ProShare Advisors LLC cut its stake in McKesson Co. (NYSE:MCK - Free Report) by 6.3% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,679 shares of the company's stock after selling 1,313 shares during the period. ProShare Advisors LLC's holdings in McKesson were worth $11,493,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors also recently bought and sold shares of the stock. LRI Investments LLC purchased a new stake in shares of McKesson during the first quarter valued at $28,000. Register Financial Advisors LLC acquired a new position in shares of McKesson in the first quarter valued at about $29,000. Richardson Financial Services Inc. purchased a new position in shares of McKesson in the fourth quarter worth about $31,000. Carolinas Wealth Consulting LLC lifted its holdings in shares of McKesson by 42.9% during 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 period. Finally, ICA Group Wealth Management LLC purchased a new stake in McKesson in the fourth quarter valued at approximately $40,000. Hedge funds and other institutional investors own 85.07% of the company's stock.
Several brokerages have commented on MCK. Citigroup decreased their price objective on shares of McKesson from $670.00 to $630.00 and set a "buy" rating for the company in a research note on Tuesday, September 10th. Leerink Partners reduced their price objective on McKesson from $670.00 to $665.00 and set an "outperform" rating for the company in a research note on Thursday, September 5th. Wells Fargo & Company lowered their target price on McKesson from $576.00 to $535.00 and set an "equal weight" rating on the stock in a research note on Friday, September 13th. Evercore ISI reduced their price target on McKesson from $660.00 to $630.00 and set an "outperform" rating for the company in a research report on Thursday, August 8th. Finally, StockNews.com lowered McKesson from a "strong-buy" rating to a "buy" rating in a research report on Friday, August 9th. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $620.93.
Get Our Latest Stock Analysis on MCK
MCK opened at $505.00 on Tuesday. McKesson Co. has a twelve month low of $431.35 and a twelve month high of $637.51. The company has a market cap of $65.62 billion, a PE ratio of 22.56, a price-to-earnings-growth ratio of 1.18 and a beta of 0.44. The company has a 50-day moving average price of $558.79 and a 200 day moving average price of $557.07.
McKesson (NYSE:MCK - Get Free Report) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $7.21 by $0.67. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The firm had revenue of $79.28 billion for the quarter, compared to analyst estimates of $82.53 billion. During the same period in the previous year, the company posted $7.27 earnings per share. The business's revenue was up 6.4% on a year-over-year basis. As a group, sell-side analysts expect that McKesson Co. will post 32.11 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be paid a $0.71 dividend. This is an increase from McKesson's previous quarterly dividend of $0.62. This represents a $2.84 annualized dividend and a dividend yield of 0.56%. The ex-dividend date is Friday, August 30th. McKesson's dividend payout ratio (DPR) is currently 12.69%.
In other news, CEO Brian S. Tyler sold 3,753 shares of the business'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 transaction of $2,349,490.59. Following the transaction, the chief executive officer now directly owns 82,339 shares in the company, valued at approximately $51,546,684.17. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last quarter, insiders sold 11,259 shares of company stock valued at $6,635,492. Corporate insiders own 0.11% of the company's stock.
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.
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