Raleigh Capital Management Inc. Trims Stock Holdings in McKesson Co. (NYSE:MCK)

Raleigh Capital Management Inc. reduced its stake in McKesson Co. (NYSE:MCK) by 10.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 893 shares of the company’s stock after selling 107 shares during the period. Raleigh Capital Management Inc.’s holdings in McKesson were worth $441,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Castleview Partners LLC raised its holdings in McKesson by 32.1% in the 3rd quarter. Castleview Partners LLC now owns 218 shares of the company’s stock valued at $108,000 after buying an additional 53 shares during the period. Allspring Global Investments Holdings LLC increased its stake in McKesson by 0.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 138,029 shares of the company’s stock worth $68,244,000 after purchasing an additional 1,259 shares during the period. Cyndeo Wealth Partners LLC increased its stake in McKesson by 159.9% during the third quarter. Cyndeo Wealth Partners LLC now owns 954 shares of the company’s stock worth $472,000 after purchasing an additional 587 shares during the period. Resonant Capital Advisors LLC increased its stake in McKesson by 0.4% during the third quarter. Resonant Capital Advisors LLC now owns 8,639 shares of the company’s stock worth $4,277,000 after purchasing an additional 34 shares during the period. Finally, McBroom & Associates LLC increased its stake in McKesson by 2.9% during the third quarter. McBroom & Associates LLC now owns 1,734 shares of the company’s stock worth $857,000 after purchasing an additional 49 shares during the period. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at McKesson

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $561.10, for a total value of $2,105,808.30. Following the completion of the sale, the chief executive officer now owns 78,586 shares in the company, valued at approximately $44,094,604.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.11% of the stock is owned by company insiders.

McKesson Stock Down 0.6 %

Shares of MCK opened at $505.38 on Wednesday. McKesson Co. has a 52-week low of $431.35 and a 52-week high of $637.51. The stock has a 50 day moving average price of $519.31 and a 200 day moving average price of $551.72. The company has a market capitalization of $65.67 billion, a price-to-earnings ratio of 22.58, a price-to-earnings-growth ratio of 1.17 and a beta of 0.44.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, beating analysts’ consensus estimates of $7.21 by $0.67. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The company had revenue of $79.28 billion during the quarter, compared to analysts’ expectations of $82.53 billion. During the same quarter in the previous year, the business earned $7.27 earnings per share. The firm’s revenue for the quarter was up 6.4% on a year-over-year basis. On average, equities analysts anticipate that McKesson Co. will post 32.07 EPS for the current fiscal year.

McKesson Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 2nd were paid a $0.71 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $2.84 dividend on an annualized basis and a yield of 0.56%. This is a boost from McKesson’s previous quarterly dividend of $0.62. McKesson’s payout ratio is currently 12.69%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. JPMorgan Chase & Co. boosted their price target on shares of McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft lowered their price objective on McKesson from $623.00 to $579.00 and set a “buy” rating for the company in a research report on Wednesday, September 25th. Bank of America boosted their price objective on McKesson from $590.00 to $670.00 and gave the stock a “buy” rating in a research report on Tuesday, June 25th. Wells Fargo & Company lowered their price objective on McKesson from $576.00 to $535.00 and set an “equal weight” rating for the company in a research report on Friday, September 13th. Finally, Mizuho boosted their price objective on McKesson from $540.00 to $570.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $610.86.

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.