Galvin Gaustad & Stein LLC Reduces Stock Holdings in McKesson Co. (NYSE:MCK)

Galvin Gaustad & Stein LLC reduced its position in McKesson Co. (NYSE:MCK) by 5.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 993 shares of the company’s stock after selling 59 shares during the quarter. Galvin Gaustad & Stein LLC’s holdings in McKesson were worth $491,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. SpiderRock Advisors LLC increased its holdings in McKesson by 67.3% in the 3rd quarter. SpiderRock Advisors LLC now owns 8,433 shares of the company’s stock worth $4,170,000 after acquiring an additional 3,391 shares during the last quarter. CWA Asset Management Group LLC purchased a new stake in shares of McKesson during the 3rd quarter valued at approximately $416,000. Fiera Capital Corp boosted its holdings in McKesson by 4.7% in the 3rd quarter. Fiera Capital Corp now owns 847 shares of the company’s stock worth $419,000 after buying an additional 38 shares during the period. Philip James Wealth Mangement LLC purchased a new position in McKesson in the 3rd quarter valued at approximately $323,000. Finally, Summit Global Investments lifted its position in shares of McKesson by 19.1% during the third quarter. Summit Global Investments now owns 21,647 shares of the company’s stock worth $10,703,000 after acquiring an additional 3,476 shares in the last quarter. 85.07% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MCK has been the topic of a number of recent research reports. Citigroup dropped their price objective on McKesson from $670.00 to $630.00 and set a “buy” rating on the stock in a report on Tuesday, September 10th. Evercore ISI boosted their price objective on shares of McKesson from $560.00 to $680.00 and gave the company an “outperform” rating in a research note on Thursday. Baird R W upgraded shares of McKesson from a “hold” rating to a “strong-buy” rating in a research note on Thursday. JPMorgan Chase & Co. raised their price target on shares of McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on McKesson from $623.00 to $579.00 and set a “buy” rating for the company in a research note on Wednesday, September 25th. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $625.64.

McKesson Price Performance

MCK stock opened at $613.12 on Friday. McKesson Co. has a 1 year low of $431.35 and a 1 year high of $637.51. The firm has a 50-day moving average of $513.03 and a 200 day moving average of $551.60. The company has a market cap of $79.51 billion, a P/E ratio of 27.42, a PEG ratio of 1.23 and a beta of 0.44.

McKesson (NYSE:MCK) last announced its earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.89 by $0.18. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The firm had revenue of $93.65 billion during the quarter, compared to analyst estimates of $89.33 billion. During the same quarter in the prior year, the company earned $6.23 EPS. The business’s revenue was up 21.3% compared to the same quarter last year. On average, equities research analysts expect that McKesson Co. will post 31.92 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date is Monday, December 2nd. McKesson’s dividend payout ratio (DPR) is presently 12.70%.

Insider Transactions at McKesson

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 78,586 shares in the company, valued at approximately $44,094,604.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.11% of the company’s stock.

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.