Liberty Wealth Management LLC Trims Stock Position in McKesson Corporation $MCK

Liberty Wealth Management LLC cut its holdings in shares of McKesson Corporation (NYSE:MCK) by 99.6% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 274 shares of the company’s stock after selling 62,512 shares during the quarter. Liberty Wealth Management LLC’s holdings in McKesson were worth $201,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Y Intercept Hong Kong Ltd raised its stake in McKesson by 377.5% during the second quarter. Y Intercept Hong Kong Ltd now owns 10,229 shares of the company’s stock worth $7,496,000 after purchasing an additional 8,087 shares during the period. Transcend Capital Advisors LLC raised its position in shares of McKesson by 12.3% in the 2nd quarter. Transcend Capital Advisors LLC now owns 1,304 shares of the company’s stock worth $956,000 after buying an additional 143 shares during the period. Cobblestone Capital Advisors LLC NY raised its position in shares of McKesson by 34.6% in the 2nd quarter. Cobblestone Capital Advisors LLC NY now owns 1,323 shares of the company’s stock worth $969,000 after buying an additional 340 shares during the period. Oak Grove Capital LLC purchased a new position in shares of McKesson in the 2nd quarter worth $476,000. Finally, Ashton Thomas Private Wealth LLC raised its position in shares of McKesson by 10.6% in the 2nd quarter. Ashton Thomas Private Wealth LLC now owns 4,089 shares of the company’s stock worth $2,999,000 after buying an additional 392 shares during the period. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

McKesson Stock Up 1.2%

MCK opened at $811.69 on Tuesday. The firm has a market capitalization of $100.96 billion, a P/E ratio of 32.36, a P/E/G ratio of 1.44 and a beta of 0.52. The firm’s 50 day moving average is $731.79 and its 200-day moving average is $715.51. McKesson Corporation has a 52-week low of $492.39 and a 52-week high of $811.86.

McKesson (NYSE:MCK) last released its quarterly 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 for the quarter, compared to analysts’ expectations of $95.93 billion. During the same period last year, the firm earned $7.88 EPS. The business’s quarterly revenue was up 23.4% on a year-over-year basis. Equities analysts expect 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. The ex-dividend date of this dividend was Tuesday, September 2nd. This is a positive change 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 dividend payout ratio is presently 13.08%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on MCK. Cowen restated a “buy” rating on shares of McKesson in a report on Wednesday, September 24th. Bank of America raised their price target on shares of McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Wall Street Zen upgraded shares of McKesson from a “hold” rating to a “buy” rating in a report on Sunday, September 28th. Leerink Partners raised their target price on shares of McKesson from $785.00 to $850.00 and gave the company an “outperform” rating in a research note on Wednesday, September 24th. Finally, Morgan Stanley raised their target price on shares of McKesson from $810.00 to $857.00 and gave the company an “overweight” rating in a research note on Wednesday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, McKesson presently has a consensus rating of “Moderate Buy” and an average target price of $839.15.

Insider Activity at McKesson

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction 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 completion of the sale, the chief accounting officer owned 657 shares in the company, valued at approximately $436,031.19. The trade was a 33.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Brian S. Tyler sold 11,930 shares of McKesson stock in a transaction 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 completion of the sale, the chief executive officer owned 4,012 shares of the company’s stock, valued at approximately $2,830,987.56. This trade represents a 74.83% 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 over the last 90 days. 0.08% of the stock is owned by company insiders.

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.