Eagle Bay Advisors LLC Sells 82 Shares of McKesson Co. (NYSE:MCK)

Eagle Bay Advisors LLC decreased its position in shares of McKesson Co. (NYSE:MCK) by 33.1% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 166 shares of the company’s stock after selling 82 shares during the quarter. Eagle Bay Advisors LLC’s holdings in McKesson were worth $97,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of MCK. Norges Bank bought a new position in shares of McKesson in the fourth quarter worth about $1,024,140,000. Swedbank AB bought a new stake in shares of McKesson during the first quarter valued at approximately $669,326,000. TD Asset Management Inc lifted its holdings in shares of McKesson by 202.8% in the fourth quarter. TD Asset Management Inc now owns 602,138 shares of the company’s stock worth $278,778,000 after buying an additional 403,312 shares in the last quarter. Bessemer Group Inc. boosted its position in shares of McKesson by 3,621.7% during the first quarter. Bessemer Group Inc. now owns 349,395 shares of the company’s stock worth $187,572,000 after acquiring an additional 340,007 shares during the last quarter. Finally, Bristol Gate Capital Partners Inc. purchased a new position in McKesson during the first quarter valued at $97,510,000. Institutional investors own 85.07% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Mizuho boosted 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 McKesson from $620.00 to $630.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Argus lifted their price objective on McKesson from $570.00 to $670.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. Citigroup upped their price objective on McKesson from $620.00 to $670.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of McKesson from $547.00 to $545.00 and set a “buy” rating for the company in a report on Thursday, May 9th. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $620.29.

McKesson Price Performance

Shares of MCK traded up $4.41 during midday trading on Wednesday, hitting $555.13. The stock had a trading volume of 144,549 shares, compared to its average volume of 737,983. McKesson Co. has a 1 year low of $404.72 and a 1 year high of $637.51. The stock’s 50 day moving average is $583.78 and its 200 day moving average is $555.13. The firm has a market cap of $72.13 billion, a PE ratio of 24.61, a price-to-earnings-growth ratio of 1.46 and a beta of 0.45.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, topping 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 company had revenue of $79.28 billion for the quarter, compared to analyst estimates of $82.53 billion. During the same period in the prior year, the company posted $7.27 EPS. The firm’s revenue for the quarter was up 6.4% on a year-over-year basis. As a group, equities research analysts expect that McKesson Co. will post 31.68 earnings per share for the current fiscal year.

McKesson Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 2nd will be issued a dividend of $0.71 per share. The ex-dividend date is Friday, August 30th. This represents a $2.84 dividend on an annualized basis and a yield of 0.51%. This is a boost from McKesson’s previous quarterly dividend of $0.62. McKesson’s payout ratio is presently 12.69%.

Insider Buying and Selling at McKesson

In related news, CEO Brian S. Tyler sold 3,753 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $574.41, for a total value of $2,155,760.73. Following the transaction, the chief executive officer now owns 89,845 shares of the company’s stock, valued at approximately $51,607,866.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Thomas L. Rodgers sold 5,232 shares of the stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $560.99, for a total value of $2,935,099.68. Following the transaction, the executive vice president now owns 2,544 shares of the company’s stock, valued at $1,427,158.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Brian S. Tyler sold 3,753 shares of the firm’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $574.41, for a total value of $2,155,760.73. Following the transaction, the chief executive officer now owns 89,845 shares in the company, valued at $51,607,866.45. The disclosure for this sale can be found here. Insiders have sold 17,574 shares of company stock valued at $10,254,842 in the last quarter. 0.11% of the stock is owned by insiders.

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.