Wells Trecaso Financial Group LLC Sells 361 Shares of McKesson Corporation $MCK

Key Points

• Wells Trecaso Financial Group LLC has reduced its stake in McKesson Corporation by 3.3%, now holding 10,728 shares valued at approximately $7.86 million.
• Recent analyst reports have upgraded McKesson's stock ratings and price targets, with estimates ranging from $770 to $857, reflecting a consensus of Moderate Buy.
• McKesson increased its quarterly dividend from $0.71 to $0.82, indicating a strong commitment to returning value to shareholders with a yield of 0.4%.

Wells Trecaso Financial Group LLC decreased its position in McKesson Corporation (NYSE:MCK - Free Report) by 3.3% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 10,728 shares of the company's stock after selling 361 shares during the period. McKesson comprises 2.4% of Wells Trecaso Financial Group LLC's portfolio, making the stock its 14th biggest position. Wells Trecaso Financial Group LLC's holdings in McKesson were worth $7,861,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of MCK. Nuveen LLC bought a new stake in McKesson in the 1st quarter valued at approximately $475,235,000. Wellington Management Group LLP raised its stake in shares of McKesson by 4,559.6% during the 1st quarter. Wellington Management Group LLP now owns 427,703 shares of the company's stock worth $287,840,000 after purchasing an additional 418,524 shares in the last quarter. Boston Partners raised its stake in shares of McKesson by 33.3% during the 1st quarter. Boston Partners now owns 1,461,785 shares of the company's stock worth $984,927,000 after purchasing an additional 365,484 shares in the last quarter. Voya Investment Management LLC raised its stake in shares of McKesson by 92.3% during the 1st quarter. Voya Investment Management LLC now owns 650,851 shares of the company's stock worth $437,760,000 after purchasing an additional 312,473 shares in the last quarter. Finally, 1832 Asset Management L.P. bought a new stake in shares of McKesson during the 1st quarter worth approximately $140,742,000. Institutional investors own 85.07% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Mizuho upped their price objective on McKesson from $750.00 to $770.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 24th. Leerink Partners upped their price objective on McKesson from $785.00 to $850.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 24th. Morgan Stanley upped their price objective on McKesson from $810.00 to $857.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 24th. Wall Street Zen raised McKesson from a "hold" rating to a "buy" rating in a report on Sunday, September 28th. Finally, Bank of America boosted their target price on McKesson from $800.00 to $850.00 and gave the stock a "buy" rating in a report on Wednesday, September 24th. One equities research 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. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $829.08.

Insiders Place Their Bets

In other McKesson news, CEO Brian S. Tyler sold 19,371 shares of the company's stock in a transaction on Friday, July 11th. The stock was sold at an average price of $708.09, for a total value of $13,716,411.39. Following the transaction, the chief executive officer directly owned 27,872 shares of the company's stock, valued at $19,735,884.48. This represents a 41.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $663.67, for a total value of $218,347.43. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,560 shares of company stock worth $30,438,602. Insiders own 0.08% of the company's stock.

McKesson Trading Down 2.7%

MCK stock opened at $738.00 on Friday. The firm has a market capitalization of $91.80 billion, a PE ratio of 29.43, a PEG ratio of 1.36 and a beta of 0.52. McKesson Corporation has a 1-year low of $480.39 and a 1-year high of $776.14. The business's 50 day simple moving average is $702.60 and its 200 day simple moving average is $702.96.

McKesson (NYSE:MCK - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 EPS for the quarter, missing analysts' consensus estimates of $8.33 by ($0.07). McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The firm had revenue of $97.83 billion during the quarter, compared to analyst estimates of $95.93 billion. During the same period in the prior year, the company earned $7.88 earnings per share. The business's quarterly revenue was up 23.4% compared to the same quarter last year. As a group, sell-side analysts predict that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd were issued a $0.82 dividend. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $3.28 dividend on an annualized basis and a yield of 0.4%. This is a positive change from McKesson's previous quarterly dividend of $0.71. McKesson's payout ratio 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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