Pitcairn Co. Trims Stock Position in McKesson Co. (NYSE:MCK)

Pitcairn Co. reduced its stake in shares of McKesson Co. (NYSE:MCK) by 20.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,494 shares of the company’s stock after selling 630 shares during the quarter. Pitcairn Co.’s holdings in McKesson were worth $1,233,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. LRI Investments LLC purchased a new position in McKesson during the 1st quarter valued at $28,000. Wolff Wiese Magana LLC grew its position in shares of McKesson by 742.9% in the 3rd quarter. Wolff Wiese Magana LLC now owns 59 shares of the company’s stock worth $29,000 after buying an additional 52 shares during the period. MidAtlantic Capital Management Inc. purchased a new stake in shares of McKesson in the 3rd quarter worth about $29,000. ORG Wealth Partners LLC purchased a new stake in shares of McKesson in the 3rd quarter worth about $40,000. Finally, Carmichael Hill & Associates Inc. purchased a new stake in shares of McKesson in the 2nd quarter worth about $52,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MCK has been the topic of a number of recent research reports. JPMorgan Chase & Co. upped their target price on shares of McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Wells Fargo & Company lowered their target price on shares of McKesson from $576.00 to $535.00 and set an “equal weight” rating on the stock in a research note on Friday, September 13th. Mizuho upped their target price on shares of McKesson from $540.00 to $570.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. Deutsche Bank Aktiengesellschaft lowered 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. Finally, StockNews.com upgraded shares of McKesson from a “hold” rating to a “buy” rating in a research note on Wednesday, November 6th. Two research 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 company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $631.57.

Insider Activity

In other news, CEO Brian S. Tyler sold 3,753 shares of the 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 transaction, the chief executive officer now directly owns 78,586 shares in the company, valued at approximately $44,094,604.60. This represents a 4.56 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.11% of the company’s stock.

McKesson Trading Down 0.8 %

McKesson stock opened at $623.19 on Monday. The firm has a 50 day moving average of $530.98 and a 200 day moving average of $557.55. The firm has a market capitalization of $79.11 billion, a price-to-earnings ratio of 32.27, a P/E/G ratio of 1.36 and a beta of 0.44. McKesson Co. has a 12-month low of $431.35 and a 12-month high of $637.51.

McKesson (NYSE:MCK) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $7.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.88 by $0.19. McKesson had a net margin of 0.77% and a negative return on equity of 207.50%. The business had revenue of $93.65 billion during the quarter, compared to analyst estimates of $89.33 billion. During the same period last year, the firm posted $6.23 EPS. The company’s revenue was up 21.3% on a year-over-year basis. On average, analysts predict that McKesson Co. will post 32.78 EPS for the current year.

McKesson Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders 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 yield of 0.46%. The ex-dividend date is Monday, December 2nd. McKesson’s dividend payout ratio (DPR) is currently 14.71%.

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.