Angeles Investment Advisors LLC Has $253,000 Stock Position in McKesson Co. (NYSE:MCK)

Angeles Investment Advisors LLC reduced its position in McKesson Co. (NYSE:MCK) by 53.8% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 433 shares of the company’s stock after selling 505 shares during the period. Angeles Investment Advisors LLC’s holdings in McKesson were worth $253,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the company. RFP Financial Group LLC lifted its stake in McKesson by 9.8% in the 2nd quarter. RFP Financial Group LLC now owns 191 shares of the company’s stock valued at $112,000 after purchasing an additional 17 shares during the last quarter. Modera Wealth Management LLC lifted its stake in McKesson by 2.2% in the 2nd quarter. Modera Wealth Management LLC now owns 804 shares of the company’s stock valued at $470,000 after purchasing an additional 17 shares during the last quarter. Larson Financial Group LLC lifted its stake in McKesson by 1.6% in the 2nd quarter. Larson Financial Group LLC now owns 1,094 shares of the company’s stock valued at $639,000 after purchasing an additional 17 shares during the last quarter. First Western Trust Bank lifted its stake in McKesson by 2.0% in the 1st quarter. First Western Trust Bank now owns 913 shares of the company’s stock valued at $490,000 after purchasing an additional 18 shares during the last quarter. Finally, Lindbrook Capital LLC lifted its stake in McKesson by 1.7% in the 1st quarter. Lindbrook Capital LLC now owns 1,133 shares of the company’s stock valued at $608,000 after purchasing an additional 19 shares during the last quarter. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have issued reports on MCK shares. Wells Fargo & Company cut their price objective on shares of McKesson from $576.00 to $535.00 and set an “equal weight” rating for the company in a research report on Friday. Leerink Partners cut their price objective on shares of McKesson from $670.00 to $665.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th. Citigroup cut their price objective on shares of McKesson from $670.00 to $630.00 and set a “buy” rating for the company in a research report on Tuesday, September 10th. Bank of America raised their price objective on shares of McKesson from $590.00 to $670.00 and gave the stock a “buy” rating in a research report on Tuesday, June 25th. Finally, JPMorgan Chase & Co. raised their price objective on shares of McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, McKesson presently has an average rating of “Moderate Buy” and a consensus target price of $620.93.

Insiders Place Their Bets

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction 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 sale, the chief executive officer now owns 78,586 shares of the company’s stock, valued at $44,094,604.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last quarter, insiders have sold 11,259 shares of company stock valued at $6,635,492. 0.11% of the stock is currently owned by insiders.

McKesson Price Performance

Shares of NYSE:MCK opened at $519.82 on Tuesday. The company’s 50 day simple moving average is $565.94 and its 200 day simple moving average is $557.75. The stock has a market capitalization of $67.41 billion, a price-to-earnings ratio of 23.23, a price-to-earnings-growth ratio of 1.18 and a beta of 0.44. McKesson Co. has a 1 year low of $422.15 and a 1 year high of $637.51.

McKesson (NYSE:MCK) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $7.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.21 by $0.67. The business had revenue of $79.28 billion for the quarter, compared to analysts’ expectations of $82.53 billion. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The firm’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same period last year, the firm posted $7.27 earnings per share. As a group, analysts anticipate that McKesson Co. will post 32.11 EPS for the current fiscal year.

McKesson Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 2nd will be paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.55%. 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 payout ratio is presently 12.69%.

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.