Legacy Capital Group California Inc. Reduces Stock Position in McKesson Co. (NYSE:MCK)

Legacy Capital Group California Inc. decreased its position in McKesson Co. (NYSE:MCK) by 8.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,123 shares of the company’s stock after selling 185 shares during the quarter. Legacy Capital Group California Inc.’s holdings in McKesson were worth $1,050,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of MCK. LRI Investments LLC bought a new position in McKesson during the 1st quarter valued at approximately $28,000. Register Financial Advisors LLC purchased a new position in shares of McKesson during the first quarter valued at approximately $29,000. Wolff Wiese Magana LLC raised its holdings in shares of McKesson by 742.9% during the third quarter. Wolff Wiese Magana LLC now owns 59 shares of the company’s stock valued at $29,000 after acquiring an additional 52 shares in the last quarter. ORG Wealth Partners LLC purchased a new stake in McKesson in the third quarter worth $40,000. Finally, ZRC Wealth Management LLC bought a new stake in McKesson in the first quarter valued at $48,000. 85.07% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. StockNews.com lowered shares of McKesson from a “buy” rating to a “hold” rating in a report on Friday, September 27th. Barclays raised their price objective on shares of McKesson from $596.00 to $616.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Citigroup reduced their target price on McKesson from $670.00 to $630.00 and set a “buy” rating on the stock in a report on Tuesday, September 10th. Wells Fargo & Company lowered their target price on McKesson from $576.00 to $535.00 and set an “equal weight” rating for the company in a research note on Friday, September 13th. Finally, Mizuho upped their price target on McKesson from $540.00 to $570.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, McKesson has a consensus rating of “Moderate Buy” and a consensus target price of $610.86.

McKesson Stock Up 0.6 %

NYSE:MCK opened at $504.96 on Friday. The stock has a market cap of $65.61 billion, a price-to-earnings ratio of 22.56, a PEG ratio of 1.17 and a beta of 0.44. The company’s 50 day moving average price is $518.29 and its 200-day moving average price is $551.37. McKesson Co. has a 52 week low of $431.35 and a 52 week high of $637.51.

McKesson (NYSE:MCK) last issued its earnings results on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, beating the consensus estimate of $7.21 by $0.67. The business had revenue of $79.28 billion for the quarter, compared to the consensus estimate of $82.53 billion. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The company’s revenue was up 6.4% compared to the same quarter last year. During the same period last year, the business posted $7.27 EPS. As a group, sell-side analysts anticipate that McKesson Co. will post 32.07 earnings per share for the current year.

McKesson Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 2nd were paid a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $2.84 annualized dividend and a yield of 0.56%. This is a boost from McKesson’s previous quarterly dividend of $0.62. McKesson’s dividend payout ratio is currently 12.69%.

Insider Activity

In related news, CEO Brian S. Tyler sold 3,753 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now owns 78,586 shares in the company, valued at $44,094,604.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.11% of the company’s stock.

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.