Conning Inc. Trims Stake in McKesson Corporation $MCK

Conning Inc. decreased its position in shares of McKesson Corporation (NYSE:MCK) by 3.5% during the second quarter, according to its most recent filing with the SEC. The firm owned 771 shares of the company’s stock after selling 28 shares during the period. Conning Inc.’s holdings in McKesson were worth $565,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Aberdeen Group plc grew its stake in McKesson by 2.4% in the second quarter. Aberdeen Group plc now owns 69,971 shares of the company’s stock worth $51,273,000 after purchasing an additional 1,633 shares during the period. PDS Planning Inc grew its position in shares of McKesson by 8.0% in the 2nd quarter. PDS Planning Inc now owns 1,196 shares of the company’s stock worth $876,000 after buying an additional 89 shares during the period. Blue Trust Inc. grew its position in shares of McKesson by 0.8% in the 2nd quarter. Blue Trust Inc. now owns 5,619 shares of the company’s stock worth $4,117,000 after buying an additional 44 shares during the period. Monument Capital Management grew its position in shares of McKesson by 239.1% in the 2nd quarter. Monument Capital Management now owns 5,670 shares of the company’s stock worth $4,155,000 after buying an additional 3,998 shares during the period. Finally, McKinley Carter Wealth Services Inc. grew its position in shares of McKesson by 4.3% in the 2nd quarter. McKinley Carter Wealth Services Inc. now owns 14,549 shares of the company’s stock worth $10,661,000 after buying an additional 600 shares during the period. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Price Performance

MCK stock opened at $763.89 on Friday. The company has a market cap of $95.01 billion, a P/E ratio of 30.46, a price-to-earnings-growth ratio of 1.38 and a beta of 0.52. McKesson Corporation has a 1 year low of $492.39 and a 1 year high of $776.14. The stock’s fifty day moving average price is $707.48 and its 200-day moving average price is $706.39.

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). The firm 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% on a year-over-year basis. During the same period in the previous year, the business posted $7.88 earnings per share. As a group, analysts expect that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were given a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a yield of 0.4%. This is a boost from McKesson’s previous quarterly dividend of $0.71. The ex-dividend date was Tuesday, September 2nd. McKesson’s dividend payout ratio (DPR) is presently 13.08%.

Insider Buying and Selling at McKesson

In other news, CEO Brian S. Tyler sold 11,930 shares of McKesson stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the transaction, the chief executive officer directly owned 4,012 shares of the company’s stock, valued at $2,830,987.56. The trade was a 74.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction that occurred 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 transaction, the chief accounting officer directly owned 657 shares in the company, valued at $436,031.19. This represents a 33.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,189 shares of company stock worth $16,722,190 over the last quarter. 0.08% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on MCK shares. UBS Group upped their price objective on shares of McKesson from $820.00 to $860.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. TD Cowen upped their price target on McKesson from $830.00 to $864.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Mizuho increased their target price on McKesson from $750.00 to $770.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 24th. Weiss Ratings reissued a “buy (b)” rating on shares of McKesson in a research note on Wednesday. Finally, Citigroup increased their target price on McKesson from $820.00 to $860.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. One investment 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 company. Based on data from MarketBeat.com, McKesson currently has an average rating of “Moderate Buy” and a consensus target price 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.