Pinnacle Associates Ltd. Has $872,000 Stock Holdings in McKesson Co. (NYSE:MCK)

Pinnacle Associates Ltd. reduced its stake in shares of McKesson Co. (NYSE:MCKGet Rating) by 24.8% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 2,565 shares of the company’s stock after selling 844 shares during the period. Pinnacle Associates Ltd.’s holdings in McKesson were worth $872,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Ritholtz Wealth Management raised its holdings in McKesson by 76.6% during the 2nd quarter. Ritholtz Wealth Management now owns 2,275 shares of the company’s stock worth $742,000 after buying an additional 987 shares during the period. Park Avenue Securities LLC grew its stake in shares of McKesson by 7.9% during the 2nd quarter. Park Avenue Securities LLC now owns 1,460 shares of the company’s stock worth $476,000 after acquiring an additional 107 shares in the last quarter. Orion Portfolio Solutions LLC grew its stake in shares of McKesson by 4.4% during the 2nd quarter. Orion Portfolio Solutions LLC now owns 1,272 shares of the company’s stock worth $415,000 after acquiring an additional 54 shares in the last quarter. Atria Wealth Solutions Inc. grew its stake in shares of McKesson by 86.2% during the 2nd quarter. Atria Wealth Solutions Inc. now owns 4,274 shares of the company’s stock worth $1,396,000 after acquiring an additional 1,979 shares in the last quarter. Finally, Charter Oak Capital Management LLC bought a new position in shares of McKesson during the 2nd quarter worth approximately $51,000. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on MCK shares. Barclays raised their price target on shares of McKesson from $375.00 to $415.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 2nd. Morgan Stanley raised their target price on shares of McKesson from $403.00 to $420.00 and gave the company an “overweight” rating in a research note on Friday, January 6th. Cowen raised their target price on shares of McKesson from $384.00 to $416.00 in a research note on Wednesday, November 2nd. Mizuho raised their target price on shares of McKesson from $345.00 to $376.00 and gave the company a “neutral” rating in a research note on Monday, November 14th. Finally, Robert W. Baird raised their target price on shares of McKesson from $440.00 to $445.00 and gave the company an “outperform” rating in a research note on Wednesday, January 11th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $411.20.

Insider Transactions at McKesson

In other news, EVP Lori A. Schechter sold 2,500 shares of McKesson stock in a transaction on Friday, December 9th. The stock was sold at an average price of $379.79, for a total transaction of $949,475.00. Following the completion of the sale, the executive vice president now owns 4,178 shares of the company’s stock, valued at $1,586,762.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Lori A. Schechter sold 2,500 shares of McKesson stock in a transaction on Friday, December 9th. The stock was sold at an average price of $379.79, for a total transaction of $949,475.00. Following the completion of the sale, the executive vice president now owns 4,178 shares of the company’s stock, valued at $1,586,762.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Tracy Faber sold 10,733 shares of McKesson stock in a transaction on Tuesday, November 8th. The stock was sold at an average price of $391.58, for a total value of $4,202,828.14. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 15,733 shares of company stock valued at $6,129,853. 0.21% of the stock is currently owned by corporate insiders.

McKesson Price Performance

MCK stock opened at $381.81 on Monday. The company has a fifty day moving average price of $377.13 and a two-hundred day moving average price of $361.20. McKesson Co. has a one year low of $237.61 and a one year high of $401.78. The stock has a market cap of $54.14 billion, a price-to-earnings ratio of 26.94, a price-to-earnings-growth ratio of 1.53 and a beta of 0.63.

McKesson (NYSE:MCKGet Rating) last released its quarterly earnings data on Tuesday, November 1st. The company reported $6.06 EPS for the quarter, missing analysts’ consensus estimates of $6.13 by ($0.07). McKesson had a negative return on equity of 267.09% and a net margin of 0.76%. The company had revenue of $70.16 billion for the quarter, compared to the consensus estimate of $69.66 billion. Research analysts anticipate that McKesson Co. will post 24.78 EPS for the current fiscal year.

McKesson Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 3rd. Stockholders of record on Thursday, December 1st were issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 0.57%. The ex-dividend date was Wednesday, November 30th. McKesson’s dividend payout ratio is currently 15.24%.

McKesson Company Profile

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McKesson Corporation provides healthcare services in the United States and internationally. It operates through four segments: U.S. Pharmaceutical, International, Medical-Surgical Solutions, and Prescription Technology Solutions (RxTS). The U.S. Pharmaceutical segment distributes branded, generic, specialty, biosimilar, and over-the-counter pharmaceutical drugs and other healthcare-related products.

Further Reading

Institutional Ownership by Quarter for McKesson (NYSE:MCK)

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