Perfromance Wealth Partners LLC Cuts Stock Holdings in McKesson Co. (NYSE:MCK)

Perfromance Wealth Partners LLC trimmed its position in shares of McKesson Co. (NYSE:MCK) by 16.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,563 shares of the company’s stock after selling 303 shares during the quarter. Perfromance Wealth Partners LLC’s holdings in McKesson were worth $891,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. International Assets Investment Management LLC increased its holdings in McKesson by 1,020.2% in the 3rd quarter. International Assets Investment Management LLC now owns 806,878 shares of the company’s stock worth $398,937,000 after acquiring an additional 734,849 shares in the last quarter. FMR LLC boosted its stake in McKesson by 17.3% during the 3rd quarter. FMR LLC now owns 2,968,239 shares of the company’s stock worth $1,467,557,000 after purchasing an additional 438,423 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in McKesson by 55.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,189,377 shares of the company’s stock worth $588,048,000 after purchasing an additional 425,875 shares during the last quarter. Janus Henderson Group PLC boosted its stake in McKesson by 126.8% during the 3rd quarter. Janus Henderson Group PLC now owns 574,440 shares of the company’s stock worth $283,903,000 after purchasing an additional 321,119 shares during the last quarter. Finally, Nordea Investment Management AB boosted its stake in McKesson by 20.0% during the 4th quarter. Nordea Investment Management AB now owns 975,935 shares of the company’s stock worth $558,606,000 after purchasing an additional 162,688 shares during the last quarter. 85.07% of the stock is owned by hedge funds and other institutional investors.

McKesson Price Performance

Shares of NYSE:MCK opened at $585.51 on Wednesday. The firm has a market capitalization of $74.32 billion, a PE ratio of 30.32, a price-to-earnings-growth ratio of 1.28 and a beta of 0.52. The firm’s 50-day moving average is $594.65 and its two-hundred day moving average is $561.08. McKesson Co. has a 1 year low of $464.42 and a 1 year high of $637.51.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.88 by $0.19. The company had revenue of $93.65 billion for the quarter, compared to analyst estimates 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 for the quarter was up 21.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $6.23 earnings per share. Analysts expect that McKesson Co. will post 32.73 EPS for the current fiscal year.

McKesson Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd were paid a dividend of $0.71 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $2.84 dividend on an annualized basis and a yield of 0.49%. McKesson’s dividend payout ratio (DPR) is presently 14.71%.

Insiders Place Their Bets

In related news, EVP Leann B. Smith sold 579 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $572.79, for a total transaction of $331,645.41. Following the sale, the executive vice president now directly owns 864 shares in the company, valued at approximately $494,890.56. This represents a 40.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.11% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on MCK shares. Robert W. Baird raised shares of McKesson from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $531.00 to $688.00 in a research note on Thursday, November 7th. Bank of America lowered their target price on shares of McKesson from $680.00 to $650.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Citigroup lowered their price target 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. StockNews.com raised shares of McKesson from a “hold” rating to a “buy” rating in a research report on Wednesday, November 6th. Finally, Evercore ISI boosted their price target 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. Two equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, McKesson has an average rating of “Moderate Buy” and an average target price of $646.14.

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.