Kornitzer Capital Management Inc. KS Lowers Holdings in McKesson Co. (NYSE:MCK)

Kornitzer Capital Management Inc. KS trimmed its position in McKesson Co. (NYSE:MCK - Free Report) by 23.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,500 shares of the company's stock after selling 775 shares during the quarter. Kornitzer Capital Management Inc. KS's holdings in McKesson were worth $1,425,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. International Assets Investment Management LLC boosted its stake in shares of McKesson by 1,020.2% during the 3rd quarter. International Assets Investment Management LLC now owns 806,878 shares of the company's stock worth $398,937,000 after purchasing an additional 734,849 shares during the period. FMR LLC grew its stake in shares of McKesson by 17.3% during the third quarter. FMR LLC now owns 2,968,239 shares of the company's stock valued at $1,467,557,000 after buying an additional 438,423 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of McKesson by 55.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,189,377 shares of the company's stock worth $588,048,000 after acquiring an additional 425,875 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in McKesson by 126.8% during the 3rd quarter. Janus Henderson Group PLC now owns 574,440 shares of the company's stock valued at $283,903,000 after acquiring an additional 321,119 shares during the period. Finally, Nordea Investment Management AB grew its position in McKesson by 20.0% in the 4th quarter. Nordea Investment Management AB now owns 975,935 shares of the company's stock valued at $558,606,000 after acquiring an additional 162,688 shares during the last quarter. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at McKesson

In related news, EVP Leann B. Smith sold 579 shares of the firm's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $572.79, for a total value of $331,645.41. Following the transaction, the executive vice president now directly owns 864 shares of the company's stock, valued at approximately $494,890.56. This trade represents a 40.12 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Brian S. Tyler sold 8,961 shares of the business's stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $600.66, for a total value of $5,382,514.26. Following the sale, the chief executive officer now owns 69,625 shares of the company's stock, valued at approximately $41,820,952.50. This trade represents a 11.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,307 shares of company stock valued at $6,177,790 in the last ninety days. 0.11% of the stock is currently owned by corporate insiders.

McKesson Price Performance

NYSE:MCK traded down $4.60 during midday trading on Friday, hitting $598.91. The company's stock had a trading volume of 303,906 shares, compared to its average volume of 734,435. McKesson Co. has a fifty-two week low of $464.42 and a fifty-two week high of $637.51. The firm has a market cap of $75.06 billion, a P/E ratio of 27.42, a P/E/G ratio of 1.29 and a beta of 0.52. The firm's 50 day moving average is $588.60 and its 200-day moving average is $562.48.

McKesson (NYSE:MCK - Get Free Report) last posted its earnings results on Wednesday, February 5th. The company reported $8.03 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $8.60 by ($0.57). McKesson had a net margin of 0.82% and a negative return on equity of 181.26%. As a group, analysts forecast that McKesson Co. will post 32.77 EPS for the current year.

McKesson Announces Dividend

The company also recently announced 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. This represents a $2.84 annualized dividend and a dividend yield of 0.47%. The ex-dividend date of this dividend is Monday, March 3rd. McKesson's dividend payout ratio is currently 13.00%.

Analyst Ratings Changes

A number of brokerages recently weighed in on MCK. Bank of America decreased their price objective on shares of McKesson from $680.00 to $650.00 and set a "buy" rating for the company in a report on Monday, January 6th. Mizuho initiated coverage on McKesson in a research report on Wednesday, December 4th. They set a "neutral" rating and a $630.00 target price for the company. Robert W. Baird upgraded McKesson from a "neutral" rating to an "outperform" rating and upped their target price for the stock from $531.00 to $688.00 in a report on Thursday, November 7th. Morgan Stanley lifted their price objective on McKesson from $612.00 to $642.00 and gave the company an "overweight" rating in a report on Tuesday, December 17th. Finally, Baird R W upgraded shares of McKesson from a "hold" rating to a "strong-buy" rating in a report on Thursday, November 7th. Two research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $645.79.

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.