. Capital Analysts LLC now owns 392 shares of the company's stock worth $224,000 after buying an additional 108 shares during the last quarter. Coldstream Capital Management Inc. grew its stake in McKesson by 3.7% during the 4th quarter. Coldstream Capital Management Inc. now owns 3,414 shares of the company's stock worth $1,945,000 after buying an additional 122 shares during the last quarter. Finally, Johnson Financial Group Inc. purchased a new position in McKesson during the 4th quarter worth $76,000. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

McKesson Trading Up 0.8%

MCK stock traded up $5.42 during trading on Friday, reaching $686.44. 880,317 shares of the stock were exchanged, compared to its average volume of 891,772. The business has a 50 day moving average price of $703.12 and a 200-day moving average price of $686.81. McKesson Corporation has a 1 year low of $464.42 and a 1 year high of $737.89. The firm has a market capitalization of $85.38 billion, a price-to-earnings ratio of 27.37, a P/E/G ratio of 1.36 and a beta of 0.50.

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

McKesson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be issued a $0.82 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $3.28 annualized dividend and a dividend yield of 0.5%. This is a boost from McKesson's previous quarterly dividend of $0.71. McKesson's dividend payout ratio (DPR) is presently 13.08%.

Analyst Upgrades and Downgrades

MCK has been the topic of several research analyst reports. 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. Bank of America raised their target price on McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Wall Street Zen lowered McKesson from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 13th. Finally, Morgan Stanley restated an "overweight" rating and issued a $810.00 target price (up previously from $770.00) on shares of McKesson in a research note on Wednesday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $725.10.

Insider Buying and Selling at McKesson

In other McKesson news, CEO Brian S. Tyler sold 11,930 shares of the company's stock in a transaction dated 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 sale, the chief executive officer owned 4,012 shares in the company, valued at $2,830,987.56. This represents a 74.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $663.67, for a total value of $218,347.43. Following the sale, the chief accounting officer directly owned 657 shares of the company's stock, valued at $436,031.19. This trade represents a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 62,930 shares of company stock worth $44,112,466 in the last quarter. Company insiders own 0.08% of the company's stock.

About McKesson

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.