McKesson Co. (NYSE:MCK) Shares Sold by Suncoast Equity Management

Suncoast Equity Management reduced its position in McKesson Co. (NYSE:MCK - Free Report) by 7.2% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 29,492 shares of the company's stock after selling 2,274 shares during the period. McKesson comprises approximately 1.7% of Suncoast Equity Management's holdings, making the stock its 21st biggest holding. Suncoast Equity Management's holdings in McKesson were worth $14,581,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. RFG Advisory LLC grew its stake in shares of McKesson by 16.0% during the 1st quarter. RFG Advisory LLC now owns 1,890 shares of the company's stock valued at $1,015,000 after buying an additional 261 shares during the period. Range Financial Group LLC grew its stake in shares of McKesson by 6.2% during the 1st quarter. Range Financial Group LLC now owns 673 shares of the company's stock valued at $361,000 after buying an additional 39 shares during the period. Global Assets Advisory LLC purchased a new stake in shares of McKesson during the 1st quarter valued at $7,489,000. Gateway Investment Advisers LLC grew its stake in shares of McKesson by 13.9% during the 1st quarter. Gateway Investment Advisers LLC now owns 4,284 shares of the company's stock valued at $2,300,000 after buying an additional 523 shares during the period. Finally, Riverview Trust Co purchased a new stake in shares of McKesson during the 1st quarter valued at $49,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $561.10, for a total value of $2,105,808.30. Following the completion of the transaction, the chief executive officer now owns 78,586 shares of the company's stock, valued at $44,094,604.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.11% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on MCK shares. Barclays increased their price target on McKesson from $596.00 to $616.00 and gave the company an "overweight" rating in a report on Thursday, August 8th. Wells Fargo & Company dropped their target price on McKesson from $576.00 to $535.00 and set an "equal weight" rating on the stock in a report on Friday, September 13th. StockNews.com downgraded shares of McKesson from a "buy" rating to a "hold" rating in a research report on Friday, September 27th. Robert W. Baird reiterated a "neutral" rating and set a $531.00 price objective (down previously from $603.00) on shares of McKesson in a research note on Tuesday, September 24th. Finally, Bank of America lifted their price objective on shares of McKesson from $590.00 to $670.00 and gave the company a "buy" rating in a research note on Tuesday, June 25th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $610.86.

McKesson Stock Performance

Shares of MCK stock traded down $0.88 during mid-day trading on Monday, reaching $508.32. 606,673 shares of the company were exchanged, compared to its average volume of 807,601. McKesson Co. has a fifty-two week low of $431.35 and a fifty-two week high of $637.51. The company has a market capitalization of $66.05 billion, a P/E ratio of 22.71, a P/E/G ratio of 1.17 and a beta of 0.44. The business's 50 day simple moving average is $521.09 and its 200 day simple moving average is $552.14.

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

McKesson Increases Dividend

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

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.