Spire Wealth Management Sells 384 Shares of McKesson Corporation (NYSE:MCK)

Spire Wealth Management cut its holdings in McKesson Corporation (NYSE:MCK - Free Report) by 2.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,842 shares of the company's stock after selling 384 shares during the quarter. Spire Wealth Management's holdings in McKesson were worth $12,681,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Capital A Wealth Management LLC purchased a new position in shares of McKesson in the fourth quarter worth approximately $26,000. Millstone Evans Group LLC bought a new position in McKesson during the fourth quarter valued at approximately $28,000. Atala Financial Inc bought a new stake in shares of McKesson in the 4th quarter worth about $34,000. Graney & King LLC bought a new position in shares of McKesson during the 4th quarter valued at approximately $38,000. Finally, CoreFirst Bank & Trust purchased a new stake in McKesson in the 4th quarter worth about $67,000. 85.07% of the stock is currently owned by institutional investors.

McKesson Stock Performance

Shares of NYSE MCK traded down $1.64 during mid-day trading on Wednesday, hitting $719.18. 529,889 shares of the stock were exchanged, compared to its average volume of 920,365. The stock's fifty day simple moving average is $709.57 and its two-hundred day simple moving average is $649.70. McKesson Corporation has a twelve month low of $464.42 and a twelve month high of $733.10. The company has a market cap of $89.98 billion, a P/E ratio of 27.84, a PEG ratio of 1.44 and a beta of 0.49.

McKesson (NYSE:MCK - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $10.12 earnings per share for the quarter, topping the consensus estimate of $9.83 by $0.29. The company had revenue of $90.82 billion for the quarter, compared to analyst estimates of $94 billion. McKesson had a net margin of 0.92% and a negative return on equity of 201.12%. The business's revenue for the quarter was up 18.9% compared to the same quarter last year. During the same period last year, the business posted $6.18 earnings per share. As a group, equities research analysts predict that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 2nd will be issued a dividend of $0.71 per share. The ex-dividend date is Monday, June 2nd. This represents a $2.84 annualized dividend and a yield of 0.39%. McKesson's payout ratio is currently 10.99%.

Wall Street Analyst Weigh In

MCK has been the subject of several recent research reports. UBS Group lifted their price objective on McKesson from $708.00 to $805.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Cfra Research lowered McKesson from a "moderate buy" rating to a "hold" rating in a research report on Friday, April 4th. Bank of America boosted their target price on shares of McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Mizuho lifted their price objective on McKesson from $630.00 to $690.00 and gave the stock a "neutral" rating in a research report on Thursday, April 3rd. Finally, Morgan Stanley boosted their price target on shares of McKesson from $745.00 to $770.00 and gave the company an "overweight" rating in a research note on Wednesday, June 11th. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $696.42.

Insider Activity at McKesson

In other news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the firm's stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $726.51, for a total value of $394,494.93. Following the transaction, the chief accounting officer now owns 1,972 shares in the company, valued at $1,432,677.72. This trade represents a 21.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Brian S. Tyler sold 19,370 shares of the business's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $705.93, for a total value of $13,673,864.10. Following the completion of the sale, the chief executive officer now owns 51,243 shares in the company, valued at $36,173,970.99. This represents a 27.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,117 shares of company stock worth $23,526,451. Corporate insiders own 0.11% of the company's stock.

About McKesson

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.