Mount Lucas Management LP Reduces Position in McKesson Co. (NYSE:MCK)

Mount Lucas Management LP lessened its position in shares of McKesson Co. (NYSE:MCK) by 7.7% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,383 shares of the company’s stock after selling 368 shares during the quarter. Mount Lucas Management LP’s holdings in McKesson were worth $2,560,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. RFP Financial Group LLC increased its position in McKesson by 9.8% during the second quarter. RFP Financial Group LLC now owns 191 shares of the company’s stock worth $112,000 after buying an additional 17 shares in the last quarter. Modera Wealth Management LLC increased its position in McKesson by 2.2% during the second quarter. Modera Wealth Management LLC now owns 804 shares of the company’s stock worth $470,000 after buying an additional 17 shares in the last quarter. Larson Financial Group LLC increased its position in McKesson by 1.6% during the second quarter. Larson Financial Group LLC now owns 1,094 shares of the company’s stock worth $639,000 after buying an additional 17 shares in the last quarter. First Western Trust Bank grew its position in shares of McKesson by 2.0% in the first quarter. First Western Trust Bank now owns 913 shares of the company’s stock valued at $490,000 after purchasing an additional 18 shares during the period. Finally, Lindbrook Capital LLC grew its position in shares of McKesson by 1.7% in the first quarter. Lindbrook Capital LLC now owns 1,133 shares of the company’s stock valued at $608,000 after purchasing an additional 19 shares during the period. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on MCK shares. JPMorgan Chase & Co. lifted their price objective on McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Evercore ISI lowered their price objective on McKesson from $660.00 to $630.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Leerink Partners lowered their price objective on McKesson from $670.00 to $665.00 and set an “outperform” rating for the company in a research report on Thursday. Argus boosted their price target on McKesson from $570.00 to $670.00 and gave the company a “buy” rating in a research report on Monday, June 24th. Finally, Citigroup boosted their price target on McKesson from $620.00 to $670.00 and gave the company a “buy” rating in a research report on Friday, July 19th. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $624.93.

Insider Buying and Selling

In related news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now owns 78,586 shares in the company, valued at $44,094,604.60. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other McKesson news, EVP Leann B. Smith sold 600 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $585.53, for a total transaction of $351,318.00. Following the sale, the executive vice president now owns 2,022 shares in the company, valued at $1,183,941.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $561.10, for a total value of $2,105,808.30. Following the sale, the chief executive officer now owns 78,586 shares in the company, valued at approximately $44,094,604.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,859 shares of company stock worth $6,986,810. 0.11% of the stock is currently owned by corporate insiders.

McKesson Trading Down 2.1 %

Shares of MCK traded down $10.58 during midday trading on Friday, reaching $504.17. 1,924,323 shares of the company were exchanged, compared to its average volume of 761,035. The stock has a 50-day moving average price of $574.75 and a 200-day moving average price of $557.64. The company has a market cap of $65.51 billion, a price-to-earnings ratio of 22.53, a P/E/G ratio of 1.29 and a beta of 0.44. McKesson Co. has a 1-year low of $412.64 and a 1-year high of $637.51.

McKesson (NYSE:MCK) last released its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, topping the consensus estimate of $7.21 by $0.67. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The business had revenue of $79.28 billion for the quarter, compared to analysts’ expectations of $82.53 billion. During the same quarter in the previous year, the firm posted $7.27 earnings per share. The company’s revenue was up 6.4% compared to the same quarter last year. Equities research analysts anticipate that McKesson Co. will post 32.14 earnings per share for the current year.

McKesson Increases Dividend

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

McKesson Company 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.