Fox Hill Wealth Management Sells 1,025 Shares of McKesson Corporation $MCK

Fox Hill Wealth Management lessened its stake in McKesson Corporation (NYSE:MCK) by 47.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,131 shares of the company’s stock after selling 1,025 shares during the period. Fox Hill Wealth Management’s holdings in McKesson were worth $829,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of MCK. Capital A Wealth Management LLC bought a new stake in shares of McKesson in the 4th quarter valued at about $26,000. Bank of Jackson Hole Trust lifted its stake in shares of 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 acquiring an additional 18 shares during the last quarter. CBIZ Investment Advisory Services LLC lifted its stake in shares of 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 acquiring an additional 41 shares during the last quarter. Saudi Central Bank bought a new stake in shares of McKesson in the 1st quarter valued at about $34,000. Finally, Flaharty Asset Management LLC bought a new stake in shares of McKesson in the 1st quarter valued at about $39,000. Institutional investors own 85.07% of the company’s stock.

McKesson Stock Performance

Shares of NYSE:MCK opened at $711.32 on Friday. McKesson Corporation has a 52-week low of $464.42 and a 52-week high of $737.89. The firm has a market capitalization of $88.48 billion, a P/E ratio of 28.36, a P/E/G ratio of 1.43 and a beta of 0.51. The stock has a 50 day moving average price of $697.81 and a 200-day moving average price of $694.47.

McKesson (NYSE:MCK) 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). McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.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 company posted $7.88 EPS. The firm’s revenue was up 23.4% on a year-over-year basis. On average, equities analysts forecast that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $3.28 annualized dividend and a dividend yield of 0.5%. This is an increase from McKesson’s previous quarterly dividend of $0.71. McKesson’s dividend payout ratio is currently 13.08%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on MCK. Cowen reissued a “buy” rating on shares of McKesson in a research note on Thursday, August 7th. Morgan Stanley reaffirmed an “overweight” rating and set a $810.00 price target (up previously from $770.00) on shares of McKesson in a research report on Wednesday, July 16th. Wall Street Zen lowered McKesson from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 13th. Wells Fargo & Company upped their price target on McKesson from $766.00 to $772.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 13th. Finally, Evercore ISI upped their price target on McKesson from $760.00 to $800.00 and gave the company an “outperform” rating in a research report on Wednesday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, McKesson has a consensus rating of “Moderate Buy” and an average target price of $725.10.

Insider Activity at McKesson

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction that occurred 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 transaction, the chief accounting officer owned 657 shares of the company’s stock, valued at approximately $436,031.19. This represents a 33.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Brian S. Tyler sold 19,371 shares of the stock in a transaction that occurred 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 completion of 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 disclosure for this sale can be found here. Insiders sold a total of 43,560 shares of company stock valued at $30,438,602 in the last three months. Corporate insiders own 0.08% 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.