Connecticut Wealth Management LLC Sells 2,591 Shares of McKesson Corporation $MCK

Connecticut Wealth Management LLC lowered its stake in shares of McKesson Corporation (NYSE:MCK) by 42.5% during the fourth quarter, Holdings Channel reports. The fund owned 3,505 shares of the company’s stock after selling 2,591 shares during the period. Connecticut Wealth Management LLC’s holdings in McKesson were worth $2,875,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in MCK. GGM Financials LLC bought a new stake in McKesson during the 3rd quarter worth about $25,000. State of Wyoming bought a new stake in McKesson during the 2nd quarter worth about $29,000. Vermillion & White Wealth Management Group LLC bought a new stake in McKesson during the 3rd quarter worth about $33,000. Board of the Pension Protection Fund bought a new stake in McKesson during the 4th quarter worth about $33,000. Finally, Kingdom Financial Group LLC. bought a new stake in McKesson during the 4th quarter worth about $33,000. Institutional investors own 85.07% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on MCK shares. Wells Fargo & Company decreased their price objective on shares of McKesson from $925.00 to $812.00 and set an “equal weight” rating on the stock in a report on Tuesday, May 12th. Citigroup decreased their price objective on shares of McKesson from $975.00 to $945.00 and set a “buy” rating on the stock in a report on Thursday, May 14th. UBS Group increased their price objective on shares of McKesson from $1,000.00 to $1,050.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Wall Street Zen raised shares of McKesson from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Finally, Leerink Partners reaffirmed an “outperform” rating and issued a $1,085.00 target price on shares of McKesson in a research note on Thursday, March 5th. Fourteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, McKesson currently has a consensus rating of “Moderate Buy” and an average target price of $960.53.

McKesson Trading Down 0.3%

Shares of NYSE MCK opened at $788.44 on Friday. The firm has a market capitalization of $94.77 billion, a PE ratio of 20.50, a price-to-earnings-growth ratio of 1.30 and a beta of 0.31. McKesson Corporation has a 1 year low of $637.00 and a 1 year high of $999.00. The firm’s 50-day moving average is $799.89 and its 200-day moving average is $846.79.

McKesson (NYSE:MCK) last issued its earnings results on Thursday, May 7th. The company reported $11.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $11.56 by $0.13. The company had revenue of $96.30 billion for the quarter, compared to analyst estimates of $101.35 billion. McKesson had a net margin of 1.18% and a negative return on equity of 345.35%. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter last year, the firm earned $10.12 EPS. McKesson has set its FY 2027 guidance at 43.800-44.600 EPS. As a group, equities research analysts anticipate that McKesson Corporation will post 44.28 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 1st will be given a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Monday, June 1st. McKesson’s dividend payout ratio (DPR) is currently 8.53%.

Insider Activity

In related news, EVP Thomas L. Rodgers sold 699 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $735.27, for a total value of $513,953.73. Following the sale, the executive vice president directly owned 2,268 shares in the company, valued at $1,667,592.36. This trade represents a 23.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michele Lau sold 3,550 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $761.09, for a total transaction of $2,701,869.50. Following the completion of the sale, the executive vice president owned 3,247 shares in the company, valued at $2,471,259.23. This represents a 52.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 11,822 shares of company stock valued at $8,986,212. Insiders own 0.08% of the company’s stock.

McKesson Profile

McKesson Corporation (NYSE: MCK) is a global healthcare services and distribution company that supplies pharmaceuticals, medical-surgical products and health care technology solutions. Founded in 1833 and headquartered in Irving, Texas, McKesson operates across the drug distribution and healthcare services value chain, connecting manufacturers, pharmacies, hospitals and health systems to help manage the movement of medicines and clinical supplies.

The company’s core activities include pharmaceutical wholesale distribution and logistics, specialty pharmacy services, and the provision of medical-surgical supplies to acute and non-acute care providers.