Athena Investment Management Reduces Position in McKesson Corporation $MCK

Athena Investment Management decreased its stake in shares of McKesson Corporation (NYSE:MCK) by 9.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 601 shares of the company’s stock after selling 62 shares during the quarter. Athena Investment Management’s holdings in McKesson were worth $440,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. MassMutual Private Wealth & Trust FSB raised its stake in McKesson by 1.6% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 863 shares of the company’s stock worth $632,000 after acquiring an additional 14 shares during the last quarter. Cardinal Point Capital Management ULC raised its stake in shares of McKesson by 2.2% in the second quarter. Cardinal Point Capital Management ULC now owns 645 shares of the company’s stock worth $473,000 after purchasing an additional 14 shares during the last quarter. Cypress Wealth Services LLC lifted its holdings in shares of McKesson by 3.7% during the second quarter. Cypress Wealth Services LLC now owns 417 shares of the company’s stock worth $305,000 after purchasing an additional 15 shares during the period. HBK Sorce Advisory LLC boosted its position in McKesson by 1.4% in the second quarter. HBK Sorce Advisory LLC now owns 1,182 shares of the company’s stock valued at $866,000 after buying an additional 16 shares during the last quarter. Finally, Valmark Advisers Inc. increased its holdings in McKesson by 2.1% in the 2nd quarter. Valmark Advisers Inc. now owns 843 shares of the company’s stock worth $618,000 after buying an additional 17 shares during the period. 85.07% of the stock is currently owned by institutional investors and hedge funds.

McKesson Stock Down 0.7%

Shares of McKesson stock opened at $854.43 on Thursday. The firm has a market cap of $105.46 billion, a PE ratio of 34.07, a P/E/G ratio of 1.46 and a beta of 0.51. McKesson Corporation has a twelve month low of $558.13 and a twelve month high of $867.63. The business has a 50-day moving average price of $782.75 and a 200 day moving average price of $732.68.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $9.86 EPS for the quarter, beating the consensus estimate of $8.84 by $1.02. The company had revenue of $103.15 billion for the quarter, compared to analyst estimates of $103.80 billion. McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.McKesson’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period last year, the company earned $7.07 earnings per share. On average, sell-side analysts expect that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 1st will be issued a $0.82 dividend. This represents a $3.28 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Monday, December 1st. McKesson’s payout ratio is presently 10.21%.

Insiders Place Their Bets

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company’s stock in a transaction on Friday, November 7th. The shares were sold at an average price of $861.63, for a total transaction of $283,476.27. Following the completion of the transaction, the chief accounting officer directly owned 328 shares in the company, valued at approximately $282,614.64. This represents a 50.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Brian S. Tyler sold 11,930 shares of McKesson stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the completion of the sale, the chief executive officer owned 4,012 shares in the company, valued at approximately $2,830,987.56. This trade represents a 74.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on MCK shares. Citigroup lifted their price objective on shares of McKesson from $820.00 to $860.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. Evercore ISI restated an “outperform” rating and set a $1,000.00 target price on shares of McKesson in a research report on Thursday, November 6th. Jefferies Financial Group increased their price target on McKesson from $820.00 to $900.00 and gave the stock a “buy” rating in a research report on Monday, October 13th. Morgan Stanley lifted their price objective on McKesson from $857.00 to $916.00 and gave the company an “overweight” rating in a research note on Thursday, November 6th. Finally, Leerink Partners upped their target price on McKesson from $785.00 to $850.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, McKesson presently has an average rating of “Moderate Buy” and an average price target of $887.69.

McKesson 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.