Carnegie Investment Counsel Sells 500 Shares of McKesson Co. (NYSE:MCK)

Carnegie Investment Counsel reduced its stake in McKesson Co. (NYSE:MCK) by 34.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 970 shares of the company’s stock after selling 500 shares during the period. Carnegie Investment Counsel’s holdings in McKesson were worth $480,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of MCK. Richardson Financial Services Inc. bought a new stake in McKesson in the 4th quarter valued at $31,000. SageView Advisory Group LLC bought a new stake in McKesson in the 4th quarter valued at $710,000. HighPoint Advisor Group LLC bought a new stake in shares of McKesson in the 4th quarter worth about $1,856,000. Nomura Holdings Inc. bought a new stake in shares of McKesson in the 4th quarter worth about $1,244,000. Finally, CWM LLC increased its holdings in shares of McKesson by 13.1% in the 1st quarter. CWM LLC now owns 5,590 shares of the company’s stock worth $3,001,000 after buying an additional 646 shares during the last quarter. 85.07% of the stock is currently owned by institutional investors.

McKesson Price Performance

McKesson stock opened at $509.72 on Tuesday. The stock has a market cap of $66.23 billion, a price-to-earnings ratio of 22.78, a price-to-earnings-growth ratio of 1.17 and a beta of 0.44. McKesson Co. has a 1 year low of $431.35 and a 1 year high of $637.51. The firm has a 50-day moving average of $526.66 and a two-hundred day moving average of $552.88.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, beating the consensus estimate of $7.21 by $0.67. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The business had revenue of $79.28 billion during the quarter, compared to analyst estimates of $82.53 billion. During the same quarter in the previous year, the business posted $7.27 EPS. The company’s quarterly revenue was up 6.4% compared to the same quarter last year. Research analysts expect that McKesson Co. will post 32.07 earnings per share for the current year.

McKesson Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd were issued a $0.71 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $2.84 annualized dividend and a dividend yield of 0.56%. This is a positive change from McKesson’s previous quarterly dividend of $0.62. McKesson’s payout ratio is currently 12.69%.

Wall Street Analysts Forecast Growth

MCK has been the topic of a number of research reports. Robert W. Baird restated a “neutral” rating and issued a $531.00 target price (down from $603.00) on shares of McKesson in a report on Tuesday, September 24th. Wells Fargo & Company reduced their target price on shares of McKesson from $576.00 to $535.00 and set an “equal weight” rating on the stock in a report on Friday, September 13th. Barclays boosted their target price on shares of McKesson from $596.00 to $616.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. JPMorgan Chase & Co. lifted their price target on shares of McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Finally, Mizuho lifted 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. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $610.86.

Insider Buying and Selling

In related 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 transaction of $2,105,808.30. Following the completion of the transaction, the chief executive officer now owns 78,586 shares in the company, valued at $44,094,604.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.11% of the stock is currently owned by company insiders.

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.