Private Wealth Partners LLC Decreases Stock Position in McKesson Co. (NYSE:MCK)

Private Wealth Partners LLC cut its position in McKesson Co. (NYSE:MCK) by 0.3% in the 2nd quarter, Holdings Channel.com reports. The firm owned 49,459 shares of the company’s stock after selling 150 shares during the quarter. McKesson comprises 2.1% of Private Wealth Partners LLC’s holdings, making the stock its 15th largest position. Private Wealth Partners LLC’s holdings in McKesson were worth $28,886,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Beverly Hills Private Wealth LLC boosted its stake in McKesson by 48.0% during the 2nd quarter. Beverly Hills Private Wealth LLC now owns 1,591 shares of the company’s stock valued at $929,000 after acquiring an additional 516 shares during the last quarter. Achmea Investment Management B.V. boosted its stake in McKesson by 1.7% during the 2nd quarter. Achmea Investment Management B.V. now owns 41,453 shares of the company’s stock valued at $24,210,000 after acquiring an additional 691 shares during the last quarter. Jupiter Asset Management Ltd. boosted its stake in McKesson by 39.1% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 115,162 shares of the company’s stock valued at $67,259,000 after acquiring an additional 32,380 shares during the last quarter. American Century Companies Inc. boosted its stake in McKesson by 134.6% during the 2nd quarter. American Century Companies Inc. now owns 220,619 shares of the company’s stock valued at $128,850,000 after acquiring an additional 126,567 shares during the last quarter. Finally, Wellington Shields & Co. LLC boosted its stake in McKesson by 42.2% during the 2nd quarter. Wellington Shields & Co. LLC now owns 2,170 shares of the company’s stock valued at $1,267,000 after acquiring an additional 644 shares during the last quarter. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

McKesson Stock Up 0.9 %

Shares of MCK opened at $510.45 on Thursday. The stock has a market capitalization of $66.20 billion, a P/E ratio of 22.81, a P/E/G ratio of 1.16 and a beta of 0.44. McKesson Co. has a twelve month low of $417.65 and a twelve month high of $637.51. The company has a 50 day moving average of $570.15 and a 200-day moving average of $557.58.

McKesson (NYSE:MCK) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.21 by $0.67. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The business had revenue of $79.28 billion during the quarter, compared to the consensus estimate of $82.53 billion. During the same quarter last year, the firm posted $7.27 EPS. The company’s quarterly revenue was up 6.4% on a year-over-year basis. On average, sell-side analysts anticipate that McKesson Co. will post 32.14 earnings per share for the current fiscal 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. This represents a $2.84 annualized dividend and a dividend yield of 0.56%. The ex-dividend date of this dividend is Friday, August 30th. McKesson’s payout ratio is 12.69%.

Insider Transactions at McKesson

In related news, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction 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 $51,546,684.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders have sold 11,259 shares of company stock worth $6,635,492. Insiders own 0.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MCK. Mizuho increased their target price on shares of McKesson from $540.00 to $570.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Evercore ISI dropped their price objective on shares of McKesson from $660.00 to $630.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Leerink Partners dropped their price objective on shares of McKesson from $670.00 to $665.00 and set an “outperform” rating on the stock in a report on Thursday, September 5th. JPMorgan Chase & Co. increased their price objective on shares of McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Finally, Bank of America increased their price objective on shares of McKesson from $590.00 to $670.00 and gave the stock a “buy” rating in a report on Tuesday, June 25th. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $622.07.

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.