Freedom Investment Management Inc. Sells 400 Shares of McKesson Co. (NYSE:MCK)

Freedom Investment Management Inc. lessened its holdings in shares of McKesson Co. (NYSE:MCK) by 37.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 663 shares of the company’s stock after selling 400 shares during the quarter. Freedom Investment Management Inc.’s holdings in McKesson were worth $328,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Cynosure Group LLC raised its holdings in shares of McKesson by 151.5% in the 3rd quarter. Cynosure Group LLC now owns 1,597 shares of the company’s stock worth $790,000 after acquiring an additional 962 shares during the last quarter. Brooklyn Investment Group raised its stake in shares of McKesson by 12.1% in the third quarter. Brooklyn Investment Group now owns 1,041 shares of the company’s stock worth $515,000 after purchasing an additional 112 shares during the last quarter. FMR LLC lifted its holdings in shares of McKesson by 17.3% in the third quarter. FMR LLC now owns 2,968,239 shares of the company’s stock valued at $1,467,557,000 after purchasing an additional 438,423 shares in the last quarter. Dai ichi Life Insurance Company Ltd boosted its position in shares of McKesson by 3.5% during the third quarter. Dai ichi Life Insurance Company Ltd now owns 57,452 shares of the company’s stock valued at $28,405,000 after buying an additional 1,960 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in McKesson by 55.8% during the third quarter. The Manufacturers Life Insurance Company now owns 1,189,377 shares of the company’s stock worth $588,048,000 after buying an additional 425,875 shares in the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.

Insider Buying and Selling at McKesson

In other news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction on Thursday, September 5th. The stock was 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 directly owns 78,586 shares in the company, valued at approximately $44,094,604.60. The trade was a 4.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.11% of the company’s stock.

McKesson Price Performance

Shares of NYSE MCK opened at $628.50 on Friday. The business’s fifty day moving average price is $542.22 and its 200-day moving average price is $559.96. McKesson Co. has a one year low of $431.35 and a one year high of $637.51. The stock has a market capitalization of $79.78 billion, a PE ratio of 32.55, a P/E/G ratio of 1.35 and a beta of 0.44.

McKesson (NYSE:MCK) last issued its earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share for the quarter, topping analysts’ consensus estimates of $6.88 by $0.19. McKesson had a net margin of 0.77% and a negative return on equity of 207.50%. The firm had revenue of $93.65 billion during the quarter, compared to analyst estimates of $89.33 billion. During the same quarter last year, the business earned $6.23 earnings per share. The company’s quarterly revenue was up 21.3% on a year-over-year basis. As a group, equities analysts expect that McKesson Co. will post 32.78 EPS for the current fiscal year.

McKesson Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 2nd will be paid a $0.71 dividend. The ex-dividend date is Monday, December 2nd. This represents a $2.84 dividend on an annualized basis and a yield of 0.45%. McKesson’s dividend payout ratio is 14.71%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on MCK shares. Barclays lifted their price objective on shares of McKesson from $596.00 to $616.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Baird R W upgraded shares of McKesson from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 7th. Leerink Partners decreased their price objective on shares of McKesson from $665.00 to $630.00 and set an “outperform” rating for the company in a research note on Monday, October 7th. Evercore ISI boosted their target price on McKesson from $560.00 to $680.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Finally, Wells Fargo & Company dropped their price target on McKesson from $576.00 to $535.00 and set an “equal weight” rating on the stock in a report on Friday, September 13th. Two equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $631.57.

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.