Empirical Financial Services LLC d.b.a. Empirical Wealth Management Lowers Holdings in McKesson Corporation $MCK

Empirical Financial Services LLC d.b.a. Empirical Wealth Management trimmed its holdings in McKesson Corporation (NYSE:MCK) by 20.5% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 8,424 shares of the company’s stock after selling 2,166 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management’s holdings in McKesson were worth $6,173,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. CBIZ Investment Advisory Services LLC grew its stake in shares of McKesson by 1,366.7% during 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 period. Bank of Jackson Hole Trust lifted its position in shares of 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 buying an additional 18 shares in the last quarter. Saudi Central Bank purchased a new stake in shares of McKesson in the first quarter worth about $34,000. Flaharty Asset Management LLC purchased a new stake in shares of McKesson in the first quarter worth about $39,000. Finally, Signature Resources Capital Management LLC purchased a new stake in shares of McKesson in the second quarter worth about $43,000. 85.07% of the stock is currently owned by institutional investors.

Insider Buying and Selling at McKesson

In related news, CEO Brian S. Tyler sold 19,371 shares of the business’s stock in a transaction on Friday, July 11th. The shares were sold at an average price of $708.09, for a total value of $13,716,411.39. Following the completion of the sale, the chief executive officer directly owned 27,872 shares of the company’s stock, valued at $19,735,884.48. The trade was a 41.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 directly owned 657 shares of the company’s stock, valued at approximately $436,031.19. This trade represents a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 43,560 shares of company stock valued at $30,438,602. Insiders own 0.08% of the company’s stock.

McKesson Trading Down 0.7%

MCK stock opened at $759.65 on Friday. McKesson Corporation has a 12-month low of $480.39 and a 12-month high of $776.14. The stock has a market cap of $94.49 billion, a price-to-earnings ratio of 30.29, a PEG ratio of 1.37 and a beta of 0.52. The business’s 50-day moving average is $702.08 and its 200 day moving average is $702.43.

McKesson (NYSE:MCK) last released its earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share 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 analysts’ expectations of $95.93 billion. McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The company’s revenue for the quarter was up 23.4% compared to the same quarter last year. During the same period last year, the business earned $7.88 earnings per share. As a group, equities analysts forecast 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 was paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd were paid a $0.82 dividend. This represents a $3.28 annualized dividend and a dividend yield of 0.4%. This is a positive change from McKesson’s previous quarterly dividend of $0.71. The ex-dividend date was Tuesday, September 2nd. McKesson’s payout ratio is presently 13.08%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Wall Street Zen upgraded McKesson from a “hold” rating to a “buy” rating in a research report on Sunday, September 28th. Bank of America increased their price objective on McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Morgan Stanley raised their target price on McKesson from $810.00 to $857.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 24th. Deutsche Bank Aktiengesellschaft raised their target price on McKesson from $775.00 to $856.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Finally, Wells Fargo & Company increased their price target on McKesson from $772.00 to $816.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 24th. One 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. According to MarketBeat.com, McKesson has an average rating of “Moderate Buy” and a consensus price target of $829.08.

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.