McKesson Co. (NYSE:MCK) Shares Sold by Custom Index Systems LLC

Custom Index Systems LLC lessened its holdings in McKesson Co. (NYSE:MCK) by 3.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 833 shares of the company’s stock after selling 33 shares during the quarter. Custom Index Systems LLC’s holdings in McKesson were worth $487,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Sachetta LLC acquired a new position in McKesson in the 4th quarter worth approximately $27,000. LRI Investments LLC acquired a new stake in shares of McKesson during the 1st quarter worth approximately $28,000. Register Financial Advisors LLC acquired a new stake in shares of McKesson during the 1st quarter worth approximately $29,000. Richardson Financial Services Inc. acquired a new stake in shares of McKesson during the 4th quarter worth approximately $31,000. Finally, Newbridge Financial Services Group Inc. grew its stake in shares of McKesson by 333.3% during the 1st quarter. Newbridge Financial Services Group Inc. now owns 65 shares of the company’s stock worth $35,000 after purchasing an additional 50 shares during the period. Institutional investors and hedge funds own 85.07% of the company’s stock.

McKesson Stock Down 2.1 %

Shares of MCK opened at $504.17 on Friday. McKesson Co. has a 52-week low of $412.64 and a 52-week high of $637.51. The firm’s fifty day moving average is $574.75 and its two-hundred day moving average is $557.64. The stock has a market cap of $65.51 billion, a PE ratio of 22.53, a price-to-earnings-growth ratio of 1.29 and a beta of 0.44.

McKesson (NYSE:MCK) last announced its earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share (EPS) for the quarter, topping 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 company had revenue of $79.28 billion for the quarter, compared to analysts’ expectations of $82.53 billion. During the same quarter in the previous year, the company posted $7.27 EPS. The firm’s quarterly revenue was up 6.4% on a year-over-year basis. As a group, research analysts anticipate that McKesson Co. will post 32.14 earnings per share for the current year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 2nd will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 0.56%. The ex-dividend date of this dividend is Friday, August 30th. This is a boost from McKesson’s previous quarterly dividend of $0.62. McKesson’s payout ratio is 12.69%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MCK. Citigroup raised their price objective on shares of McKesson from $620.00 to $670.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Robert W. Baird dropped their price objective on shares of McKesson from $694.00 to $671.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. JPMorgan Chase & Co. raised their price objective 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. Leerink Partners dropped their price objective on shares of McKesson from $670.00 to $665.00 and set an “outperform” rating on the stock in a research note on Thursday. Finally, StockNews.com cut shares of McKesson from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 9th. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $624.93.

Insiders Place Their Bets

In other McKesson news, EVP Leann B. Smith sold 600 shares of McKesson stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $585.53, for a total transaction of $351,318.00. Following the sale, the executive vice president now owns 2,022 shares of the company’s stock, valued at approximately $1,183,941.66. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Leann B. Smith sold 600 shares of the business’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $585.53, for a total transaction of $351,318.00. Following the transaction, the executive vice president now owns 2,022 shares of the company’s stock, valued at approximately $1,183,941.66. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $580.92, for a total transaction of $2,180,192.76. Following the transaction, the chief executive officer now directly owns 86,092 shares in the company, valued at approximately $50,012,564.64. The disclosure for this sale can be found here. Insiders have sold a total of 11,859 shares of company stock valued at $6,986,810 in the last 90 days. 0.11% of the stock is owned by insiders.

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.