McKesson Co. (NYSE:MCK) Shares Sold by Channel Wealth LLC

Channel Wealth LLC reduced its stake in shares of McKesson Co. (NYSE:MCK) by 26.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,737 shares of the company’s stock after selling 2,445 shares during the period. McKesson comprises approximately 1.3% of Channel Wealth LLC’s holdings, making the stock its 24th biggest position. Channel Wealth LLC’s holdings in McKesson were worth $3,839,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Empirical Asset Management LLC acquired a new position in shares of McKesson in the 4th quarter valued at about $19,382,000. Seaside Wealth Management Inc. acquired a new position in shares of McKesson in the 4th quarter valued at about $215,000. Cypress Wealth Services LLC acquired a new position in shares of McKesson in the 4th quarter valued at about $226,000. Ritholtz Wealth Management boosted its holdings in shares of McKesson by 2.4% in the 4th quarter. Ritholtz Wealth Management now owns 13,036 shares of the company’s stock valued at $7,429,000 after buying an additional 302 shares during the period. Finally, Gateway Investment Advisers LLC boosted its holdings in shares of McKesson by 25.6% in the 4th quarter. Gateway Investment Advisers LLC now owns 5,941 shares of the company’s stock valued at $3,386,000 after buying an additional 1,212 shares during the period. 85.07% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently commented on MCK. Leerink Partners decreased their price target on shares of McKesson from $665.00 to $630.00 and set an “outperform” rating for the company in a report on Monday, October 7th. Robert W. Baird raised shares of McKesson from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $531.00 to $688.00 in a report on Thursday, November 7th. Evercore ISI lifted their price objective on shares of McKesson from $560.00 to $680.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Citigroup cut their price objective on shares of McKesson from $713.00 to $677.00 and set a “buy” rating on the stock in a research report on Friday, January 10th. Finally, Morgan Stanley lifted their price objective on shares of McKesson from $612.00 to $642.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. Two investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $646.14.

McKesson Trading Up 1.9 %

MCK stock opened at $594.62 on Friday. McKesson Co. has a 52 week low of $464.42 and a 52 week high of $637.51. The company has a market capitalization of $75.48 billion, a price-to-earnings ratio of 30.79, a price-to-earnings-growth ratio of 1.26 and a beta of 0.52. The firm’s 50-day moving average is $595.77 and its two-hundred day moving average is $561.06.

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, topping the consensus estimate of $6.88 by $0.19. The company had revenue of $93.65 billion for the quarter, compared to analysts’ expectations of $89.33 billion. McKesson had a net margin of 0.77% and a negative return on equity of 207.50%. The business’s revenue was up 21.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $6.23 EPS. On average, equities research analysts predict that McKesson Co. will post 32.73 earnings per share for the current year.

McKesson Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd were paid a $0.71 dividend. The ex-dividend date was Monday, December 2nd. This represents a $2.84 annualized dividend and a dividend yield of 0.48%. McKesson’s dividend payout ratio is currently 14.71%.

Insider Transactions at McKesson

In other news, EVP Leann B. Smith sold 579 shares of McKesson stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $572.79, for a total value of $331,645.41. Following the transaction, the executive vice president now owns 864 shares of the company’s stock, valued at $494,890.56. The trade was a 40.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.11% of the company’s stock.

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.