Suncoast Equity Management Sells 2,274 Shares of McKesson Co. (NYSE:MCK)

Suncoast Equity Management decreased its position in shares of McKesson Co. (NYSE:MCK) by 7.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 29,492 shares of the company’s stock after selling 2,274 shares during the quarter. McKesson accounts for approximately 1.7% of Suncoast Equity Management’s investment portfolio, making the stock its 21st largest position. Suncoast Equity Management’s holdings in McKesson were worth $14,581,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its stake in McKesson by 0.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 138,029 shares of the company’s stock worth $68,244,000 after purchasing an additional 1,259 shares during the last quarter. Cyndeo Wealth Partners LLC lifted its position in shares of McKesson by 159.9% during the 3rd quarter. Cyndeo Wealth Partners LLC now owns 954 shares of the company’s stock worth $472,000 after buying an additional 587 shares during the last quarter. Resonant Capital Advisors LLC lifted its position in shares of McKesson by 0.4% during the 3rd quarter. Resonant Capital Advisors LLC now owns 8,639 shares of the company’s stock worth $4,277,000 after buying an additional 34 shares during the last quarter. McBroom & Associates LLC boosted its stake in McKesson by 2.9% in the third quarter. McBroom & Associates LLC now owns 1,734 shares of the company’s stock valued at $857,000 after buying an additional 49 shares in the last quarter. Finally, Chicago Capital LLC raised its stake in McKesson by 5.9% during the third quarter. Chicago Capital LLC now owns 15,822 shares of the company’s stock worth $7,823,000 after acquiring an additional 877 shares in the last quarter. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction 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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on MCK shares. Leerink Partners reduced their price target on shares of McKesson from $665.00 to $630.00 and set an “outperform” rating on the stock in a research note on Monday, October 7th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of McKesson from $623.00 to $579.00 and set a “buy” rating on the stock in a research note on Wednesday, September 25th. Baird R W cut McKesson from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Wells Fargo & Company reduced their price objective on McKesson from $576.00 to $535.00 and set an “equal weight” rating on the stock in a research report on Friday, September 13th. Finally, Mizuho increased their target price on McKesson from $540.00 to $570.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $610.86.

McKesson Stock Performance

Shares of NYSE MCK traded down $0.42 during midday trading on Monday, reaching $508.78. The stock had a trading volume of 105,221 shares, compared to its average volume of 804,923. The company’s 50 day moving average price is $521.09 and its 200 day moving average price is $552.14. McKesson Co. has a twelve month low of $431.35 and a twelve month high of $637.51. The firm has a market cap of $66.11 billion, a price-to-earnings ratio of 22.75, a price-to-earnings-growth ratio of 1.17 and a beta of 0.44.

McKesson (NYSE:MCK) last released its earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.21 by $0.67. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The business had revenue of $79.28 billion for the quarter, compared to analyst estimates of $82.53 billion. During the same quarter in the previous year, the business earned $7.27 earnings per share. McKesson’s revenue for the quarter was up 6.4% on a year-over-year basis. Equities analysts forecast that McKesson Co. will post 32.07 earnings per share for the current fiscal year.

McKesson Increases Dividend

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

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.