Wedge Capital Management L L P NC Decreases Stock Position in McKesson Co. (NYSE:MCK)

Wedge Capital Management L L P NC lessened its holdings in McKesson Co. (NYSE:MCK - Free Report) by 2.9% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 57,560 shares of the company's stock after selling 1,699 shares during the period. Wedge Capital Management L L P NC's holdings in McKesson were worth $28,459,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in MCK. Richardson Financial Services Inc. purchased a new stake in shares of McKesson in the fourth quarter worth $31,000. SageView Advisory Group LLC purchased a new stake in McKesson during the fourth quarter valued at about $710,000. HighPoint Advisor Group LLC purchased a new stake in McKesson during the fourth quarter valued at about $1,856,000. Nomura Holdings Inc. purchased a new stake in McKesson during the fourth quarter valued at about $1,244,000. Finally, Kapitalo Investimentos Ltda raised its position in McKesson by 35.6% during the fourth quarter. Kapitalo Investimentos Ltda now owns 1,643 shares of the company's stock valued at $761,000 after purchasing an additional 431 shares in the last quarter. Hedge funds and other institutional investors own 85.07% of the company's stock.

McKesson Stock Performance

Shares of NYSE MCK traded up $4.13 during trading hours on Monday, hitting $509.72. The company's stock had a trading volume of 503,783 shares, compared to its average volume of 806,975. The stock has a market cap of $66.23 billion, a price-to-earnings ratio of 22.78, a P/E/G ratio of 1.17 and a beta of 0.44. McKesson Co. has a 12 month low of $431.35 and a 12 month high of $637.51. The business has a 50-day simple moving average of $526.66 and a 200-day simple moving average of $552.88.

McKesson (NYSE:MCK - Get Free Report) last posted its earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.21 by $0.67. The company had revenue of $79.28 billion for the quarter, compared to analysts' expectations of $82.53 billion. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. McKesson's quarterly revenue was up 6.4% on a year-over-year basis. During the same period last year, the firm earned $7.27 earnings per share. On average, equities research analysts forecast that McKesson Co. will post 32.07 EPS for the current year.

McKesson Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 2nd were given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 0.56%. This is a boost from McKesson's previous quarterly dividend of $0.62. The ex-dividend date was Friday, August 30th. McKesson's payout ratio is presently 12.69%.

Analyst Ratings Changes

A number of research firms have weighed in on MCK. Baird R W downgraded McKesson from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 24th. Argus raised their price target on McKesson from $570.00 to $670.00 and gave the company a "buy" rating in a research report on Monday, June 24th. Evercore ISI lowered their price target on McKesson from $660.00 to $630.00 and set an "outperform" rating on the stock in a research report on Thursday, August 8th. JPMorgan Chase & Co. raised their price objective on McKesson from $656.00 to $661.00 and gave the company an "overweight" rating in a research note on Wednesday, August 21st. Finally, Wells Fargo & Company reduced their price objective on McKesson from $576.00 to $535.00 and set an "equal weight" rating on the stock in a research note on Friday, September 13th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat, McKesson presently has an average rating of "Moderate Buy" and an average price target of $610.86.

Insider Buying and Selling at McKesson

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $561.10, for a total transaction of $2,105,808.30. Following the sale, the chief executive officer now directly owns 78,586 shares of the company's stock, valued at approximately $44,094,604.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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.