IFM Investors Pty Ltd Cuts Stake in McKesson Co. (NYSE:MCK)

IFM Investors Pty Ltd lowered its stake in McKesson Co. (NYSE:MCK) by 0.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 26,140 shares of the company’s stock after selling 205 shares during the quarter. IFM Investors Pty Ltd’s holdings in McKesson were worth $12,924,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of MCK. LRI Investments LLC acquired a new stake in McKesson in the first quarter valued at approximately $28,000. Register Financial Advisors LLC acquired a new stake in McKesson during the 1st quarter valued at $29,000. Wolff Wiese Magana LLC increased its stake in McKesson by 742.9% during the 3rd quarter. Wolff Wiese Magana LLC now owns 59 shares of the company’s stock worth $29,000 after buying an additional 52 shares during the period. ORG Wealth Partners LLC acquired a new position in McKesson in the 3rd quarter worth $40,000. Finally, ZRC Wealth Management LLC purchased a new position in McKesson in the 1st quarter valued at about $48,000. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

McKesson Trading Up 0.6 %

NYSE:MCK opened at $504.96 on Friday. The stock has a 50 day moving average of $518.29 and a 200-day moving average of $551.37. The firm has a market capitalization of $65.61 billion, a PE ratio of 22.56, a price-to-earnings-growth ratio of 1.17 and a beta of 0.44. McKesson Co. has a 52 week low of $431.35 and a 52 week high of $637.51.

McKesson (NYSE:MCK) last issued its earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, topping 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 firm had revenue of $79.28 billion for the quarter, compared to analyst estimates of $82.53 billion. During the same period last year, the company earned $7.27 earnings per share. The firm’s revenue for the quarter was up 6.4% on a year-over-year basis. As a group, analysts predict that McKesson Co. will post 32.07 EPS for the current fiscal year.

McKesson Increases Dividend

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

Insiders Place Their Bets

In other news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction that occurred 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 sale, the chief executive officer now owns 82,339 shares of the company’s stock, valued at approximately $51,546,684.17. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.11% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

MCK has been the topic of several recent analyst reports. Wells Fargo & Company cut their price target on McKesson from $576.00 to $535.00 and set an “equal weight” rating on the stock in a research note on Friday, September 13th. Citigroup cut their target price on McKesson from $670.00 to $630.00 and set a “buy” rating on the stock in a research report on Tuesday, September 10th. Leerink Partners decreased their price target on shares of McKesson from $665.00 to $630.00 and set an “outperform” rating for the company in a research report on Monday, October 7th. JPMorgan Chase & Co. upped their price target on shares of McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Finally, Barclays raised 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. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, McKesson has an average rating of “Moderate Buy” and a consensus price target of $610.86.

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.