Procyon Advisors LLC Sells 587 Shares of McKesson Corporation $MCK

Key Points

• Procyon Advisors LLC reduced its stake in McKesson Corporation by 21.0%, selling 587 shares and retaining 2,204 shares worth approximately $1,615,000.
• McKesson announced a quarterly dividend of $0.82, an increase from the previous $0.71, with the ex-dividend date set for September 2nd.
• Despite a missed earnings estimate of $8.33 EPS, McKesson's revenue rose by 23.4% year-over-year to $97.83 billion.

Procyon Advisors LLC lessened its holdings in McKesson Corporation (NYSE:MCK - Free Report) by 21.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,204 shares of the company's stock after selling 587 shares during the quarter. Procyon Advisors LLC's holdings in McKesson were worth $1,615,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of MCK. Brighton Jones LLC boosted its stake in shares of McKesson by 46.3% in the 4th 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. State of Wyoming bought a new position in shares of McKesson in the 4th quarter valued at about $268,000. Woodline Partners LP bought a new position in shares of McKesson in the 4th quarter valued at about $1,891,000. Waverly Advisors LLC boosted its stake in shares of McKesson by 17.9% in the 4th quarter. Waverly Advisors LLC now owns 2,275 shares of the company's stock valued at $1,297,000 after purchasing an additional 345 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of McKesson by 9.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,103,050 shares of the company's stock valued at $628,639,000 after purchasing an additional 95,806 shares during the last quarter. Institutional investors own 85.07% of the company's stock.

McKesson Stock Performance

MCK stock traded up $7.94 during mid-day trading on Friday, hitting $698.07. 1,445,591 shares of the company were exchanged, compared to its average volume of 666,644. The firm has a market cap of $86.83 billion, a P/E ratio of 27.83, a P/E/G ratio of 1.37 and a beta of 0.51. The firm's 50 day simple moving average is $695.15 and its 200 day simple moving average is $696.05. McKesson Corporation has a 1-year low of $464.42 and a 1-year high of $737.89.

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

McKesson Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.82 per share. This is an increase from McKesson's previous quarterly dividend of $0.71. The ex-dividend date is Tuesday, September 2nd. This represents a $3.28 annualized dividend and a yield of 0.5%. McKesson's dividend payout ratio is 13.08%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on MCK. Morgan Stanley reissued an "overweight" rating and set a $810.00 price objective (up previously from $770.00) on shares of McKesson in a research note on Wednesday, July 16th. Wall Street Zen lowered shares of McKesson from a "buy" rating to a "hold" rating in a research note on Saturday. Wells Fargo & Company lifted their price objective on shares of McKesson from $766.00 to $772.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 13th. Cowen reissued a "buy" rating on shares of McKesson in a research note on Thursday, August 7th. Finally, Evercore ISI lifted their price objective on shares of McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, McKesson currently has an average rating of "Moderate Buy" and an average target price of $725.10.

Insider Activity at McKesson

In other news, CEO Brian S. Tyler sold 11,930 shares of McKesson stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $705.63, for a total value of $8,418,165.90. Following the sale, the chief executive officer directly owned 4,012 shares in the company, valued at $2,830,987.56. This trade 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 business's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $663.67, for a total transaction of $218,347.43. Following the completion of the sale, the chief accounting officer directly owned 657 shares in the company, valued at approximately $436,031.19. This represents a 33.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,560 shares of company stock worth $30,438,602 over the last 90 days. Corporate insiders own 0.08% of the company's stock.

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.