McKesson (NYSE:MCK) Stock Price Down 5.3% Following Insider Selling

McKesson Co. (NYSE:MCKGet Rating)’s stock price was down 5.3% during trading on Friday following insider selling activity. The company traded as low as $348.06 and last traded at $350.54. Approximately 22,478 shares changed hands during mid-day trading, a decline of 98% from the average daily volume of 1,015,328 shares. The stock had previously closed at $370.32.

Specifically, EVP Lori A. Schechter sold 7,500 shares of the business’s stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $343.94, for a total transaction of $2,579,550.00. Following the sale, the executive vice president now directly owns 11,678 shares of the company’s stock, valued at $4,016,531.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP Lori A. Schechter sold 7,500 shares of the company’s stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $343.94, for a total transaction of $2,579,550.00. Following the completion of the transaction, the executive vice president now owns 11,678 shares in the company, valued at approximately $4,016,531.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Tracy Faber sold 10,733 shares of the company’s stock in a transaction dated Tuesday, November 8th. The stock was sold at an average price of $391.58, for a total transaction of $4,202,828.14. The disclosure for this sale can be found here. Insiders sold 22,033 shares of company stock valued at $8,127,576 over the last 90 days. Corporate insiders own 0.21% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Cowen raised their price objective on shares of McKesson from $384.00 to $416.00 in a report on Wednesday, November 2nd. Deutsche Bank Aktiengesellschaft lifted their target price on shares of McKesson from $378.00 to $409.00 in a report on Monday, August 8th. Mizuho raised their price objective on shares of McKesson from $331.00 to $345.00 and gave the company a “neutral” rating in a research note on Thursday, August 4th. Barclays raised their price objective on shares of McKesson from $375.00 to $415.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 2nd. Finally, Argus lifted their target price on shares of McKesson from $370.00 to $430.00 and gave the stock a “buy” rating in a research report on Monday, September 12th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, McKesson has a consensus rating of “Moderate Buy” and an average price target of $393.09.

McKesson Stock Down 3.8 %

The firm’s 50-day moving average price is $362.19 and its 200 day moving average price is $342.77. The firm has a market cap of $50.51 billion, a P/E ratio of 25.14, a price-to-earnings-growth ratio of 1.57 and a beta of 0.66.

McKesson Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 3rd. Stockholders of record on Thursday, December 1st will be given a dividend of $0.54 per share. The ex-dividend date is Wednesday, November 30th. This represents a $2.16 annualized dividend and a dividend yield of 0.61%. McKesson’s dividend payout ratio (DPR) is 15.24%.

Institutional Trading of McKesson

Hedge funds have recently bought and sold shares of the company. Covestor Ltd increased its holdings in McKesson by 72.3% in the first quarter. Covestor Ltd now owns 81 shares of the company’s stock worth $25,000 after buying an additional 34 shares during the last quarter. Core Alternative Capital lifted its holdings in shares of McKesson by 1,257.1% during the first quarter. Core Alternative Capital now owns 95 shares of the company’s stock valued at $29,000 after acquiring an additional 88 shares during the period. Lansing Street Advisors bought a new position in shares of McKesson in the first quarter valued at about $31,000. Tcwp LLC bought a new position in shares of McKesson in the first quarter valued at about $36,000. Finally, Worth Asset Management LLC acquired a new stake in McKesson in the first quarter worth about $41,000. 86.43% of the stock is owned by hedge funds and other institutional investors.

McKesson Company Profile

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McKesson Corporation provides healthcare services in the United States and internationally. It operates through four segments: U.S. Pharmaceutical, International, Medical-Surgical Solutions, and Prescription Technology Solutions (RxTS). 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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