Stockman Wealth Management Inc. Sells 540 Shares of McKesson Corporation $MCK

Key Points

• Stockman Wealth Management Inc. sold 540 shares of McKesson Corporation, reducing its holdings by 42.9%, leaving it with a total of 719 shares valued at $527,000.
• Multiple financial institutions have recently increased their stakes in McKesson, with Bank of Jackson Hole Trust and CBIZ Investment Advisory Services raising their holdings by 64.3% and 1,366.7%, respectively.
• McKesson has raised its quarterly dividend to $0.82 per share, an increase from the previous $0.71, indicating a positive financial outlook.

Stockman Wealth Management Inc. lessened its holdings in McKesson Corporation (NYSE:MCK - Free Report) by 42.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 719 shares of the company's stock after selling 540 shares during the quarter. Stockman Wealth Management Inc.'s holdings in McKesson were worth $527,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Bank of Jackson Hole Trust raised its holdings in McKesson by 64.3% in the 1st quarter. Bank of Jackson Hole Trust now owns 46 shares of the company's stock valued at $29,000 after buying an additional 18 shares during the last quarter. CBIZ Investment Advisory Services LLC raised its holdings in McKesson by 1,366.7% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company's stock valued at $30,000 after buying an additional 41 shares during the last quarter. Saudi Central Bank bought a new position in McKesson in the 1st quarter valued at approximately $34,000. Flaharty Asset Management LLC bought a new position in McKesson in the 1st quarter valued at approximately $39,000. Finally, Pandora Wealth Inc. bought a new position in McKesson in the 1st quarter valued at approximately $40,000. Institutional investors own 85.07% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Cowen reiterated a "buy" rating on shares of McKesson in a report on Wednesday. Citigroup raised their price target on shares of McKesson from $820.00 to $860.00 and gave the stock a "buy" rating in a report on Wednesday. TD Cowen raised their price target on shares of McKesson from $830.00 to $864.00 and gave the stock a "buy" rating in a report on Wednesday. UBS Group raised their price target on shares of McKesson from $820.00 to $860.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, Evercore ISI raised their price target on shares of McKesson from $800.00 to $825.00 and gave the stock an "outperform" rating in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, McKesson currently has a consensus rating of "Moderate Buy" and a consensus target price of $829.08.

McKesson Stock Up 3.3%

NYSE:MCK opened at $760.82 on Friday. The company has a fifty day moving average of $697.79 and a 200-day moving average of $699.59. The firm has a market capitalization of $94.63 billion, a P/E ratio of 30.34, a P/E/G ratio of 1.36 and a beta of 0.51. McKesson Corporation has a twelve month low of $479.15 and a twelve month high of $770.00.

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 the consensus estimate of $8.33 by ($0.07). The company 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 quarter in the prior year, the firm earned $7.88 EPS. On average, analysts anticipate that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.82 per share. This is a boost from McKesson's previous quarterly dividend of $0.71. The ex-dividend date is Tuesday, September 2nd. This represents a $3.28 dividend on an annualized basis and a yield of 0.4%. McKesson's dividend payout ratio (DPR) is presently 13.08%.

Insiders Place Their Bets

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business's 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 completion of the sale, the chief accounting officer owned 657 shares in the company, valued at approximately $436,031.19. The trade was a 33.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Brian S. Tyler sold 11,930 shares of the business's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following 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 disclosure for this sale can be found here. Insiders have sold a total of 43,560 shares of company stock valued at $30,438,602 in the last 90 days. 0.08% of the stock is currently owned by company insiders.

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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