McKesson Co. (NYSE:MCK) Shares Sold by Cercano Management LLC

Cercano Management LLC reduced its position in shares of McKesson Co. (NYSE:MCK - Free Report) by 76.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 23,762 shares of the company's stock after selling 78,028 shares during the quarter. Cercano Management LLC's holdings in McKesson were worth $13,542,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Millstone Evans Group LLC purchased a new stake in shares of McKesson during the fourth quarter valued at $28,000. Synergy Asset Management LLC purchased a new stake in shares of McKesson during the 4th quarter valued at about $32,000. Crews Bank & Trust bought a new stake in shares of McKesson in the fourth quarter worth approximately $33,000. Atala Financial Inc purchased a new position in shares of McKesson during the fourth quarter valued at approximately $34,000. Finally, Graney & King LLC bought a new position in McKesson during the fourth quarter valued at approximately $38,000. Institutional investors own 85.07% of the company's stock.

McKesson Stock Performance

MCK stock traded up $3.87 during midday trading on Friday, reaching $694.12. The company's stock had a trading volume of 2,028,420 shares, compared to its average volume of 898,192. The firm has a market capitalization of $86.99 billion, a price-to-earnings ratio of 31.78, a PEG ratio of 1.29 and a beta of 0.53. McKesson Co. has a 1 year low of $464.42 and a 1 year high of $728.48. The stock has a fifty day simple moving average of $677.23 and a two-hundred day simple moving average of $618.78.

McKesson (NYSE:MCK - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $10.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.83 by $0.29. The company had revenue of $90.82 billion during the quarter, compared to analysts' expectations of $94 billion. McKesson had a net margin of 0.82% and a negative return on equity of 181.26%. The firm's quarterly revenue was up 18.9% on a year-over-year basis. During the same period in the previous year, the company earned $6.18 EPS. As a group, analysts forecast that McKesson Co. will post 32.77 EPS for the current fiscal year.

McKesson Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date of this dividend is Monday, June 2nd. McKesson's dividend payout ratio (DPR) is 13.00%.

Insider Activity

In other news, EVP Leann B. Smith sold 188 shares of the firm's stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $609.59, for a total value of $114,602.92. Following the completion of the sale, the executive vice president now owns 1,051 shares of the company's stock, valued at $640,679.09. This trade represents a 15.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Brian S. Tyler sold 8,961 shares of the company's stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $600.66, for a total value of $5,382,514.26. Following the transaction, the chief executive officer now directly owns 69,625 shares in the company, valued at $41,820,952.50. This represents a 11.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,110 shares of company stock worth $10,855,706. 0.11% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on MCK. Citigroup decreased their target price on shares of McKesson from $713.00 to $677.00 and set a "buy" rating for the company in a research note on Friday, January 10th. StockNews.com cut shares of McKesson from a "strong-buy" rating to a "buy" rating in a research note on Friday, February 14th. UBS Group raised their price objective on McKesson from $708.00 to $805.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Morgan Stanley boosted their target price on McKesson from $642.00 to $745.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 2nd. Finally, Evercore ISI raised their price target on McKesson from $650.00 to $675.00 and gave the company an "outperform" rating in a report on Thursday, February 6th. Three analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $686.69.

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.