Drive Wealth Management LLC Decreases Stake in McKesson Co. (NYSE:MCK)

Drive Wealth Management LLC decreased its stake in McKesson Co. (NYSE:MCK) by 2.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 956 shares of the company’s stock after selling 22 shares during the period. Drive Wealth Management LLC’s holdings in McKesson were worth $473,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Cynosure Group LLC purchased a new position in McKesson during the 1st quarter valued at about $320,000. UniSuper Management Pty Ltd grew its position in shares of McKesson by 212.0% in the first quarter. UniSuper Management Pty Ltd now owns 3,572 shares of the company’s stock valued at $1,918,000 after purchasing an additional 2,427 shares during the period. Capitolis Liquid Global Markets LLC purchased a new position in McKesson during the first quarter worth about $18,790,000. Bessemer Group Inc. grew its holdings in McKesson by 3,621.7% in the 1st quarter. Bessemer Group Inc. now owns 349,395 shares of the company’s stock valued at $187,572,000 after buying an additional 340,007 shares during the period. Finally, Lake Street Advisors Group LLC increased its stake in shares of McKesson by 33.9% during the 1st quarter. Lake Street Advisors Group LLC now owns 2,063 shares of the company’s stock valued at $1,109,000 after acquiring an additional 522 shares during the last quarter. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Insider Activity at McKesson

In other news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $561.10, for a total value of $2,105,808.30. Following the completion of the transaction, the chief executive officer now owns 78,586 shares in the company, valued at approximately $44,094,604.60. This trade represents a 4.56 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.11% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Leerink Partners dropped their price objective on McKesson from $665.00 to $630.00 and set an “outperform” rating for the company in a report on Monday, October 7th. Evercore ISI increased their target price on McKesson from $560.00 to $680.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Robert W. Baird upgraded McKesson from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $531.00 to $688.00 in a research note on Thursday, November 7th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on McKesson from $623.00 to $579.00 and set a “buy” rating on the stock in a research note on Wednesday, September 25th. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $631.57.

McKesson Stock Down 0.6 %

Shares of NYSE MCK opened at $606.29 on Monday. McKesson Co. has a fifty-two week low of $431.35 and a fifty-two week high of $637.51. The business has a 50 day moving average price of $520.01 and a two-hundred day moving average price of $554.57. The firm has a market cap of $76.96 billion, a PE ratio of 31.40, a price-to-earnings-growth ratio of 1.31 and a beta of 0.44.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.88 by $0.19. McKesson had a net margin of 0.77% and a negative return on equity of 207.50%. The business had revenue of $93.65 billion during the quarter, compared to analyst estimates of $89.33 billion. During the same quarter in the previous year, the firm earned $6.23 earnings per share. The business’s revenue was up 21.3% compared to the same quarter last year. On average, analysts anticipate that McKesson Co. will post 32.81 earnings per share for the current year.

McKesson Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 2nd will be paid a $0.71 dividend. The ex-dividend date is Monday, December 2nd. This represents a $2.84 dividend on an annualized basis and a yield of 0.47%. McKesson’s dividend payout ratio (DPR) is 14.71%.

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.