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Money Concepts Capital Corp Sells 41 Shares of McKesson Co. (NYSE:MCK)

Defense World · Sep 30, 2022 05:32

Money Concepts Capital Corp lessened its holdings in shares of McKesson Co. (NYSE:MCK – Get Rating) by 5.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 725 shares of the company's stock after selling 41 shares during the quarter. Money Concepts Capital Corp's holdings in McKesson were worth $239,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. LPL Financial LLC grew its stake in shares of McKesson by 6.0% in the fourth quarter. LPL Financial LLC now owns 52,351 shares of the company's stock worth $13,013,000 after acquiring an additional 2,979 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in McKesson by 32.5% in the fourth quarter. Alliancebernstein L.P. now owns 319,357 shares of the company's stock valued at $79,383,000 after acquiring an additional 78,285 shares during the period. Eaton Vance Management raised its stake in shares of McKesson by 0.3% in the fourth quarter. Eaton Vance Management now owns 176,424 shares of the company's stock worth $43,106,000 after buying an additional 541 shares during the period. Commerce Bank raised its stake in shares of McKesson by 2.1% in the fourth quarter. Commerce Bank now owns 17,879 shares of the company's stock worth $4,444,000 after buying an additional 365 shares during the period. Finally, Wetherby Asset Management Inc. raised its stake in shares of McKesson by 5.1% in the fourth quarter. Wetherby Asset Management Inc. now owns 5,076 shares of the company's stock worth $1,262,000 after buying an additional 246 shares during the period. Institutional investors own 86.43% of the company's stock.

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McKesson Stock Down 2.0 %

MCK stock opened at $342.00 on Friday. The company has a market cap of $49.16 billion, a price-to-earnings ratio of 36.15, a PEG ratio of 1.39 and a beta of 0.59. The business has a fifty day simple moving average of $353.34 and a 200-day simple moving average of $330.45. McKesson Co. has a 52 week low of $193.89 and a 52 week high of $375.23.

McKesson (NYSE:MCK – Get Rating) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported $5.83 earnings per share for the quarter, beating analysts' consensus estimates of $5.31 by $0.52. The company had revenue of $67.15 billion during the quarter, compared to analysts' expectations of $63.87 billion. McKesson had a net margin of 0.52% and a negative return on equity of 350.22%. As a group, analysts expect that McKesson Co. will post 24.42 earnings per share for the current fiscal year.

McKesson Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Thursday, September 1st will be paid a dividend of $0.54 per share. This is a positive change from McKesson's previous quarterly dividend of $0.47. The ex-dividend date is Wednesday, August 31st. This represents a $2.16 annualized dividend and a yield of 0.63%. McKesson's dividend payout ratio is 22.83%.

Insider Buying and Selling

In other McKesson news, EVP Lori A. Schechter sold 7,500 shares of the firm's stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $343.94, for a total value of $2,579,550.00. Following the sale, the executive vice president now owns 11,678 shares in the company, valued at $4,016,531.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Thomas L. Rodgers sold 1,300 shares of the firm's stock in a transaction that occurred on Thursday, September 8th. The shares were sold at an average price of $367.21, for a total value of $477,373.00. Following the completion of the transaction, the executive vice president now owns 2,544 shares of the company's stock, valued at approximately $934,182.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Lori A. Schechter sold 7,500 shares of the stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $343.94, for a total transaction of $2,579,550.00. Following the completion of the sale, the executive vice president now owns 11,678 shares of the company's stock, valued at approximately $4,016,531.32. The disclosure for this sale can be found here. 0.21% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

MCK has been the topic of several recent analyst reports. Credit Suisse Group lifted their target price on McKesson from $377.00 to $385.00 and gave the company an "outperform" rating in a research note on Monday, August 8th. Mizuho lifted their target price on McKesson from $331.00 to $345.00 and gave the stock a "neutral" rating in a report on Thursday, August 4th. Robert W. Baird boosted their price objective on McKesson from $386.00 to $400.00 and gave the company an "outperform" rating in a report on Thursday, August 4th. Cowen boosted their price objective on McKesson to $384.00 in a report on Tuesday, August 9th. Finally, UBS Group lifted their target price on McKesson from $380.00 to $400.00 and gave the company a "buy" rating in a research report on Thursday, August 4th. One research analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $352.46.

McKesson Company Profile

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McKesson Corporation provides healthcare services in the United States and internationally. It operates through four segments: U.S. Pharmaceutical, International, Medical-Surgical Solutions, and Prescription Technology Solutions (RxTS). The U.S. Pharmaceutical segment distributes branded, generic, specialty, biosimilar, and over-the-counter pharmaceutical drugs and other healthcare-related products.