OneAscent Financial Services LLC Lowers Position in McKesson Co. (NYSE:MCK)

OneAscent Financial Services LLC cut its stake in McKesson Co. (NYSE:MCK) by 28.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 920 shares of the company’s stock after selling 367 shares during the quarter. OneAscent Financial Services LLC’s holdings in McKesson were worth $495,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of McKesson during the fourth quarter valued at approximately $1,024,140,000. International Assets Investment Management LLC increased its position in shares of McKesson by 1,044.5% during the fourth quarter. International Assets Investment Management LLC now owns 821,262 shares of the company’s stock valued at $380,228,000 after acquiring an additional 749,504 shares during the last quarter. TD Asset Management Inc increased its position in shares of McKesson by 202.8% during the fourth quarter. TD Asset Management Inc now owns 602,138 shares of the company’s stock valued at $278,778,000 after acquiring an additional 403,312 shares during the last quarter. Morgan Stanley increased its position in shares of McKesson by 14.0% during the third quarter. Morgan Stanley now owns 2,398,380 shares of the company’s stock valued at $1,042,937,000 after acquiring an additional 294,832 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its position in shares of McKesson by 5,683.0% during the fourth quarter. Assenagon Asset Management S.A. now owns 225,016 shares of the company’s stock valued at $104,178,000 after acquiring an additional 221,125 shares during the last quarter. 85.07% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $574.41, for a total value of $2,155,760.73. Following the transaction, the chief executive officer now owns 89,845 shares in the company, valued at $51,607,866.45. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, Director Susan R. Salka sold 606 shares of McKesson stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $558.04, for a total value of $338,172.24. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $574.41, for a total value of $2,155,760.73. Following the completion of the transaction, the chief executive officer now owns 89,845 shares in the company, valued at approximately $51,607,866.45. 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 over the last 90 days. Insiders own 0.21% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on MCK. Morgan Stanley increased their price target on McKesson from $522.00 to $548.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Citigroup raised their target price on McKesson from $575.00 to $620.00 and gave the stock a “buy” rating in a research report on Tuesday, April 30th. StockNews.com downgraded McKesson from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 18th. Deutsche Bank Aktiengesellschaft decreased their target price on McKesson from $547.00 to $545.00 and set a “buy” rating for the company in a research report on Thursday, May 9th. Finally, TD Cowen raised their target price on McKesson from $563.00 to $652.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Two analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $590.47.

McKesson Price Performance

MCK stock traded down $9.16 during mid-day trading on Friday, hitting $584.04. 1,240,773 shares of the stock were exchanged, compared to its average volume of 626,370. The business has a fifty day moving average price of $565.88 and a 200 day moving average price of $524.60. McKesson Co. has a 12 month low of $395.30 and a 12 month high of $612.17. The stock has a market capitalization of $75.89 billion, a price-to-earnings ratio of 26.10, a PEG ratio of 1.39 and a beta of 0.47.

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

McKesson Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 3rd will be paid a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 0.42%. The ex-dividend date of this dividend is Monday, June 3rd. McKesson’s dividend payout ratio (DPR) is currently 11.08%.

About McKesson

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.