Federated Hermes Inc. Sells 4,113 Shares of McKesson Co. (NYSE:MCK)

Federated Hermes Inc. trimmed its holdings in McKesson Co. (NYSE:MCK) by 4.0% in the 2nd quarter, HoldingsChannel reports. The firm owned 98,872 shares of the company’s stock after selling 4,113 shares during the quarter. Federated Hermes Inc.’s holdings in McKesson were worth $57,745,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Councilmark Asset Management LLC purchased a new stake in McKesson during the 1st quarter valued at $5,160,000. Vaughan David Investments LLC IL purchased a new stake in McKesson during the 2nd quarter valued at $238,000. Treasurer of the State of North Carolina increased its stake in McKesson by 6.5% in the fourth quarter. Treasurer of the State of North Carolina now owns 65,266 shares of the company’s stock worth $30,217,000 after purchasing an additional 3,982 shares during the period. BDF Gestion bought a new stake in shares of McKesson during the second quarter worth $3,504,000. Finally, Bornite Capital Management LP bought a new stake in shares of McKesson during the fourth quarter worth $34,724,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

McKesson Price Performance

Shares of MCK stock opened at $518.81 on Friday. The company has a market cap of $67.28 billion, a price-to-earnings ratio of 23.18, a PEG ratio of 1.18 and a beta of 0.44. The stock has a 50 day simple moving average of $567.33 and a 200-day simple moving average of $557.25. McKesson Co. has a 1-year low of $417.65 and a 1-year high of $637.51.

McKesson (NYSE:MCK) last announced its earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, topping the consensus estimate of $7.21 by $0.67. The business had revenue of $79.28 billion during 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 business’s quarterly revenue was up 6.4% on a year-over-year basis. During the same period in the prior year, the company posted $7.27 EPS. Analysts anticipate that McKesson Co. will post 32.11 earnings per share for the current fiscal year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 0.55%. This is an increase from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date is Friday, August 30th. McKesson’s dividend payout ratio is presently 12.69%.

Insider Transactions at McKesson

In related news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $561.10, for a total transaction of $2,105,808.30. Following the completion of the sale, the chief executive officer now directly owns 78,586 shares in the company, valued at $44,094,604.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 11,259 shares of company stock valued at $6,635,492 in the last three months. 0.11% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on MCK. Barclays boosted their price target on McKesson from $596.00 to $616.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. Argus boosted their price target on McKesson from $570.00 to $670.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. Evercore ISI dropped their price target on McKesson from $660.00 to $630.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Wells Fargo & Company decreased their target price on McKesson from $576.00 to $535.00 and set an “equal weight” rating for the company in a report on Friday. Finally, Citigroup decreased their target price on McKesson from $670.00 to $630.00 and set a “buy” rating for the company in a report on Tuesday. Two analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $620.93.

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.