McKesson Corporation (NYSE:MCK) Position Decreased by Fox Hill Wealth Management

Fox Hill Wealth Management decreased its holdings in shares of McKesson Corporation (NYSE:MCK) by 31.5% in the 1st quarter, HoldingsChannel.com reports. The firm owned 2,156 shares of the company’s stock after selling 993 shares during the period. Fox Hill Wealth Management’s holdings in McKesson were worth $1,451,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in MCK. Oppenheimer Asset Management Inc. boosted its holdings in shares of McKesson by 54.0% in the first quarter. Oppenheimer Asset Management Inc. now owns 4,541 shares of the company’s stock worth $3,056,000 after buying an additional 1,592 shares during the period. Dynamic Advisor Solutions LLC boosted its holdings in shares of McKesson by 16.6% in the first quarter. Dynamic Advisor Solutions LLC now owns 778 shares of the company’s stock worth $524,000 after buying an additional 111 shares during the period. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of McKesson by 18.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 23,033 shares of the company’s stock worth $15,501,000 after buying an additional 3,659 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of McKesson by 4.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 183,258 shares of the company’s stock worth $123,332,000 after buying an additional 7,556 shares during the period. Finally, LPL Financial LLC boosted its holdings in shares of McKesson by 12.8% during the first quarter. LPL Financial LLC now owns 155,946 shares of the company’s stock worth $104,950,000 after purchasing an additional 17,750 shares during the period. Institutional investors own 85.07% of the company’s stock.

Insider Buying and Selling

In other news, EVP Leann B. Smith sold 1,248 shares of McKesson stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $717.30, for a total value of $895,190.40. Following the transaction, the executive vice president owned 2,621 shares of the company’s stock, valued at $1,880,043.30. This trade represents a 32.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Brian S. Tyler sold 19,371 shares of the business’s stock in a transaction on Friday, July 11th. The stock was sold at an average price of $708.09, for a total transaction of $13,716,411.39. Following the transaction, the chief executive officer directly owned 27,872 shares in the company, valued at $19,735,884.48. This trade represents a 41.00% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 52,817 shares of company stock valued at $37,461,210. 0.08% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Wells Fargo & Company set a $766.00 price target on shares of McKesson and gave the stock an “equal weight” rating in a report on Tuesday, June 3rd. Evercore ISI raised their price target on shares of McKesson from $760.00 to $800.00 and gave the stock an “outperform” rating in a report on Wednesday, July 9th. Morgan Stanley restated an “overweight” rating and set a $810.00 price target (up from $770.00) on shares of McKesson in a report on Wednesday, July 16th. Bank of America raised their price target on shares of McKesson from $755.00 to $800.00 and gave the stock a “buy” rating in a report on Friday, May 9th. Finally, UBS Group raised their price target on shares of McKesson from $708.00 to $805.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $718.73.

McKesson Stock Performance

Shares of MCK opened at $658.78 on Wednesday. The firm has a market cap of $81.94 billion, a PE ratio of 26.27, a PEG ratio of 1.34 and a beta of 0.50. The firm’s 50 day moving average price is $712.03 and its 200 day moving average price is $680.75. McKesson Corporation has a twelve month low of $464.42 and a twelve month high of $737.89.

McKesson (NYSE:MCK) last released its quarterly earnings results 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 the consensus estimate of $95.93 billion. During the same period in the prior year, the business earned $7.88 EPS. The company’s revenue for the quarter was up 23.4% compared to the same quarter last year. On average, sell-side analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be given a $0.82 dividend. This is a positive change from McKesson’s previous quarterly dividend of $0.71. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 2nd. McKesson’s payout ratio is 11.32%.

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.