McKesson Co. (NYSE:MCK) Shares Sold by ProVise Management Group LLC

ProVise Management Group LLC lessened its stake in McKesson Co. (NYSE:MCK) by 0.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,604 shares of the company’s stock after selling 124 shares during the quarter. ProVise Management Group LLC’s holdings in McKesson were worth $7,753,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in MCK. MidAtlantic Capital Management Inc. acquired a new position in shares of McKesson during the 3rd quarter valued at $29,000. RPg Family Wealth Advisory LLC acquired a new position in shares of McKesson during the 3rd quarter valued at $31,000. Synergy Asset Management LLC acquired a new position in shares of McKesson during the 4th quarter valued at $32,000. Crews Bank & Trust acquired a new position in shares of McKesson during the 4th quarter valued at $33,000. Finally, Atala Financial Inc acquired a new position in shares of McKesson during the 4th quarter valued at $34,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

McKesson Stock Performance

MCK opened at $661.63 on Wednesday. The company has a 50-day moving average of $611.56 and a 200-day moving average of $572.36. The company has a market capitalization of $82.92 billion, a P/E ratio of 30.29, a PEG ratio of 1.29 and a beta of 0.52. McKesson Co. has a 1-year low of $464.42 and a 1-year high of $672.68.

McKesson (NYSE:MCK) last released its earnings results on Wednesday, February 5th. The company reported $8.03 earnings per share for the quarter, missing the consensus estimate of $8.60 by ($0.57). McKesson had a negative return on equity of 181.26% and a net margin of 0.82%. As a group, sell-side analysts expect that McKesson Co. will post 32.77 earnings per share for the current fiscal year.

McKesson Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 3rd will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date of this dividend is Monday, March 3rd. McKesson’s dividend payout ratio is presently 13.00%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Bank of America reduced their target price on shares of McKesson from $680.00 to $650.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Wells Fargo & Company boosted their price objective on shares of McKesson from $641.00 to $691.00 and gave the stock an “equal weight” rating in a report on Friday, March 14th. Evercore ISI boosted their price objective on shares of McKesson from $650.00 to $675.00 and gave the stock an “outperform” rating in a report on Thursday, February 6th. 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 report on Friday, January 10th. Finally, Mizuho assumed coverage on shares of McKesson in a report on Wednesday, December 4th. They issued a “neutral” rating and a $630.00 price objective on the stock. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $649.36.

Insider Activity at McKesson

In related news, CEO Brian S. Tyler sold 8,961 shares of the business’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $597.99, for a total transaction of $5,358,588.39. Following the completion of the sale, the chief executive officer now owns 60,664 shares of the company’s stock, valued at $36,276,465.36. This represents a 12.87 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Leann B. Smith sold 188 shares of the business’s stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $609.59, for a total transaction of $114,602.92. Following the sale, the executive vice president now directly owns 1,051 shares of the company’s stock, valued at approximately $640,679.09. This represents a 15.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,689 shares of company stock valued at $11,187,351 in the last quarter. 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.