McKesson Co. (NYSE:MCK) Stake Cut by Meyer Handelman Co.

Meyer Handelman Co. reduced its holdings in shares of McKesson Co. (NYSE:MCK) by 1.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 111,239 shares of the company’s stock after selling 1,253 shares during the period. McKesson makes up 2.2% of Meyer Handelman Co.’s investment portfolio, making the stock its 10th largest holding. Meyer Handelman Co.’s holdings in McKesson were worth $63,396,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wolff Wiese Magana LLC boosted its holdings in shares of McKesson by 742.9% in the third quarter. Wolff Wiese Magana LLC now owns 59 shares of the company’s stock valued at $29,000 after acquiring an additional 52 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in shares of McKesson in the third quarter valued at about $29,000. RPg Family Wealth Advisory LLC purchased a new stake in shares of McKesson in the third quarter valued at about $31,000. ORG Wealth Partners LLC purchased a new stake in shares of McKesson in the third quarter valued at about $40,000. Finally, Bruce G. Allen Investments LLC boosted its holdings in shares of McKesson by 51.9% in the fourth quarter. Bruce G. Allen Investments LLC now owns 82 shares of the company’s stock valued at $47,000 after acquiring an additional 28 shares in the last quarter. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Trading Up 1.5 %

Shares of MCK opened at $594.11 on Wednesday. The stock has a market cap of $75.42 billion, a P/E ratio of 30.77, a PEG ratio of 1.25 and a beta of 0.52. The company has a 50-day moving average of $595.09 and a two-hundred day moving average of $560.90. McKesson Co. has a 12-month low of $464.42 and a 12-month high of $637.51.

McKesson (NYSE:MCK) last announced its earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.88 by $0.19. The company had revenue of $93.65 billion during the quarter, compared to analysts’ expectations of $89.33 billion. McKesson had a net margin of 0.77% and a negative return on equity of 207.50%. The firm’s quarterly revenue was up 21.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $6.23 earnings per share. As a group, analysts forecast that McKesson Co. will post 32.73 EPS for the current fiscal year.

McKesson Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd were given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date of this dividend was Monday, December 2nd. McKesson’s dividend payout ratio is presently 14.71%.

Analyst Ratings Changes

Several analysts have recently weighed in on MCK shares. Citigroup lowered their target price on shares of McKesson from $713.00 to $677.00 and set a “buy” rating on the stock in a report on Friday, January 10th. Leerink Partners lowered their target price on shares of McKesson from $665.00 to $630.00 and set an “outperform” rating on the stock in a report on Monday, October 7th. Bank of America decreased their price objective on shares of McKesson from $680.00 to $650.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Robert W. Baird raised shares of McKesson from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $531.00 to $688.00 in a report on Thursday, November 7th. Finally, Morgan Stanley boosted their price objective on shares of McKesson from $612.00 to $642.00 and gave the stock an “overweight” rating in a report on Tuesday, December 17th. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, McKesson currently has an average rating of “Moderate Buy” and an average target price of $646.14.

Insider Activity

In other news, EVP Leann B. Smith sold 579 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $572.79, for a total value of $331,645.41. Following the completion of the transaction, the executive vice president now owns 864 shares of the company’s stock, valued at $494,890.56. The trade was a 40.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.11% of the company’s stock.

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.