FORVIS Wealth Advisors LLC Cuts Stake in McKesson Co. (NYSE:MCK)

FORVIS Wealth Advisors LLC reduced its position in shares of McKesson Co. (NYSE:MCK) by 4.2% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,433 shares of the company’s stock after selling 410 shares during the quarter. FORVIS Wealth Advisors LLC’s holdings in McKesson were worth $5,064,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Sachetta LLC purchased a new stake in shares of McKesson during the fourth quarter valued at $27,000. Register Financial Advisors LLC bought a new stake in shares of McKesson in the first quarter worth approximately $29,000. BKM Wealth Management LLC purchased a new position in shares of McKesson during the fourth quarter valued at approximately $31,000. Richardson Financial Services Inc. bought a new position in McKesson during the fourth quarter valued at approximately $31,000. Finally, Carolinas Wealth Consulting LLC boosted its holdings in McKesson by 42.9% in the fourth quarter. Carolinas Wealth Consulting LLC now owns 80 shares of the company’s stock worth $37,000 after purchasing an additional 24 shares during the last quarter. 85.07% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at McKesson

In other McKesson news, Director Maria Martinez sold 483 shares of McKesson stock in a transaction on Friday, June 7th. The shares were sold at an average price of $585.88, for a total value of $282,980.04. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other McKesson news, Director Maria Martinez sold 483 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $585.88, for a total transaction of $282,980.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Leann B. Smith sold 600 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $585.53, for a total value of $351,318.00. Following the sale, the executive vice president now directly owns 2,022 shares in the company, valued at $1,183,941.66. The disclosure for this sale can be found here. Insiders sold a total of 25,814 shares of company stock valued at $14,511,649 in the last three months. 0.11% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have weighed in on MCK shares. UBS Group boosted their target price on shares of McKesson from $620.00 to $630.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Robert W. Baird upped their price objective on McKesson from $603.00 to $671.00 and gave the company an “outperform” rating in a research report on Wednesday, May 8th. Bank of America increased their target price on McKesson from $590.00 to $670.00 and gave the company a “buy” rating in a report on Tuesday, June 25th. Deutsche Bank Aktiengesellschaft cut their price target on McKesson from $547.00 to $545.00 and set a “buy” rating for the company in a research note on Thursday, May 9th. Finally, Argus increased their price objective on shares of McKesson from $570.00 to $670.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. Two research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $590.47.

McKesson Stock Performance

Shares of MCK traded down $1.48 during mid-day trading on Thursday, reaching $583.35. The stock had a trading volume of 313,911 shares, compared to its average volume of 619,046. The firm has a market cap of $75.80 billion, a price-to-earnings ratio of 26.07, a PEG ratio of 1.37 and a beta of 0.45. McKesson Co. has a 12 month low of $395.30 and a 12 month high of $612.17. The business has a fifty day moving average of $569.08 and a 200 day moving average of $527.93.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $6.18 EPS for the quarter, missing analysts’ consensus estimates of $6.34 by ($0.16). The business had revenue of $76.36 billion for the quarter, compared to the consensus estimate of $79.32 billion. McKesson had a net margin of 0.97% and a negative return on equity of 245.88%. McKesson’s revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the business earned $7.19 earnings per share. On average, research analysts forecast that McKesson Co. will post 31.54 EPS for the current fiscal year.

McKesson Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Monday, June 3rd were paid a $0.62 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $2.48 annualized dividend and a yield of 0.43%. McKesson’s payout ratio is 11.08%.

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.