Forvis Mazars Wealth Advisors LLC Decreases Stock Position in McKesson Corporation $MCK

Forvis Mazars Wealth Advisors LLC cut its holdings in McKesson Corporation (NYSE:MCK) by 2.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 8,739 shares of the company’s stock after selling 213 shares during the quarter. Forvis Mazars Wealth Advisors LLC’s holdings in McKesson were worth $6,404,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. raised its stake in McKesson by 54.0% in the first quarter. Oppenheimer Asset Management Inc. now owns 4,541 shares of the company’s stock valued at $3,056,000 after buying an additional 1,592 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in McKesson by 18.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 23,033 shares of the company’s stock valued at $15,501,000 after buying an additional 3,659 shares during the last quarter. Acadian Asset Management LLC increased its holdings in McKesson by 22.0% in the 1st quarter. Acadian Asset Management LLC now owns 378,926 shares of the company’s stock worth $254,979,000 after buying an additional 68,294 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in McKesson in the 1st quarter worth approximately $289,000. Finally, Archford Capital Strategies LLC increased its holdings in McKesson by 151.8% in the 2nd quarter. Archford Capital Strategies LLC now owns 2,276 shares of the company’s stock worth $1,668,000 after buying an additional 1,372 shares during the period. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Brian S. Tyler sold 11,930 shares of the stock in a transaction that occurred on 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 owned 4,012 shares in the company, valued at $2,830,987.56. This trade represents a 74.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $663.67, for a total value of $218,347.43. Following the transaction, the chief accounting officer owned 657 shares in the company, valued at $436,031.19. This trade represents a 33.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,189 shares of company stock worth $16,722,190 in the last quarter. Insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of McKesson in a report on Wednesday, October 8th. Mizuho increased their price target on shares of McKesson from $750.00 to $770.00 and gave the stock a “neutral” rating in a report on Wednesday, September 24th. Bank of America increased their price target on shares of McKesson from $800.00 to $850.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. Citigroup increased their price target on shares of McKesson from $820.00 to $860.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. Finally, JPMorgan Chase & Co. lifted their price target on McKesson from $821.00 to $853.00 and gave the company an “overweight” rating in a research report on Friday, September 26th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $834.54.

McKesson Trading Up 1.7%

Shares of MCK stock opened at $788.27 on Friday. The stock has a 50 day moving average of $716.48 and a 200 day moving average of $710.07. The stock has a market cap of $98.05 billion, a P/E ratio of 31.43, a P/E/G ratio of 1.42 and a beta of 0.52. McKesson Corporation has a twelve month low of $492.39 and a twelve month high of $793.97.

McKesson (NYSE:MCK) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share for the quarter, missing the consensus estimate of $8.33 by ($0.07). McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The company had revenue of $97.83 billion for the quarter, compared to analysts’ expectations of $95.93 billion. During the same quarter in the prior year, the business posted $7.88 earnings per share. The firm’s revenue was up 23.4% compared to the same quarter last year. On average, research analysts predict that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd were given a dividend of $0.82 per share. This is a positive change from McKesson’s previous quarterly dividend of $0.71. The ex-dividend date was Tuesday, September 2nd. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.4%. McKesson’s payout ratio is 13.08%.

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.