Lakewood Asset Management LLC Has $4.88 Million Stake in McKesson Co. (NYSE:MCK)

Lakewood Asset Management LLC cut its holdings in McKesson Co. (NYSE:MCK) by 0.9% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 8,351 shares of the company’s stock after selling 74 shares during the period. McKesson comprises approximately 3.4% of Lakewood Asset Management LLC’s portfolio, making the stock its 4th largest holding. Lakewood Asset Management LLC’s holdings in McKesson were worth $4,877,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. First Western Trust Bank raised its stake in shares of McKesson by 2.0% during the first quarter. First Western Trust Bank now owns 913 shares of the company’s stock valued at $490,000 after acquiring an additional 18 shares during the last quarter. Lindbrook Capital LLC raised its stake in shares of McKesson by 1.7% during the first quarter. Lindbrook Capital LLC now owns 1,133 shares of the company’s stock valued at $608,000 after acquiring an additional 19 shares during the last quarter. KCM Investment Advisors LLC raised its stake in shares of McKesson by 1.4% during the first quarter. KCM Investment Advisors LLC now owns 1,355 shares of the company’s stock valued at $727,000 after acquiring an additional 19 shares during the last quarter. TCI Wealth Advisors Inc. raised its stake in shares of McKesson by 1.3% during the first quarter. TCI Wealth Advisors Inc. now owns 1,531 shares of the company’s stock valued at $822,000 after acquiring an additional 19 shares during the last quarter. Finally, QV Investors Inc. raised its stake in shares of McKesson by 0.6% during the second quarter. QV Investors Inc. now owns 3,479 shares of the company’s stock valued at $2,032,000 after acquiring an additional 20 shares during the last quarter. 85.07% of the stock is owned by institutional investors.

McKesson Stock Performance

Shares of NYSE:MCK traded up $2.30 during trading on Friday, reaching $547.71. 877,174 shares of the stock traded hands, compared to its average volume of 745,492. The stock has a 50-day moving average of $588.43 and a two-hundred day moving average of $552.35. McKesson Co. has a 52-week low of $404.72 and a 52-week high of $637.51. The stock has a market cap of $71.17 billion, a P/E ratio of 24.47, a price-to-earnings-growth ratio of 1.46 and a beta of 0.45.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, beating analysts’ consensus estimates of $7.21 by $0.67. McKesson had a net margin of 0.97% and a negative return on equity of 245.88%. The firm had revenue of $79.28 billion for the quarter, compared to analysts’ expectations of $82.53 billion. During the same quarter in the prior year, the company posted $7.27 earnings per share. The business’s revenue for the quarter was up 6.4% on a year-over-year basis. Sell-side analysts expect that McKesson Co. will post 31.68 earnings per share for the current year.

McKesson Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be issued a dividend of $0.71 per share. This is a boost from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Friday, August 30th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.52%. McKesson’s dividend payout ratio is presently 12.69%.

Insider Activity

In related news, EVP Thomas L. Rodgers sold 789 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $557.40, for a total value of $439,788.60. Following the sale, the executive vice president now owns 7,909 shares in the company, valued at $4,408,476.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Thomas L. Rodgers sold 789 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $557.40, for a total value of $439,788.60. Following the sale, the executive vice president now owns 7,909 shares in the company, valued at $4,408,476.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Brian S. Tyler sold 3,753 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $626.03, for a total transaction of $2,349,490.59. Following the completion of the sale, the chief executive officer now owns 82,339 shares in the company, valued at approximately $51,546,684.17. The disclosure for this sale can be found here. Insiders have sold a total of 32,713 shares of company stock worth $18,702,605 over the last 90 days. 0.11% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Citigroup upped their price objective on shares of McKesson from $620.00 to $670.00 and gave the company a “buy” rating in a research note on Friday, July 19th. Bank of America increased their price target on shares of McKesson from $590.00 to $670.00 and gave the stock a “buy” rating in a research note on Tuesday, June 25th. Mizuho increased their price target on shares of McKesson from $540.00 to $570.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. UBS Group increased their price target on shares of McKesson from $620.00 to $630.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Finally, Barclays increased their price target on shares of McKesson from $596.00 to $616.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. Two analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $609.79.

McKesson Company 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.