Hanson & Doremus Investment Management Sells 54 Shares of McKesson Co. (NYSE:MCK)

Hanson & Doremus Investment Management trimmed its stake in shares of McKesson Co. (NYSE:MCK) by 1.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,141 shares of the company’s stock after selling 54 shares during the quarter. Hanson & Doremus Investment Management’s holdings in McKesson were worth $2,419,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. RFP Financial Group LLC raised its position in shares of McKesson by 9.8% during the second quarter. RFP Financial Group LLC now owns 191 shares of the company’s stock worth $112,000 after acquiring an additional 17 shares during the last quarter. Modera Wealth Management LLC raised its position in shares of McKesson by 2.2% during the second quarter. Modera Wealth Management LLC now owns 804 shares of the company’s stock worth $470,000 after acquiring an additional 17 shares during the last quarter. Larson Financial Group LLC grew its stake in McKesson by 1.6% during the second quarter. Larson Financial Group LLC now owns 1,094 shares of the company’s stock worth $639,000 after purchasing an additional 17 shares during the period. First Western Trust Bank grew its stake in McKesson by 2.0% during the first quarter. First Western Trust Bank now owns 913 shares of the company’s stock worth $490,000 after purchasing an additional 18 shares during the period. Finally, Lindbrook Capital LLC grew its stake in McKesson by 1.7% during the first quarter. Lindbrook Capital LLC now owns 1,133 shares of the company’s stock worth $608,000 after purchasing an additional 19 shares during the period. 85.07% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on MCK shares. Barclays raised their target price on McKesson from $596.00 to $616.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. StockNews.com cut McKesson from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 9th. Citigroup decreased their target price on McKesson from $670.00 to $630.00 and set a “buy” rating for the company in a research note on Tuesday, September 10th. Mizuho raised their target price on McKesson from $540.00 to $570.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Finally, JPMorgan Chase & Co. raised their price objective on McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.93.

Insider Activity

In related news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction 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 directly owns 82,339 shares in the company, valued at $51,546,684.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 11,259 shares of company stock worth $6,635,492 over the last 90 days. 0.11% of the stock is currently owned by corporate insiders.

McKesson Stock Up 1.5 %

MCK stock opened at $518.81 on Friday. McKesson Co. has a twelve month low of $417.65 and a twelve month high of $637.51. The stock’s 50 day moving average is $567.33 and its 200-day moving average is $557.52. The firm has a market capitalization of $67.28 billion, a PE ratio of 23.18, a P/E/G ratio of 1.18 and a beta of 0.44.

McKesson (NYSE:MCK) last posted its earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, beating analysts’ consensus estimates of $7.21 by $0.67. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The company had revenue of $79.28 billion for the quarter, compared to analyst estimates of $82.53 billion. During the same quarter last year, the company earned $7.27 earnings per share. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. On average, equities research analysts anticipate that McKesson Co. will post 32.11 earnings per share for the current fiscal year.

McKesson Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be issued a $0.71 dividend. 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 positive change from McKesson’s previous quarterly dividend of $0.62. McKesson’s dividend payout ratio (DPR) is currently 12.69%.

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.