First United Bank & Trust Reduces Stake in McKesson Corporation $MCK

First United Bank & Trust lowered its stake in McKesson Corporation (NYSE:MCK) by 26.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 165 shares of the company’s stock after selling 60 shares during the period. First United Bank & Trust’s holdings in McKesson were worth $121,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MCK. Bank of Jackson Hole Trust grew its position in McKesson by 64.3% in the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock worth $29,000 after acquiring an additional 18 shares in the last quarter. CBIZ Investment Advisory Services LLC grew its position in McKesson by 1,366.7% in the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company’s stock worth $30,000 after acquiring an additional 41 shares in the last quarter. Saudi Central Bank purchased a new position in McKesson in the first quarter worth about $34,000. Flaharty Asset Management LLC purchased a new position in McKesson in the first quarter worth about $39,000. Finally, Pandora Wealth Inc. purchased a new position in shares of McKesson during the first quarter valued at approximately $40,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on MCK shares. UBS Group boosted their target price on McKesson from $820.00 to $860.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Cowen restated a “buy” rating on shares of McKesson in a research report on Wednesday, September 24th. TD Cowen boosted their target price on McKesson from $830.00 to $864.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Mizuho boosted their target price on McKesson from $750.00 to $770.00 and gave the company a “neutral” rating in a research report on Wednesday, September 24th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on McKesson from $775.00 to $856.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, McKesson currently has a consensus rating of “Moderate Buy” and an average price target of $829.08.

McKesson Stock Up 1.4%

Shares of NYSE:MCK opened at $772.61 on Wednesday. The company has a market capitalization of $96.10 billion, a price-to-earnings ratio of 30.81, a price-to-earnings-growth ratio of 1.37 and a beta of 0.51. McKesson Corporation has a 52 week low of $480.39 and a 52 week high of $774.85. The firm has a 50 day moving average of $700.06 and a 200 day moving average of $701.27.

McKesson (NYSE:MCK) 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). The business had revenue of $97.83 billion during the quarter, compared to the consensus estimate of $95.93 billion. McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The business’s quarterly revenue was up 23.4% on a year-over-year basis. During the same period last year, the firm earned $7.88 EPS. On average, sell-side analysts expect that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

The firm 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 dividend of $0.82 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a boost from McKesson’s previous quarterly dividend of $0.71. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.4%. McKesson’s payout ratio is currently 13.08%.

Insiders Place Their Bets

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $663.67, for a total transaction of $218,347.43. Following the transaction, the chief accounting officer directly owned 657 shares of the company’s stock, valued at approximately $436,031.19. This represents a 33.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 in the company, valued at approximately $19,735,884.48. The trade was a 41.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 43,560 shares of company stock worth $30,438,602. Insiders own 0.08% of the company’s stock.

McKesson Company 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.