Roanoke Asset Management Corp NY Cuts Position in McKesson Co. (NYSE:MCK)

Roanoke Asset Management Corp NY trimmed its position in McKesson Co. (NYSE:MCK) by 0.9% during the third quarter, HoldingsChannel.com reports. The firm owned 5,480 shares of the company’s stock after selling 50 shares during the quarter. Roanoke Asset Management Corp NY’s holdings in McKesson were worth $2,709,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of MCK. Swedbank AB acquired a new stake in shares of McKesson in the first quarter valued at about $669,326,000. International Assets Investment Management LLC grew its stake in shares of McKesson by 1,020.2% in the third quarter. International Assets Investment Management LLC now owns 806,878 shares of the company’s stock valued at $398,937,000 after buying an additional 734,849 shares in the last quarter. Bessemer Group Inc. grew its stake in shares of McKesson by 3,621.7% in the first quarter. Bessemer Group Inc. now owns 349,395 shares of the company’s stock valued at $187,572,000 after buying an additional 340,007 shares in the last quarter. Bristol Gate Capital Partners Inc. acquired a new stake in shares of McKesson in the first quarter valued at about $97,510,000. Finally, Assenagon Asset Management S.A. grew its stake in shares of McKesson by 581.0% in the third quarter. Assenagon Asset Management S.A. now owns 151,240 shares of the company’s stock valued at $74,776,000 after buying an additional 129,031 shares in the last quarter. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction 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 transaction, the chief executive officer now directly owns 78,586 shares in the company, valued at $44,094,604.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.11% of the company’s stock.

Analyst Ratings Changes

MCK has been the subject of a number of recent research reports. StockNews.com lowered McKesson from a “buy” rating to a “hold” rating in a research note on Friday, September 27th. Mizuho increased their target price on McKesson from $540.00 to $570.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. Leerink Partners lowered their price objective on McKesson from $665.00 to $630.00 and set an “outperform” rating for the company in a research note on Monday, October 7th. Baird R W lowered McKesson from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Finally, JPMorgan Chase & Co. raised their price objective on McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $610.86.

McKesson Price Performance

Shares of McKesson stock opened at $526.61 on Friday. The business’s fifty day moving average price is $512.00 and its two-hundred day moving average price is $550.24. The company has a market capitalization of $68.29 billion, a P/E ratio of 23.55, a PEG ratio of 1.17 and a beta of 0.44. McKesson Co. has a 1-year low of $431.35 and a 1-year high of $637.51.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $82.53 billion. During the same quarter in the previous year, the business earned $7.27 EPS. The company’s quarterly revenue was up 6.4% compared to the same quarter last year. On average, research analysts expect that McKesson Co. will post 31.92 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 2nd will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date is Monday, December 2nd. McKesson’s payout ratio is 12.70%.

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.