SteelPeak Wealth LLC Sells 91 Shares of McKesson Co. (NYSE:MCK)

SteelPeak Wealth LLC lessened its stake in shares of McKesson Co. (NYSE:MCK) by 2.7% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,222 shares of the company’s stock after selling 91 shares during the quarter. SteelPeak Wealth LLC’s holdings in McKesson were worth $1,884,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in MCK. LRI Investments LLC bought a new stake in McKesson in the first quarter valued at $28,000. Register Financial Advisors LLC bought a new position in shares of McKesson in the 1st quarter worth about $29,000. Sachetta LLC purchased a new position in McKesson during the 4th quarter valued at about $27,000. Newbridge Financial Services Group Inc. grew its holdings in McKesson by 333.3% in the first quarter. Newbridge Financial Services Group Inc. now owns 65 shares of the company’s stock worth $35,000 after purchasing an additional 50 shares during the period. Finally, Richardson Financial Services Inc. bought a new position in shares of McKesson during the fourth quarter valued at approximately $31,000. Institutional investors own 85.07% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $626.03, for a total value of $2,349,490.59. Following the sale, the chief executive officer now owns 82,339 shares in the company, valued at $51,546,684.17. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $626.03, for a total transaction of $2,349,490.59. Following the completion of the transaction, the chief executive officer now directly owns 82,339 shares in the company, valued at $51,546,684.17. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Britt J. Vitalone sold 12,752 shares of the stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $558.09, for a total transaction of $7,116,763.68. Following the sale, the chief financial officer now directly owns 14,028 shares in the company, valued at $7,828,886.52. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,713 shares of company stock valued at $18,702,605. Insiders own 0.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Robert W. Baird dropped their price target on shares of McKesson from $694.00 to $671.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Citigroup raised their target price on McKesson from $620.00 to $670.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. Wells Fargo & Company upped their price objective on McKesson from $502.00 to $551.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 9th. Barclays raised their target price on shares of McKesson from $596.00 to $616.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. Finally, UBS Group boosted their price objective on McKesson from $620.00 to $630.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $609.79.

McKesson Price Performance

MCK stock traded down $7.42 during mid-day trading on Thursday, reaching $545.41. The company had a trading volume of 1,382,740 shares, compared to its average volume of 744,650. The company has a market capitalization of $70.87 billion, a PE ratio of 24.70, a price-to-earnings-growth ratio of 1.46 and a beta of 0.45. The firm has a 50 day moving average of $590.02 and a 200 day moving average of $551.97. McKesson Co. has a 12 month low of $404.72 and a 12 month high of $637.51.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $7.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.21 by $0.67. McKesson had a net margin of 0.97% and a negative return on equity of 245.88%. The company had revenue of $79.28 billion for the quarter, compared to analyst estimates of $82.53 billion. During the same period last year, the company posted $7.27 earnings per share. McKesson’s revenue was up 6.4% compared to the same quarter last year. Analysts anticipate that McKesson Co. will post 31.68 EPS for the current year.

McKesson Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 2nd will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 0.52%. The ex-dividend date of this dividend is Friday, August 30th. This is an increase from McKesson’s previous quarterly dividend of $0.62. McKesson’s dividend payout ratio (DPR) is currently 12.69%.

McKesson 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.