McKesson Corporation $MCK Shares Sold by Insight Wealth Strategies LLC

Key Points

• Insight Wealth Strategies LLC reduced its holdings in McKesson Corporation by 25.9% during the second quarter, owning 5,861 shares valued at $4,266,000 post-sale.
• CEO Brian S. Tyler sold 11,930 shares of McKesson stock for approximately $8.42 million, resulting in a 74.83% decrease in his ownership.
• McKesson recently announced a dividend increase to $0.82 per share, with the ex-dividend date set for September 2nd, reflecting a boost from the previous quarterly dividend of $0.71.

Insight Wealth Strategies LLC decreased its holdings in shares of McKesson Corporation (NYSE:MCK - Free Report) by 25.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,861 shares of the company's stock after selling 2,044 shares during the quarter. Insight Wealth Strategies LLC's holdings in McKesson were worth $4,266,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. CVA Family Office LLC raised its stake in McKesson by 6.0% during the first quarter. CVA Family Office LLC now owns 265 shares of the company's stock worth $178,000 after acquiring an additional 15 shares during the period. Palisade Asset Management LLC grew its position in McKesson by 2.1% in the 1st quarter. Palisade Asset Management LLC now owns 715 shares of the company's stock worth $481,000 after purchasing an additional 15 shares during the last quarter. SteelPeak Wealth LLC grew its position in McKesson by 0.5% in the 1st quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company's stock worth $1,867,000 after purchasing an additional 15 shares during the last quarter. Parallel Advisors LLC grew its position in McKesson by 0.6% in the 1st quarter. Parallel Advisors LLC now owns 2,501 shares of the company's stock worth $1,683,000 after purchasing an additional 16 shares during the last quarter. Finally, Eagle Rock Investment Company LLC grew its position in McKesson by 0.4% in the 1st quarter. Eagle Rock Investment Company LLC now owns 4,798 shares of the company's stock worth $3,229,000 after purchasing an additional 17 shares during the last quarter. Institutional investors and hedge funds own 85.07% of the company's stock.

Insider Activity at McKesson

In related news, CEO Brian S. Tyler sold 11,930 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the completion of the sale, the chief executive officer directly owned 4,012 shares of the company's stock, valued at $2,830,987.56. This represents a 74.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction that occurred 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 sale, the chief accounting officer directly owned 657 shares of the company's stock, valued at approximately $436,031.19. This represents a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 43,560 shares of company stock valued at $30,438,602. Company insiders own 0.08% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on MCK. Cowen restated a "buy" rating on shares of McKesson in a research report on Thursday, August 7th. Wall Street Zen cut shares of McKesson from a "strong-buy" rating to a "buy" rating in a research report on Sunday, July 13th. Wells Fargo & Company upped their target price on shares of McKesson from $766.00 to $772.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 13th. Evercore ISI upped their target price on shares of McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. 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 report on Wednesday, July 16th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $725.10.

McKesson Price Performance

McKesson stock opened at $711.32 on Friday. The firm has a 50 day simple moving average of $697.81 and a 200-day simple moving average of $694.47. The stock has a market capitalization of $88.48 billion, a PE ratio of 28.36, a price-to-earnings-growth ratio of 1.43 and a beta of 0.51. McKesson Corporation has a 12-month low of $464.42 and a 12-month high of $737.89.

McKesson (NYSE:MCK - Get Free Report) last posted 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 the consensus estimate of $95.93 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The company's revenue was up 23.4% on a year-over-year basis. During the same quarter last year, the business earned $7.88 earnings per share. On average, analysts forecast that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

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

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.

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