Chicago Capital LLC Sells 118 Shares of McKesson Co. (NYSE:MCK)

Chicago Capital LLC reduced its holdings in shares of McKesson Co. (NYSE:MCK) by 0.8% in the second quarter, Holdings Channel reports. The institutional investor owned 14,945 shares of the company’s stock after selling 118 shares during the period. Chicago Capital LLC’s holdings in McKesson were worth $8,728,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Councilmark Asset Management LLC acquired a new position in shares of McKesson during the first quarter valued at about $5,160,000. Atlantic Edge Private Wealth Management LLC purchased a new position in McKesson during the fourth quarter worth about $2,487,000. Treasurer of the State of North Carolina boosted its holdings in McKesson by 6.5% during the fourth quarter. Treasurer of the State of North Carolina now owns 65,266 shares of the company’s stock worth $30,217,000 after purchasing an additional 3,982 shares during the last quarter. BDF Gestion purchased a new position in McKesson during the second quarter worth about $3,504,000. Finally, Bornite Capital Management LP purchased a new position in McKesson during the fourth quarter worth about $34,724,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $561.10, for a total value of $2,105,808.30. Following the completion of the transaction, the chief executive officer now owns 78,586 shares of the company’s stock, valued at approximately $44,094,604.60. The transaction was disclosed in a filing with the SEC, which is available through this link. In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $561.10, for a total value of $2,105,808.30. Following the completion of the transaction, the chief executive officer now owns 78,586 shares of the company’s stock, valued at approximately $44,094,604.60. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Leann B. Smith sold 600 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $585.53, for a total transaction of $351,318.00. Following the completion of the transaction, the executive vice president now directly owns 2,022 shares of the company’s stock, valued at approximately $1,183,941.66. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,859 shares of company stock valued at $6,986,810. Company insiders own 0.11% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on MCK. Mizuho boosted their price target on shares of McKesson from $540.00 to $570.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Leerink Partners cut their price target on shares of McKesson from $670.00 to $665.00 and set an “outperform” rating on the stock in a report on Thursday. Robert W. Baird lowered their price objective on shares of McKesson from $694.00 to $671.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. StockNews.com lowered shares of McKesson from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 9th. Finally, Bank of America lifted their price objective on shares of McKesson from $590.00 to $670.00 and gave the stock a “buy” rating in a research report on Tuesday, June 25th. Two analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, McKesson presently has a consensus rating of “Moderate Buy” and an average price target of $624.93.

McKesson Trading Down 2.1 %

Shares of NYSE MCK traded down $10.58 during midday trading on Friday, hitting $504.17. The company’s stock had a trading volume of 1,924,323 shares, compared to its average volume of 761,035. The stock has a fifty day moving average price of $574.75 and a 200 day moving average price of $557.29. McKesson Co. has a one year low of $412.64 and a one year high of $637.51. The firm has a market capitalization of $65.51 billion, a price-to-earnings ratio of 22.53, a P/E/G ratio of 1.29 and a beta of 0.44.

McKesson (NYSE:MCK) last posted its earnings results 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. The business had revenue of $79.28 billion for the quarter, compared to analyst estimates of $82.53 billion. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. McKesson’s revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $7.27 EPS. On average, equities research analysts predict that McKesson Co. will post 32.14 earnings per share for the current fiscal year.

McKesson Increases Dividend

The company also recently announced 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. This represents a $2.84 dividend on an annualized basis and a yield of 0.56%. The ex-dividend date is Friday, August 30th. This is a positive change from McKesson’s previous quarterly dividend of $0.62. McKesson’s dividend payout ratio is 12.69%.

About McKesson

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.