Hartford Investment Management Co. Lowers Stake in McKesson Co. (NYSE:MCK)

Hartford Investment Management Co. cut its position in McKesson Co. (NYSE:MCK) by 1.9% in the third quarter, HoldingsChannel.com reports. The firm owned 8,168 shares of the company’s stock after selling 154 shares during the quarter. Hartford Investment Management Co.’s holdings in McKesson were worth $4,038,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. LRI Investments LLC purchased a new stake in McKesson in the 1st quarter worth $28,000. Register Financial Advisors LLC bought a new position in shares of McKesson in the first quarter worth about $29,000. Wolff Wiese Magana LLC grew its position in shares of McKesson by 742.9% during the third quarter. Wolff Wiese Magana LLC now owns 59 shares of the company’s stock worth $29,000 after purchasing an additional 52 shares in the last quarter. ORG Wealth Partners LLC bought a new stake in McKesson during the 3rd quarter valued at approximately $40,000. Finally, Carmichael Hill & Associates Inc. purchased a new position in McKesson in the 2nd quarter worth approximately $52,000. 85.07% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MCK. Wells Fargo & Company cut their price objective on shares of McKesson from $576.00 to $535.00 and set an “equal weight” rating for the company in a report on Friday, September 13th. StockNews.com cut shares of McKesson from a “buy” rating to a “hold” rating in a research note on Friday, September 27th. Deutsche Bank Aktiengesellschaft cut 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. Evercore ISI decreased their target price on McKesson from $660.00 to $630.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Finally, Leerink Partners reduced their price objective on McKesson from $665.00 to $630.00 and set an “outperform” rating on the stock in a research note on Monday, October 7th. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, McKesson presently has an average rating of “Moderate Buy” and an average price target of $610.86.

Insider Transactions at McKesson

In related news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $561.10, for a total transaction of $2,105,808.30. Following the completion of the transaction, the chief executive officer now owns 78,586 shares in the company, valued at $44,094,604.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.11% of the company’s stock.

McKesson Stock Performance

NYSE:MCK opened at $501.76 on Thursday. The stock’s fifty day moving average is $518.29 and its 200 day moving average is $551.37. The firm has a market capitalization of $65.20 billion, a PE ratio of 22.42, a PEG ratio of 1.17 and a beta of 0.44. McKesson Co. has a fifty-two week low of $431.35 and a fifty-two week high of $637.51.

McKesson (NYSE:MCK) last announced its earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, beating the consensus estimate of $7.21 by $0.67. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The business had revenue of $79.28 billion for the quarter, compared to the consensus estimate of $82.53 billion. During the same quarter in the prior year, the firm posted $7.27 earnings per share. The business’s revenue for the quarter was up 6.4% on a year-over-year basis. Equities analysts forecast that McKesson Co. will post 32.07 EPS for the current year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd were paid a dividend of $0.71 per share. This is a boost from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date was Friday, August 30th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.57%. McKesson’s dividend payout ratio is currently 12.69%.

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.