Mackenzie Financial Corp Reduces Position in McKesson Co. (NYSE:MCK)

Mackenzie Financial Corp lessened its holdings in shares of McKesson Co. (NYSE:MCK) by 4.9% in the 4th quarter, Holdings Channel reports. The fund owned 379,322 shares of the company’s stock after selling 19,493 shares during the quarter. Mackenzie Financial Corp’s holdings in McKesson were worth $216,179,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Millstone Evans Group LLC purchased a new position in shares of McKesson during the 4th quarter worth approximately $28,000. Synergy Asset Management LLC acquired a new stake in McKesson during the 4th quarter worth $32,000. Crews Bank & Trust purchased a new stake in McKesson during the 4th quarter valued at approximately $33,000. Atala Financial Inc purchased a new stake in McKesson during the 4th quarter valued at approximately $34,000. Finally, Graney & King LLC purchased a new stake in McKesson during the 4th quarter valued at approximately $38,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Insider Activity

In related news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the company’s stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $726.51, for a total value of $394,494.93. Following the sale, the chief accounting officer now owns 1,972 shares of the company’s stock, valued at $1,432,677.72. The trade was a 21.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Leann B. Smith sold 1,248 shares of the company’s stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $717.30, for a total transaction of $895,190.40. Following the sale, the executive vice president now directly owns 2,621 shares in the company, valued at $1,880,043.30. This represents a 32.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 8,127 shares of company stock worth $5,834,498 in the last ninety days. Corporate insiders own 0.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Mizuho increased their target price on McKesson from $630.00 to $690.00 and gave the stock a “neutral” rating in a research note on Thursday, April 3rd. Cfra Research lowered McKesson from a “moderate buy” rating to a “hold” rating in a research note on Friday, April 4th. Morgan Stanley increased their target price on McKesson from $642.00 to $745.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 2nd. Wells Fargo & Company increased their price objective on shares of McKesson from $641.00 to $691.00 and gave the company an “equal weight” rating in a research report on Friday, March 14th. Finally, UBS Group raised their target price on McKesson from $708.00 to $805.00 and gave the company a “buy” rating in a research note on Tuesday, April 29th. Three investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $686.69.

McKesson Trading Up 0.7%

MCK opened at $715.44 on Friday. McKesson Co. has a twelve month low of $464.42 and a twelve month high of $731.00. The stock has a market cap of $89.51 billion, a PE ratio of 32.76, a price-to-earnings-growth ratio of 1.29 and a beta of 0.53. The business’s 50 day moving average is $689.88 and its 200-day moving average is $633.70.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Thursday, May 8th. The company reported $10.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.83 by $0.29. The firm had revenue of $90.82 billion for the quarter, compared to analyst estimates of $94 billion. McKesson had a net margin of 0.82% and a negative return on equity of 181.26%. The firm’s quarterly revenue was up 18.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $6.18 earnings per share. As a group, analysts forecast that McKesson Co. will post 32.77 EPS for the current year.

McKesson Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 0.40%. The ex-dividend date of this dividend is Monday, June 2nd. McKesson’s payout ratio is 10.99%.

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.