Wealth Alliance Sells 305 Shares of McKesson Co. (NYSE:MCK)

Wealth Alliance lowered its holdings in shares of McKesson Co. (NYSE:MCK) by 28.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 786 shares of the company’s stock after selling 305 shares during the period. Wealth Alliance’s holdings in McKesson were worth $459,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. LRI Investments LLC bought a new position in shares of McKesson during the first quarter valued at $28,000. Register Financial Advisors LLC bought a new stake in McKesson during the 1st quarter valued at about $29,000. Sachetta LLC purchased a new position in McKesson in the fourth quarter worth about $27,000. Richardson Financial Services Inc. bought a new position in shares of McKesson in the fourth quarter worth approximately $31,000. Finally, Rise Advisors LLC purchased a new stake 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.

McKesson Stock Performance

Shares of McKesson stock opened at $507.95 on Friday. The stock has a market cap of $66.00 billion, a P/E ratio of 22.70, a P/E/G ratio of 1.18 and a beta of 0.44. The stock’s fifty day moving average is $561.63 and its 200 day moving average is $557.00. McKesson Co. has a one year low of $431.35 and a one year high of $637.51.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, topping analysts’ consensus estimates of $7.21 by $0.67. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The business had revenue of $79.28 billion during the quarter, compared to analyst estimates of $82.53 billion. During the same period in the prior year, the business posted $7.27 earnings per share. The company’s revenue was up 6.4% on a year-over-year basis. Analysts predict that McKesson Co. will post 32.11 EPS for the current year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 2nd will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 0.56%. The ex-dividend date is Friday, August 30th. This is an increase from McKesson’s previous quarterly dividend of $0.62. McKesson’s dividend payout ratio (DPR) is 12.69%.

Analyst Ratings Changes

Several equities analysts recently issued reports on MCK shares. JPMorgan Chase & Co. upped their price objective on McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Wells Fargo & Company lowered their price target on McKesson from $576.00 to $535.00 and set an “equal weight” rating on the stock in a report on Friday, September 13th. Bank of America lifted their price objective on McKesson from $590.00 to $670.00 and gave the stock a “buy” rating in a report on Tuesday, June 25th. Citigroup lowered their target price on shares of McKesson from $670.00 to $630.00 and set a “buy” rating on the stock in a research note on Tuesday, September 10th. Finally, Mizuho lifted their price target on shares of McKesson from $540.00 to $570.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $620.93.

Insider Buying and Selling

In other news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $561.10, for a total transaction of $2,105,808.30. Following the sale, the chief executive officer now owns 78,586 shares in the company, valued at $44,094,604.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. In the last three months, insiders have sold 11,259 shares of company stock valued at $6,635,492. Corporate insiders own 0.11% 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.