Patton Albertson Miller Group LLC Sells 669 Shares of McKesson Corporation $MCK

Key Points

• Patton Albertson Miller Group LLC has decreased its holdings in McKesson Corporation by 4.7%, selling 669 shares, which now represent 1.3% of their portfolio valued at approximately $9.94 million.
• Insiders at McKesson have sold a total of 43,560 shares worth over $30 million in the last ninety days, indicating possible shifts in confidence among corporate executives.
• McKesson has increased its quarterly dividend from $0.71 to $0.82, with an ex-dividend date set for September 2nd, reflecting a 13.08% payout ratio and an annual yield of 0.4%.

Patton Albertson Miller Group LLC reduced its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 4.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 13,564 shares of the company's stock after selling 669 shares during the quarter. McKesson accounts for approximately 1.3% of Patton Albertson Miller Group LLC's holdings, making the stock its 18th biggest position. Patton Albertson Miller Group LLC's holdings in McKesson were worth $9,940,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in MCK. Bank of Jackson Hole Trust grew 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 acquiring an additional 18 shares during the period. CBIZ Investment Advisory Services LLC grew 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 acquiring an additional 41 shares during the period. Saudi Central Bank bought a new position in shares of McKesson during the 1st quarter valued at approximately $34,000. Flaharty Asset Management LLC bought a new position in shares of McKesson during the 1st quarter valued at approximately $39,000. Finally, Pandora Wealth Inc. purchased a new position in McKesson in the 1st quarter worth approximately $40,000. 85.07% of the stock is currently owned by institutional investors.

Insider Buying and Selling at McKesson

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $663.67, for a total value of $218,347.43. Following the transaction, the chief accounting officer owned 657 shares of the company's stock, valued at $436,031.19. This represents a 33.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Brian S. Tyler sold 19,371 shares of the company's stock in a transaction on Friday, July 11th. The shares were sold at an average price of $708.09, for a total value of $13,716,411.39. Following the completion of the transaction, the chief executive officer directly owned 27,872 shares in the company, valued at $19,735,884.48. This trade represents a 41.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 43,560 shares of company stock worth $30,438,602 in the last ninety days. 0.08% of the stock is currently owned by corporate insiders.

McKesson Stock Performance

NYSE:MCK opened at $760.82 on Friday. The stock's fifty day moving average is $697.79 and its 200 day moving average is $699.59. The firm has a market capitalization of $94.63 billion, a PE ratio of 30.34, a PEG ratio of 1.36 and a beta of 0.51. McKesson Corporation has a fifty-two week low of $479.15 and a fifty-two week high of $770.00.

McKesson (NYSE:MCK - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 EPS for the quarter, missing the consensus estimate of $8.33 by ($0.07). The business 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 business's revenue was up 23.4% compared to the same quarter last year. During the same period last year, the company earned $7.88 EPS. Equities analysts forecast that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be given a $0.82 dividend. This is a boost from McKesson's previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $3.28 annualized dividend and a yield of 0.4%. McKesson's dividend payout ratio is currently 13.08%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on MCK shares. Mizuho boosted their price target on McKesson from $750.00 to $770.00 and gave the stock a "neutral" rating in a report on Wednesday. Wells Fargo & Company boosted their price target on McKesson from $772.00 to $816.00 and gave the stock an "equal weight" rating in a report on Wednesday. Leerink Partners boosted their price target on McKesson from $785.00 to $850.00 and gave the stock an "outperform" rating in a report on Wednesday. Wall Street Zen raised McKesson from a "hold" rating to a "buy" rating in a report on Sunday. Finally, Evercore ISI upped their price objective on McKesson from $800.00 to $825.00 and gave the stock an "outperform" rating in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $829.08.

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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