ProVise Management Group LLC Reduces Holdings in McKesson Co. (NYSE:MCK)

ProVise Management Group LLC decreased its position in shares of McKesson Co. (NYSE:MCK) by 0.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 13,604 shares of the company’s stock after selling 124 shares during the quarter. ProVise Management Group LLC’s holdings in McKesson were worth $7,753,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. MidAtlantic Capital Management Inc. acquired a new stake in shares of McKesson during the third quarter worth about $29,000. RPg Family Wealth Advisory LLC acquired a new stake in shares of McKesson during the third quarter worth about $31,000. Synergy Asset Management LLC acquired a new stake in shares of McKesson during the fourth quarter worth about $32,000. Crews Bank & Trust acquired a new stake in shares of McKesson during the fourth quarter worth about $33,000. Finally, Atala Financial Inc acquired a new stake in shares of McKesson during the fourth quarter worth about $34,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Mizuho assumed coverage on shares of McKesson in a research note on Wednesday, December 4th. They set a “neutral” rating and a $630.00 target price for the company. Wells Fargo & Company raised their price objective on shares of McKesson from $641.00 to $691.00 and gave the company an “equal weight” rating in a research report on Friday, March 14th. StockNews.com downgraded shares of McKesson from a “strong-buy” rating to a “buy” rating in a research report on Friday, February 14th. Evercore ISI raised their price objective on shares of McKesson from $650.00 to $675.00 and gave the company an “outperform” rating in a research report on Thursday, February 6th. Finally, Morgan Stanley raised their price objective on shares of McKesson from $612.00 to $642.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. 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. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $649.36.

McKesson Price Performance

Shares of MCK opened at $661.63 on Wednesday. The firm has a 50 day simple moving average of $611.56 and a 200-day simple moving average of $572.36. McKesson Co. has a 1-year low of $464.42 and a 1-year high of $672.68. The stock has a market cap of $82.92 billion, a price-to-earnings ratio of 30.29, a price-to-earnings-growth ratio of 1.29 and a beta of 0.52.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Wednesday, February 5th. The company reported $8.03 earnings per share for the quarter, missing analysts’ consensus estimates of $8.60 by ($0.57). McKesson had a negative return on equity of 181.26% and a net margin of 0.82%. On average, equities analysts expect that McKesson Co. will post 32.77 earnings per share for the current fiscal year.

McKesson Announces Dividend

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 paid a dividend of $0.71 per share. The ex-dividend date is Monday, March 3rd. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.43%. McKesson’s dividend payout ratio (DPR) is 13.00%.

Insiders Place Their Bets

In other McKesson news, CEO Brian S. Tyler sold 8,961 shares of McKesson stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $597.99, for a total value of $5,358,588.39. Following the completion of the sale, the chief executive officer now directly owns 60,664 shares of the company’s stock, valued at approximately $36,276,465.36. The trade was a 12.87 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Leann B. Smith sold 579 shares of McKesson stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $572.79, for a total transaction of $331,645.41. Following the completion of the sale, the executive vice president now directly owns 864 shares of the company’s stock, valued at $494,890.56. The trade was a 40.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 18,689 shares of company stock valued at $11,187,351. Company insiders own 0.11% of the company’s stock.

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.