Crossmark Global Holdings Inc. Cuts Stake in McKesson Co. (NYSE:MCK)

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Crossmark Global Holdings Inc. reduced its holdings in shares of McKesson Co. (NYSE:MCK) by 2.5% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 22,746 shares of the company’s stock after selling 591 shares during the period. Crossmark Global Holdings Inc.’s holdings in McKesson were worth $3,108,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. OppenheimerFunds Inc. boosted its holdings in McKesson by 14.2% in the 1st quarter. OppenheimerFunds Inc. now owns 165,652 shares of the company’s stock worth $19,391,000 after buying an additional 20,661 shares during the period. Commonwealth Equity Services LLC boosted its holdings in McKesson by 7.7% in the 1st quarter. Commonwealth Equity Services LLC now owns 46,519 shares of the company’s stock worth $5,445,000 after buying an additional 3,318 shares during the period. Meiji Yasuda Asset Management Co Ltd. boosted its holdings in McKesson by 5.8% in the 1st quarter. Meiji Yasuda Asset Management Co Ltd. now owns 7,924 shares of the company’s stock worth $928,000 after buying an additional 431 shares during the period. Andra AP fonden bought a new position in McKesson in the 1st quarter worth $6,286,000. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in McKesson by 9,927.2% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 202,550 shares of the company’s stock worth $23,711,000 after buying an additional 200,530 shares during the period. 86.62% of the stock is currently owned by hedge funds and other institutional investors.

MCK opened at $134.74 on Friday. The firm has a 50-day simple moving average of $139.86 and a two-hundred day simple moving average of $132.60. McKesson Co. has a 52 week low of $106.11 and a 52 week high of $150.82. The company has a market capitalization of $24.09 billion, a PE ratio of 9.93, a price-to-earnings-growth ratio of 1.31 and a beta of 1.14. The company has a quick ratio of 0.58, a current ratio of 1.01 and a debt-to-equity ratio of 1.14.

McKesson (NYSE:MCK) last released its quarterly earnings data on Wednesday, July 31st. The company reported $3.31 EPS for the quarter, beating the consensus estimate of $3.04 by $0.27. McKesson had a net margin of 0.27% and a return on equity of 30.73%. The business had revenue of $55.73 billion during the quarter, compared to the consensus estimate of $54.03 billion. During the same quarter in the prior year, the firm earned $2.90 EPS. The business’s revenue was up 5.9% on a year-over-year basis. As a group, sell-side analysts expect that McKesson Co. will post 14.39 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 3rd were issued a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 1.22%. The ex-dividend date was Friday, August 30th. This is an increase from McKesson’s previous quarterly dividend of $0.39. McKesson’s dividend payout ratio is 12.09%.

MCK has been the subject of several recent analyst reports. JPMorgan Chase & Co. initiated coverage on shares of McKesson in a report on Monday, July 22nd. They issued an “overweight” rating and a $164.00 target price for the company. Credit Suisse Group initiated coverage on shares of McKesson in a report on Monday, July 22nd. They issued a “neutral” rating and a $143.00 target price for the company. TheStreet raised shares of McKesson from a “c” rating to a “b” rating in a report on Wednesday, July 31st. ValuEngine downgraded shares of McKesson from a “sell” rating to a “strong sell” rating in a report on Friday, August 30th. Finally, Bank of America set a $160.00 target price on shares of McKesson and gave the stock a “buy” rating in a report on Wednesday, July 31st. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $147.20.

In other news, SVP Sundeep G. Reddy sold 422 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $143.79, for a total transaction of $60,679.38. Following the sale, the senior vice president now directly owns 1,268 shares in the company, valued at approximately $182,325.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director M Christine Jacobs sold 1,296 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $146.65, for a total transaction of $190,058.40. The disclosure for this sale can be found here. Insiders have sold a total of 10,218 shares of company stock valued at $1,421,738 in the last three months. Insiders own 0.88% of the company’s stock.

McKesson Profile

McKesson Corporation provides pharmaceuticals and medical supplies in the United States and internationally. It operates in three segments: U.S. Pharmaceutical and Specialty Solutions, European Pharmaceutical Solutions, and Medical-Surgical Solutions. The company distributes branded, generic, specialty, biosimilar, and over-the-counter pharmaceutical drugs, as well as other healthcare-related products; and offers practice management, technology, clinical support, and business solutions to community-based oncology and other specialty practices.

Further Reading: Special Dividends

Want to see what other hedge funds are holding MCK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for McKesson Co. (NYSE:MCK).

Institutional Ownership by Quarter for McKesson (NYSE:MCK)

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