Lake Street Advisors Group LLC Sells 37 Shares of McKesson Co. (NYSE:MCK)

Lake Street Advisors Group LLC cut its holdings in shares of McKesson Co. (NYSE:MCK) by 1.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,026 shares of the company’s stock after selling 37 shares during the quarter. Lake Street Advisors Group LLC’s holdings in McKesson were worth $1,185,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. LRI Investments LLC acquired a new stake in McKesson in the first quarter valued at approximately $28,000. Register Financial Advisors LLC bought a new position in shares of McKesson during the first quarter valued at $29,000. Sachetta LLC bought a new position in shares of McKesson during the fourth quarter valued at $27,000. Newbridge Financial Services Group Inc. raised its stake in shares of McKesson by 333.3% during the first quarter. Newbridge Financial Services Group Inc. now owns 65 shares of the company’s stock valued at $35,000 after acquiring an additional 50 shares during the last quarter. Finally, Richardson Financial Services Inc. bought a new position in shares of McKesson during the fourth quarter valued at $31,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

McKesson Stock Down 2.1 %

MCK opened at $504.17 on Friday. McKesson Co. has a 52-week low of $412.64 and a 52-week high of $637.51. The company has a market cap of $65.51 billion, a P/E ratio of 22.53, a price-to-earnings-growth ratio of 1.29 and a beta of 0.44. The firm’s 50-day moving average price is $574.75 and its 200-day moving average price is $557.64.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $82.53 billion. During the same quarter last year, the company earned $7.27 EPS. The business’s revenue was up 6.4% on a year-over-year basis. On average, research analysts anticipate that McKesson Co. will post 32.14 EPS for the current fiscal year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be paid a dividend of $0.71 per share. 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. This is a boost from McKesson’s previous quarterly dividend of $0.62. McKesson’s dividend payout ratio is 12.69%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MCK. Mizuho lifted their target price 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. Citigroup lifted their target price on shares of McKesson from $620.00 to $670.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Evercore ISI lowered their target price on shares of McKesson from $660.00 to $630.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Barclays lifted their price target on shares of McKesson from $596.00 to $616.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Finally, Bank of America lifted their price target on shares of McKesson from $590.00 to $670.00 and gave the company a “buy” rating in a research note on Tuesday, June 25th. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, McKesson currently has an average rating of “Moderate Buy” and a consensus price target of $624.93.

Insider Transactions at McKesson

In related news, EVP Leann B. Smith sold 600 shares of the company’s stock in a transaction 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 transaction, the executive vice president now owns 2,022 shares of the company’s stock, valued at $1,183,941.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Leann B. Smith sold 600 shares of the company’s stock in a transaction 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 transaction, the executive vice president now owns 2,022 shares of the company’s stock, valued at $1,183,941.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $580.92, for a total value of $2,180,192.76. Following the completion of the sale, the chief executive officer now directly owns 86,092 shares in the company, valued at approximately $50,012,564.64. The disclosure for this sale can be found here. Insiders sold 11,859 shares of company stock worth $6,986,810 over the last 90 days. 0.11% of the stock is currently owned by 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.