SGL Investment Advisors Inc. Sells 972 Shares of McKesson Corporation $MCK

Key Points

• SGL Investment Advisors Inc. reduced its stake in McKesson Corporation by 76.3%, selling 972 shares during Q2, leaving it with 302 shares valued at approximately $219,000.
• McKesson Corporation reported a 23.4% increase in revenue year-over-year, totaling $97.83 billion, despite missing earnings per share estimates.
• The company recently raised its quarterly dividend from $0.71 to $0.82 per share, reflecting a boost in shareholder returns.

SGL Investment Advisors Inc. cut its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 76.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 302 shares of the company's stock after selling 972 shares during the period. SGL Investment Advisors Inc.'s holdings in McKesson were worth $219,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Shell Asset Management Co. boosted its stake in McKesson by 19.4% during the second quarter. Shell Asset Management Co. now owns 7,857 shares of the company's stock valued at $5,757,000 after buying an additional 1,278 shares during the last quarter. Roundview Capital LLC boosted its stake in McKesson by 3.4% during the second quarter. Roundview Capital LLC now owns 7,227 shares of the company's stock valued at $5,296,000 after buying an additional 237 shares during the last quarter. KLP Kapitalforvaltning AS raised its position in McKesson by 15.7% during the second quarter. KLP Kapitalforvaltning AS now owns 66,910 shares of the company's stock valued at $49,065,000 after purchasing an additional 9,100 shares during the period. Bingham Private Wealth LLC raised its position in McKesson by 14.4% during the second quarter. Bingham Private Wealth LLC now owns 659 shares of the company's stock valued at $483,000 after purchasing an additional 83 shares during the period. Finally, SteelPeak Wealth LLC raised its position in McKesson by 3.4% during the second quarter. SteelPeak Wealth LLC now owns 2,864 shares of the company's stock valued at $2,101,000 after purchasing an additional 93 shares during the period. 85.07% of the stock is owned by institutional investors.

McKesson Stock Up 0.4%

Shares of NYSE:MCK opened at $740.82 on Tuesday. McKesson Corporation has a 52-week low of $482.44 and a 52-week high of $776.14. The stock has a market cap of $92.15 billion, a P/E ratio of 29.54, a price-to-earnings-growth ratio of 1.32 and a beta of 0.52. The business's 50 day moving average is $703.30 and its 200 day moving average is $704.05.

McKesson (NYSE:MCK - Get Free Report) last announced its earnings results 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 for 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 firm's revenue was up 23.4% compared to the same quarter last year. During the same period last year, the business posted $7.88 EPS. On average, sell-side analysts anticipate 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 was paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd were given a dividend of $0.82 per share. This is a boost from McKesson's previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $3.28 annualized dividend and a yield of 0.4%. McKesson's payout ratio is 13.08%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Cowen restated a "buy" rating on shares of McKesson in a research report on Wednesday, September 24th. Bank of America increased their price target on McKesson from $800.00 to $850.00 and gave the stock a "buy" rating in a report on Wednesday, September 24th. Mizuho increased their price target on McKesson from $750.00 to $770.00 and gave the stock a "neutral" rating in a report on Wednesday, September 24th. Morgan Stanley increased their price target on McKesson from $810.00 to $857.00 and gave the stock an "overweight" rating in a report on Wednesday, September 24th. Finally, Wells Fargo & Company increased their price target on McKesson from $772.00 to $816.00 and gave the stock an "equal weight" rating in a report on Wednesday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $829.08.

Insider Buying and Selling at McKesson

In other news, CEO Brian S. Tyler sold 11,930 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $705.63, for a total value of $8,418,165.90. Following the completion of the sale, the chief executive officer owned 4,012 shares of the company's stock, valued at $2,830,987.56. This trade represents a 74.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the firm'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 completion of the sale, the chief accounting officer directly owned 657 shares of the company's stock, valued at $436,031.19. The trade was 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 in the last ninety days. Insiders own 0.08% of the company's stock.

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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