Massachusetts Financial Services Co. MA Cuts Holdings in McKesson Co. (NYSE:MCK)

Massachusetts Financial Services Co. MA trimmed its holdings in shares of McKesson Co. (NYSE:MCK - Free Report) by 2.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,024,612 shares of the company's stock after selling 124,182 shares during the period. McKesson makes up about 0.8% of Massachusetts Financial Services Co. MA's investment portfolio, making the stock its 28th largest holding. Massachusetts Financial Services Co. MA owned 3.78% of McKesson worth $2,326,295,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Addison Advisors LLC lifted its holdings in shares of McKesson by 7.9% during the 4th quarter. Addison Advisors LLC now owns 299 shares of the company's stock valued at $138,000 after buying an additional 22 shares during the period. Evergreen Wealth Solutions LLC lifted its holdings in shares of McKesson by 1.2% during the 4th quarter. Evergreen Wealth Solutions LLC now owns 1,931 shares of the company's stock valued at $894,000 after buying an additional 22 shares during the period. Keystone Financial Services lifted its holdings in shares of McKesson by 2.1% during the 4th quarter. Keystone Financial Services now owns 1,192 shares of the company's stock valued at $552,000 after buying an additional 24 shares during the period. Austin Private Wealth LLC lifted its holdings in shares of McKesson by 2.5% during the 4th quarter. Austin Private Wealth LLC now owns 1,094 shares of the company's stock valued at $506,000 after buying an additional 27 shares during the period. Finally, Quent Capital LLC lifted its holdings in shares of McKesson by 2.2% during the 4th quarter. Quent Capital LLC now owns 1,240 shares of the company's stock valued at $574,000 after buying an additional 27 shares during the period. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

McKesson Price Performance

Shares of McKesson stock traded up $4.79 during trading on Friday, reaching $559.91. 636,900 shares of the stock traded hands, compared to its average volume of 757,040. The company has a market capitalization of $72.78 billion, a price-to-earnings ratio of 25.02, a P/E/G ratio of 1.43 and a beta of 0.45. The business has a fifty day simple moving average of $532.92 and a two-hundred day simple moving average of $495.64. McKesson Co. has a 52-week low of $373.28 and a 52-week high of $566.01.

McKesson (NYSE:MCK - Get Free Report) last issued its quarterly earnings data on Tuesday, May 7th. The company reported $6.18 earnings per share for the quarter, missing analysts' consensus estimates of $6.34 by ($0.16). The firm had revenue of $76.36 billion for the quarter, compared to analysts' expectations of $79.32 billion. McKesson had a net margin of 0.97% and a negative return on equity of 245.88%. The company's revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $7.19 EPS. On average, research analysts predict that McKesson Co. will post 31.55 earnings per share for the current fiscal year.

McKesson Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be given a $0.62 dividend. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $2.48 annualized dividend and a yield of 0.44%. McKesson's dividend payout ratio is currently 11.08%.

Insider Buying and Selling

In related news, CEO Brian S. Tyler sold 3,473 shares of McKesson stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $524.55, for a total value of $1,821,762.15. Following the completion of the transaction, the chief executive officer now owns 43,445 shares in the company, valued at $22,789,074.75. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, EVP Leann B. Smith sold 186 shares of McKesson stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $496.00, for a total transaction of $92,256.00. Following the completion of the sale, the executive vice president now owns 1,511 shares of the company's stock, valued at $749,456. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Brian S. Tyler sold 3,473 shares of McKesson stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $524.55, for a total transaction of $1,821,762.15. Following the sale, the chief executive officer now directly owns 43,445 shares of the company's stock, valued at approximately $22,789,074.75. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Evercore ISI raised their target price on McKesson from $590.00 to $600.00 and gave the stock an "outperform" rating in a report on Wednesday. Wells Fargo & Company raised their target price on McKesson from $502.00 to $551.00 and gave the stock an "equal weight" rating in a report on Thursday. TD Cowen raised their target price on McKesson from $563.00 to $652.00 and gave the stock a "buy" rating in a report on Wednesday. Barclays raised their target price on McKesson from $571.00 to $596.00 and gave the stock an "overweight" rating in a report on Wednesday. Finally, SVB Leerink assumed coverage on McKesson in a report on Monday, February 26th. They issued an "outperform" rating and a $600.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $571.47.

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.

Want to see what other hedge funds are holding MCK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for McKesson Co. (NYSE:MCK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.