Segment Wealth Management LLC Lowers Stock Position in McKesson Corporation $MCK

Key Points

• Segment Wealth Management LLC decreased its holdings in McKesson Corporation by 2.3%, now owning 30,620 shares valued at approximately $22.4 million.
• Several hedge funds have adjusted their positions significantly, including Ascent Group LLC, which increased its stake by 125.6% during the same period.
• McKesson's management recently sold a substantial number of shares, with insiders selling 43,560 shares worth over $30 million in the last quarter.

Segment Wealth Management LLC lessened its holdings in McKesson Corporation (NYSE:MCK - Free Report) by 2.3% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 30,620 shares of the company's stock after selling 729 shares during the period. McKesson comprises 1.4% of Segment Wealth Management LLC's holdings, making the stock its 15th biggest position. Segment Wealth Management LLC's holdings in McKesson were worth $22,437,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Ascent Group LLC lifted its position in shares of McKesson by 125.6% in the 2nd quarter. Ascent Group LLC now owns 9,249 shares of the company's stock worth $6,777,000 after purchasing an additional 5,150 shares during the period. Hilltop National Bank purchased a new stake in shares of McKesson in the 2nd quarter worth approximately $1,233,000. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of McKesson by 6.9% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 22,532 shares of the company's stock worth $16,511,000 after purchasing an additional 1,464 shares during the period. Patriot Financial Group Insurance Agency LLC lifted its position in shares of McKesson by 21.0% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 2,073 shares of the company's stock worth $1,519,000 after purchasing an additional 360 shares during the period. Finally, CHURCHILL MANAGEMENT Corp purchased a new stake in McKesson during the second quarter valued at approximately $3,736,000. Hedge funds and other institutional investors own 85.07% of the company's stock.

Insiders Place Their Bets

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction 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 sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Brian S. Tyler sold 11,930 shares of the stock in a transaction on 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 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 disclosure for this sale can be found here. Insiders sold 43,560 shares of company stock worth $30,438,602 in the last quarter. Company insiders own 0.08% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Morgan Stanley increased their target price on shares of McKesson from $810.00 to $857.00 and gave the company an "overweight" rating in a research report on Wednesday, September 24th. Wells Fargo & Company increased their target price on shares of McKesson from $772.00 to $816.00 and gave the company an "equal weight" rating in a research report on Wednesday, September 24th. Evercore ISI increased their target price on shares of McKesson from $800.00 to $825.00 and gave the company an "outperform" rating in a research report on Wednesday, September 24th. Weiss Ratings reissued a "buy (b)" rating on shares of McKesson in a research report on Saturday, September 27th. Finally, Leerink Partners increased their target price on shares of McKesson from $785.00 to $850.00 and gave the company an "outperform" rating in a research report on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $829.08.

McKesson Trading Down 2.7%

Shares of McKesson stock opened at $738.00 on Friday. McKesson Corporation has a 12-month low of $480.39 and a 12-month high of $776.14. The firm has a market capitalization of $91.80 billion, a price-to-earnings ratio of 29.43, a PEG ratio of 1.36 and a beta of 0.52. The firm's 50 day simple moving average is $702.60 and its two-hundred day simple moving average is $702.96.

McKesson (NYSE:MCK - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 earnings per share for the quarter, missing analysts' consensus estimates of $8.33 by ($0.07). The business had revenue of $97.83 billion during 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 firm's revenue was up 23.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $7.88 EPS. On average, sell-side analysts predict that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd were paid a $0.82 dividend. The ex-dividend date was Tuesday, September 2nd. This is an increase from McKesson's previous quarterly dividend of $0.71. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.4%. McKesson's dividend payout ratio (DPR) is currently 13.08%.

McKesson 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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