McKesson Co. (NYSE:MCK) Shares Sold by Inlet Private Wealth LLC

Inlet Private Wealth LLC cut its holdings in McKesson Co. (NYSE:MCK) by 2.0% during the fourth quarter, HoldingsChannel reports. The fund owned 22,110 shares of the company’s stock after selling 445 shares during the period. McKesson comprises 3.3% of Inlet Private Wealth LLC’s holdings, making the stock its 4th biggest position. Inlet Private Wealth LLC’s holdings in McKesson were worth $12,601,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in MCK. Massachusetts Financial Services Co. MA raised its position in McKesson by 2.9% in the third quarter. Massachusetts Financial Services Co. MA now owns 4,943,520 shares of the company’s stock valued at $2,444,175,000 after purchasing an additional 138,685 shares during the period. FMR LLC raised its holdings in shares of McKesson by 17.3% in the 3rd quarter. FMR LLC now owns 2,968,239 shares of the company’s stock valued at $1,467,557,000 after buying an additional 438,423 shares during the period. Geode Capital Management LLC lifted its stake in McKesson by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,653,288 shares of the company’s stock worth $1,306,873,000 after acquiring an additional 26,299 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in McKesson by 55.8% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,189,377 shares of the company’s stock valued at $588,048,000 after acquiring an additional 425,875 shares in the last quarter. Finally, Nordea Investment Management AB increased its stake in McKesson by 20.0% during the fourth quarter. Nordea Investment Management AB now owns 975,935 shares of the company’s stock worth $558,606,000 after purchasing an additional 162,688 shares during the period. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MCK has been the subject of several recent research reports. Bank of America lowered their price objective on shares of McKesson from $680.00 to $650.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Evercore ISI boosted their target price on McKesson from $560.00 to $680.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Citigroup reduced their price target on McKesson from $713.00 to $677.00 and set a “buy” rating on the stock in a research report on Friday, January 10th. Robert W. Baird raised McKesson from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $531.00 to $688.00 in a research report on Thursday, November 7th. Finally, Wells Fargo & Company raised their target price on shares of McKesson from $535.00 to $641.00 and gave the company an “equal weight” rating in a report on Friday, December 13th. Two equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $646.14.

Insider Activity

In related news, EVP Leann B. Smith sold 579 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $602.81, for a total transaction of $349,026.99. Following the completion of the transaction, the executive vice president now directly owns 1,443 shares of the company’s stock, valued at $869,854.83. This represents a 28.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.11% of the company’s stock.

McKesson Stock Performance

MCK opened at $594.85 on Friday. McKesson Co. has a one year low of $464.42 and a one year high of $637.51. The business’s 50-day simple moving average is $590.79 and its 200-day simple moving average is $562.23. The stock has a market capitalization of $75.51 billion, a P/E ratio of 30.81, a price-to-earnings-growth ratio of 1.30 and a beta of 0.52.

McKesson (NYSE:MCK) last announced its earnings results on Wednesday, November 6th. The company reported $7.07 EPS for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $89.33 billion. During the same period in the previous year, the company posted $6.23 EPS. The company’s quarterly revenue was up 21.3% on a year-over-year basis. On average, equities research analysts forecast that McKesson Co. will post 32.72 EPS for the current fiscal year.

McKesson Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 3rd will be paid a $0.71 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $2.84 annualized dividend and a dividend yield of 0.48%. McKesson’s dividend payout ratio (DPR) is currently 14.71%.

McKesson 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.