XML Financial LLC Cuts Position in McKesson Corporation (NYSE:MCK)

XML Financial LLC cut its stake in McKesson Corporation (NYSE:MCK) by 45.8% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 331 shares of the company’s stock after selling 280 shares during the period. XML Financial LLC’s holdings in McKesson were worth $223,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Sawgrass Asset Management LLC purchased a new stake in McKesson in the first quarter worth about $303,000. M3 Advisory Group LLC purchased a new stake in shares of McKesson during the first quarter valued at approximately $235,000. Cambridge Investment Research Advisors Inc. grew its holdings in shares of McKesson by 18.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 23,033 shares of the company’s stock valued at $15,501,000 after buying an additional 3,659 shares during the last quarter. Wolff Wiese Magana LLC boosted its holdings in McKesson by 5,803.8% in the first quarter. Wolff Wiese Magana LLC now owns 1,535 shares of the company’s stock worth $1,033,000 after purchasing an additional 1,509 shares during the last quarter. Finally, CYBER HORNET ETFs LLC purchased a new stake in McKesson in the first quarter worth approximately $230,000. 85.07% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

MCK has been the subject of a number of research analyst reports. Wells Fargo & Company set a $766.00 price objective on shares of McKesson and gave the company an “equal weight” rating in a report on Tuesday, June 3rd. Bank of America raised their price objective on McKesson from $755.00 to $800.00 and gave the company a “buy” rating in a research report on Friday, May 9th. Mizuho lifted their price target on McKesson from $630.00 to $690.00 and gave the stock a “neutral” rating in a research report on Thursday, April 3rd. Wall Street Zen lowered McKesson from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 14th. Finally, Morgan Stanley boosted their target price on McKesson from $745.00 to $770.00 and gave the company an “overweight” rating in a research report on Wednesday, June 11th. Three analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $696.42.

McKesson Stock Performance

Shares of MCK stock opened at $721.58 on Wednesday. McKesson Corporation has a one year low of $464.42 and a one year high of $733.10. The company has a 50 day moving average price of $709.57 and a 200 day moving average price of $649.70. The firm has a market capitalization of $90.28 billion, a price-to-earnings ratio of 27.94, a price-to-earnings-growth ratio of 1.44 and a beta of 0.49.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Thursday, May 8th. The company reported $10.12 EPS for the quarter, beating analysts’ consensus estimates of $9.83 by $0.29. McKesson had a net margin of 0.92% and a negative return on equity of 201.12%. The firm had revenue of $90.82 billion for the quarter, compared to the consensus estimate of $94 billion. During the same period in the prior year, the firm posted $6.18 EPS. The firm’s revenue was up 18.9% compared to the same quarter last year. As a group, equities analysts forecast that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 2nd will be paid a $0.71 dividend. The ex-dividend date is Monday, June 2nd. This represents a $2.84 annualized dividend and a yield of 0.39%. McKesson’s dividend payout ratio (DPR) is presently 10.99%.

Insider Activity at McKesson

In other news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the firm’s stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $726.51, for a total transaction of $394,494.93. Following the completion of the transaction, the chief accounting officer now owns 1,972 shares in the company, valued at $1,432,677.72. This trade represents a 21.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Thomas L. Rodgers sold 510 shares of the firm’s stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $717.91, for a total value of $366,134.10. Following the transaction, the executive vice president now owns 5,435 shares of the company’s stock, valued at approximately $3,901,840.85. The trade was a 8.58% decrease in their position. The disclosure for this sale can be found here. Insiders sold 33,117 shares of company stock worth $23,526,451 in the last ninety days. 0.11% of the stock is owned by company insiders.

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.