Rhumbline Advisers Reduces Position in McKesson Co. (NYSE:MCK)

Rhumbline Advisers trimmed its holdings in shares of McKesson Co. (NYSE:MCK) by 6.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 258,243 shares of the company’s stock after selling 16,786 shares during the quarter. Rhumbline Advisers owned 0.20% of McKesson worth $147,175,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. ABC Arbitrage SA purchased a new stake in shares of McKesson during the fourth quarter worth about $1,262,000. V Square Quantitative Management LLC increased its position in shares of McKesson by 4.7% during the fourth quarter. V Square Quantitative Management LLC now owns 1,182 shares of the company’s stock worth $674,000 after acquiring an additional 53 shares during the last quarter. Catalyst Financial Partners LLC increased its position in shares of McKesson by 5.8% during the fourth quarter. Catalyst Financial Partners LLC now owns 910 shares of the company’s stock worth $519,000 after acquiring an additional 50 shares during the last quarter. Avestar Capital LLC increased its holdings in McKesson by 20.3% in the fourth quarter. Avestar Capital LLC now owns 1,526 shares of the company’s stock valued at $871,000 after buying an additional 258 shares during the last quarter. Finally, MGB Wealth Management LLC increased its holdings in McKesson by 1.2% in the fourth quarter. MGB Wealth Management LLC now owns 3,395 shares of the company’s stock valued at $1,935,000 after buying an additional 39 shares during the last quarter. 85.07% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Leann B. Smith sold 579 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $602.81, for a total transaction of $349,026.99. Following the sale, the executive vice president now owns 1,443 shares of the company’s stock, valued at $869,854.83. The trade was a 28.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 1,346 shares of company stock valued at $795,275 over the last quarter. Corporate insiders own 0.11% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on MCK shares. StockNews.com lowered McKesson from a “strong-buy” rating to a “buy” rating in a report on Friday. Citigroup lowered their price objective on McKesson from $713.00 to $677.00 and set a “buy” rating for the company in a report on Friday, January 10th. Baird R W raised McKesson from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 7th. Mizuho started coverage on McKesson in a report on Wednesday, December 4th. They issued a “neutral” rating and a $630.00 price objective for the company. Finally, Bank of America lowered their price objective on McKesson from $680.00 to $650.00 and set a “buy” rating for the company in a report on Monday, January 6th. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $645.79.

McKesson Trading Down 1.4 %

Shares of NYSE MCK opened at $593.82 on Friday. The stock has a 50 day simple moving average of $587.26 and a 200-day simple moving average of $563.09. The company has a market cap of $74.42 billion, a PE ratio of 27.19, a P/E/G ratio of 1.30 and a beta of 0.52. McKesson Co. has a 12-month low of $464.42 and a 12-month high of $637.51.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Wednesday, February 5th. The company reported $8.03 earnings per share (EPS) 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%. Sell-side analysts forecast that McKesson Co. will post 32.69 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 3rd will be given a dividend of $0.71 per share. The ex-dividend date is Monday, March 3rd. This represents a $2.84 annualized dividend and a dividend yield of 0.48%. McKesson’s dividend payout ratio is presently 13.00%.

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.