Pzena Investment Management LLC Lowers Stock Holdings in McKesson Co. (NYSE:MCK)

Pzena Investment Management LLC cut its stake in shares of McKesson Co. (NYSE:MCK) by 31.5% during the second quarter, HoldingsChannel.com reports. The fund owned 67,079 shares of the company’s stock after selling 30,885 shares during the quarter. Pzena Investment Management LLC’s holdings in McKesson were worth $39,177,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. RFP Financial Group LLC grew its stake in McKesson by 9.8% in the second quarter. RFP Financial Group LLC now owns 191 shares of the company’s stock worth $112,000 after purchasing an additional 17 shares in the last quarter. Modera Wealth Management LLC grew its position in shares of McKesson by 2.2% during the 2nd quarter. Modera Wealth Management LLC now owns 804 shares of the company’s stock worth $470,000 after buying an additional 17 shares in the last quarter. First Western Trust Bank increased its stake in shares of McKesson by 2.0% during the first quarter. First Western Trust Bank now owns 913 shares of the company’s stock valued at $490,000 after buying an additional 18 shares during the period. Lindbrook Capital LLC raised its holdings in shares of McKesson by 1.7% in the first quarter. Lindbrook Capital LLC now owns 1,133 shares of the company’s stock valued at $608,000 after acquiring an additional 19 shares in the last quarter. Finally, KCM Investment Advisors LLC lifted its stake in McKesson by 1.4% in the first quarter. KCM Investment Advisors LLC now owns 1,355 shares of the company’s stock worth $727,000 after acquiring an additional 19 shares during the period. Institutional investors own 85.07% of the company’s stock.

McKesson Stock Performance

McKesson stock opened at $573.95 on Wednesday. The stock has a market cap of $74.43 billion, a PE ratio of 25.65, a price-to-earnings-growth ratio of 1.29 and a beta of 0.45. The stock has a 50-day moving average of $578.48 and a two-hundred day moving average of $557.54. McKesson Co. has a one year low of $404.72 and a one year high of $637.51.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $7.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.21 by $0.67. The firm had revenue of $79.28 billion for the quarter, compared to the consensus estimate of $82.53 billion. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The company’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $7.27 earnings per share. As a group, sell-side analysts predict that McKesson Co. will post 32.14 EPS for the current fiscal year.

McKesson Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, August 30th. This is a positive change from McKesson’s previous quarterly dividend of $0.62. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.49%. McKesson’s payout ratio is 11.08%.

Insider Activity at McKesson

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $51,546,684.17. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other McKesson news, EVP Leann B. Smith sold 600 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $585.53, for a total transaction of $351,318.00. Following the completion of the transaction, the executive vice president now directly owns 2,022 shares of the company’s stock, valued at approximately $1,183,941.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction that occurred on Monday, August 5th. The shares were 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 $51,546,684.17. The disclosure for this sale can be found here. Insiders have sold a total of 8,589 shares of company stock valued at $5,163,981 in the last ninety days. Company insiders own 0.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on MCK. Bank of America raised their target price on shares of McKesson from $590.00 to $670.00 and gave the company a “buy” rating in a research report on Tuesday, June 25th. StockNews.com downgraded shares of McKesson from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 9th. TD Cowen upped their target price on McKesson from $563.00 to $652.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Citigroup lifted their price target on McKesson from $620.00 to $670.00 and gave the company a “buy” rating in a report on Friday, July 19th. Finally, Evercore ISI decreased their price objective on McKesson from $660.00 to $630.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, McKesson currently has an average rating of “Moderate Buy” and an average price target of $620.29.

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.