Great Lakes Advisors LLC Decreases Stake in McKesson Co. (NYSE:MCK)

Great Lakes Advisors LLC lessened its stake in shares of McKesson Co. (NYSE:MCK) by 5.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 71,947 shares of the company’s stock after selling 3,784 shares during the quarter. Great Lakes Advisors LLC’s holdings in McKesson were worth $41,003,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in MCK. CWA Asset Management Group LLC purchased a new position in McKesson during the 3rd quarter valued at about $416,000. Assetmark Inc. grew its holdings in McKesson by 10.8% during the 3rd quarter. Assetmark Inc. now owns 6,884 shares of the company’s stock valued at $3,403,000 after buying an additional 670 shares in the last quarter. Axxcess Wealth Management LLC grew its holdings in McKesson by 198.7% during the 3rd quarter. Axxcess Wealth Management LLC now owns 2,055 shares of the company’s stock valued at $1,016,000 after buying an additional 1,367 shares in the last quarter. Baker Avenue Asset Management LP grew its holdings in McKesson by 34.5% during the 3rd quarter. Baker Avenue Asset Management LP now owns 557 shares of the company’s stock valued at $276,000 after buying an additional 143 shares in the last quarter. Finally, Chartwell Investment Partners LLC purchased a new position in McKesson during the 3rd quarter valued at about $3,856,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Stock Performance

MCK opened at $653.54 on Wednesday. McKesson Co. has a 52-week low of $464.42 and a 52-week high of $663.61. The stock has a market capitalization of $81.91 billion, a PE ratio of 29.92, a price-to-earnings-growth ratio of 1.29 and a beta of 0.52. The stock’s 50 day moving average price is $604.12 and its 200-day moving average price is $568.96.

McKesson (NYSE:MCK) last posted its earnings results 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 net margin of 0.82% and a negative return on equity of 181.26%. Research analysts forecast that McKesson Co. will post 32.77 EPS for the current fiscal year.

McKesson Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 3rd will be paid a $0.71 dividend. The ex-dividend date is Monday, March 3rd. This represents a $2.84 annualized dividend and a yield of 0.43%. McKesson’s payout ratio is 13.00%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Morgan Stanley lifted their price target on McKesson from $612.00 to $642.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. Wells Fargo & Company lifted their price target on McKesson from $535.00 to $641.00 and gave the company an “equal weight” rating in a research report on Friday, December 13th. Citigroup dropped their price target on McKesson from $713.00 to $677.00 and set a “buy” rating for the company in a research report on Friday, January 10th. StockNews.com downgraded McKesson from a “strong-buy” rating to a “buy” rating in a research report on Friday, February 14th. Finally, Mizuho assumed coverage on McKesson in a research report on Wednesday, December 4th. They set a “neutral” rating and a $630.00 price target for the company. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $645.79.

Insiders Place Their Bets

In other McKesson news, EVP Leann B. Smith sold 188 shares of the stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $609.59, for a total value of $114,602.92. Following the completion of the transaction, the executive vice president now owns 1,051 shares in the company, valued at approximately $640,679.09. This represents a 15.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Brian S. Tyler sold 8,961 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $597.99, for a total value of $5,358,588.39. Following the completion of the transaction, the chief executive officer now owns 60,664 shares of the company’s stock, valued at approximately $36,276,465.36. This trade represents a 12.87 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,689 shares of company stock worth $11,187,351. 0.11% of the stock is owned by corporate insiders.

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.