Fox Hill Wealth Management Cuts Stock Holdings in McKesson Corporation (NYSE:MCK)

Key Points

• Fox Hill Wealth Management reduced its stake in McKesson Corporation by 31.5%, holding 2,156 shares valued at approximately $1.45 million after selling 993 shares in the first quarter.
• CFO Britt J. Vitalone and CEO Brian S. Tyler both sold significant portions of their McKesson stock, with Vitalone selling 1,878 shares and Tyler selling 19,371 shares, reflecting 11.81% and 41.00% decreases in their respective holdings.
• McKesson recently announced an increase in its quarterly dividend to $0.82 per share, up from $0.71, representing an annualized dividend yield of 0.5%.

Fox Hill Wealth Management lowered its position in McKesson Corporation (NYSE:MCK - Free Report) by 31.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,156 shares of the company's stock after selling 993 shares during the quarter. Fox Hill Wealth Management's holdings in McKesson were worth $1,451,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. GAMMA Investing LLC lifted its holdings in McKesson by 75,632.7% during the first quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company's stock worth $1,610,567,000 after buying an additional 2,389,992 shares during the period. Nuveen LLC purchased a new stake in McKesson during the first quarter worth $475,235,000. Farallon Capital Management LLC purchased a new stake in McKesson during the fourth quarter worth $348,044,000. Marshall Wace LLP lifted its holdings in McKesson by 59,720.3% during the fourth quarter. Marshall Wace LLP now owns 358,922 shares of the company's stock worth $204,553,000 after buying an additional 358,322 shares during the period. Finally, Leigh Baldwin & CO. LLC purchased a new stake in McKesson during the fourth quarter worth $182,861,000. Institutional investors own 85.07% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MCK. UBS Group upped their target price on McKesson from $708.00 to $805.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Wall Street Zen cut McKesson from a "strong-buy" rating to a "buy" rating in a research report on Sunday, July 13th. Bank of America raised their price objective on McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Cowen reissued a "buy" rating on shares of McKesson in a research report on Thursday, August 7th. Finally, Wells Fargo & Company set a $772.00 price objective on McKesson and gave the stock an "equal weight" rating in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $719.27.

McKesson Stock Down 0.1%

Shares of NYSE:MCK traded down $0.96 during trading on Friday, reaching $672.86. 630,704 shares of the company's stock traded hands, compared to its average volume of 894,105. McKesson Corporation has a fifty-two week low of $464.42 and a fifty-two week high of $737.89. The firm has a market cap of $83.69 billion, a PE ratio of 26.83, a P/E/G ratio of 1.32 and a beta of 0.50. The company has a 50-day simple moving average of $710.37 and a 200-day simple moving average of $681.11.

McKesson (NYSE:MCK - Get Free Report) last posted 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 net margin of 0.84% and a negative return on equity of 196.66%. The business had revenue of $97.83 billion for the quarter, compared to analyst estimates of $95.93 billion. During the same quarter last year, the business earned $7.88 earnings per share. McKesson's revenue was up 23.4% on a year-over-year basis. On average, equities research analysts forecast that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

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

Insider Buying and Selling at McKesson

In other McKesson news, EVP Thomas L. Rodgers sold 2,891 shares of the business's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $712.18, for a total value of $2,058,912.38. Following the sale, the executive vice president owned 2,544 shares of the company's stock, valued at $1,811,785.92. The trade was a 53.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Leann B. Smith sold 1,248 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $717.30, for a total value of $895,190.40. Following the completion of the sale, the executive vice president directly owned 2,621 shares in the company, valued at approximately $1,880,043.30. The trade was a 32.26% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 52,817 shares of company stock worth $37,461,210. 0.08% of the stock is owned by company insiders.

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.