Wedge Capital Management L L P NC Sells 9,263 Shares of McKesson Co. (NYSE:MCK)

Wedge Capital Management L L P NC cut its stake in McKesson Co. (NYSE:MCK) by 12.6% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 64,292 shares of the company’s stock after selling 9,263 shares during the quarter. Wedge Capital Management L L P NC’s holdings in McKesson were worth $29,766,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MCK. International Assets Investment Management LLC lifted its holdings in shares of McKesson by 1,044.5% during the 4th quarter. International Assets Investment Management LLC now owns 821,262 shares of the company’s stock valued at $380,228,000 after buying an additional 749,504 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of McKesson by 16.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 5,148,794 shares of the company’s stock valued at $2,238,953,000 after purchasing an additional 708,438 shares in the last quarter. Morgan Stanley grew its position in McKesson by 14.0% in the third quarter. Morgan Stanley now owns 2,398,380 shares of the company’s stock worth $1,042,937,000 after acquiring an additional 294,832 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec grew its position in McKesson by 92.1% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 567,941 shares of the company’s stock worth $246,969,000 after acquiring an additional 272,266 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in McKesson by 5,683.0% in the fourth quarter. Assenagon Asset Management S.A. now owns 225,016 shares of the company’s stock worth $104,178,000 after purchasing an additional 221,125 shares during the last quarter. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

McKesson Stock Performance

Shares of NYSE MCK traded up $2.49 during midday trading on Monday, reaching $527.32. 893,491 shares of the stock were exchanged, compared to its average volume of 691,466. The company has a 50 day simple moving average of $524.91 and a 200 day simple moving average of $486.96. The stock has a market capitalization of $69.30 billion, a P/E ratio of 23.78, a PEG ratio of 1.42 and a beta of 0.45. McKesson Co. has a twelve month low of $352.34 and a twelve month high of $543.00.

McKesson (NYSE:MCK) last released its quarterly earnings data on Wednesday, February 7th. The company reported $7.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.05 by $0.69. The business had revenue of $80.90 billion during the quarter, compared to analysts’ expectations of $77.93 billion. McKesson had a net margin of 0.99% and a negative return on equity of 262.63%. The company’s revenue for the quarter was up 14.8% on a year-over-year basis. During the same period in the previous year, the company earned $6.90 EPS. On average, research analysts expect that McKesson Co. will post 27.59 earnings per share for the current year.

McKesson Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 1st were given a dividend of $0.62 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $2.48 annualized dividend and a dividend yield of 0.47%. McKesson’s dividend payout ratio (DPR) is currently 11.24%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. SVB Leerink assumed coverage on shares of McKesson in a report on Monday, February 26th. They set an “outperform” rating and a $600.00 price objective on the stock. UBS Group lifted their price objective on shares of McKesson from $575.00 to $620.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. Leerink Partnrs reissued an “outperform” rating on shares of McKesson in a report on Monday, February 26th. Barclays assumed coverage on shares of McKesson in a report on Wednesday, January 3rd. They set an “overweight” rating and a $537.00 price objective on the stock. Finally, Morgan Stanley lifted their price target on shares of McKesson from $522.00 to $548.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $533.50.

Insider Activity at McKesson

In related news, CEO Brian S. Tyler sold 3,473 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $524.55, for a total value of $1,821,762.15. Following the completion of the sale, the chief executive officer now directly owns 43,445 shares of the company’s stock, valued at $22,789,074.75. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other McKesson news, EVP Leann B. Smith sold 186 shares of McKesson stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $496.00, for a total value of $92,256.00. Following the transaction, the executive vice president now directly owns 1,511 shares in the company, valued at $749,456. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Brian S. Tyler sold 3,473 shares of McKesson stock in a transaction on Friday, March 15th. The shares were sold at an average price of $524.55, for a total transaction of $1,821,762.15. Following the completion of the transaction, the chief executive officer now owns 43,445 shares in the company, valued at $22,789,074.75. The disclosure for this sale can be found here. 0.21% 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.