Geneva Partners LLC Lowers Stake in McKesson Co. (NYSE:MCK)

Geneva Partners LLC lowered its stake in shares of McKesson Co. (NYSE:MCK) by 18.1% in the fourth quarter, Holdings Channel reports. The institutional investor owned 8,560 shares of the company’s stock after selling 1,890 shares during the period. McKesson accounts for 2.2% of Geneva Partners LLC’s holdings, making the stock its 17th biggest position. Geneva Partners LLC’s holdings in McKesson were worth $3,963,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Raymond James & Associates increased its position in shares of McKesson by 6.1% during the fourth quarter. Raymond James & Associates now owns 153,180 shares of the company’s stock worth $70,919,000 after purchasing an additional 8,784 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of McKesson by 6.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 85,779 shares of the company’s stock worth $39,714,000 after purchasing an additional 5,425 shares in the last quarter. Insight Wealth Strategies LLC acquired a new position in shares of McKesson during the fourth quarter worth $1,813,000. Aspire Private Capital LLC increased its position in shares of McKesson by 3.2% during the third quarter. Aspire Private Capital LLC now owns 1,957 shares of the company’s stock worth $851,000 after purchasing an additional 60 shares in the last quarter. Finally, Argus Investors Counsel Inc. acquired a new position in shares of McKesson during the fourth quarter worth $891,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Wall Street Analysts Forecast Growth

MCK has been the topic of several research reports. Leerink Partnrs reissued an “outperform” rating on shares of McKesson in a research report on Monday, February 26th. Argus upped their target price on McKesson from $510.00 to $570.00 and gave the company a “buy” rating in a research report on Wednesday, April 10th. SVB Leerink initiated coverage on McKesson in a research report on Monday, February 26th. They issued an “outperform” rating and a $600.00 target price on the stock. StockNews.com downgraded McKesson from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 4th. Finally, Morgan Stanley upped their target price on McKesson from $522.00 to $548.00 and gave the company an “overweight” rating in a research report on Monday. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $533.50.

McKesson Stock Up 1.2 %

Shares of MCK stock traded up $6.02 during mid-day trading on Friday, hitting $524.83. 645,368 shares of the stock were exchanged, compared to its average volume of 688,808. The firm has a fifty day moving average of $524.91 and a 200 day moving average of $486.31. McKesson Co. has a 52-week low of $352.34 and a 52-week high of $543.00. The company has a market cap of $68.97 billion, a PE ratio of 23.78, a price-to-earnings-growth ratio of 1.43 and a beta of 0.45.

McKesson (NYSE:MCK) last posted its earnings results on Wednesday, February 7th. The company reported $7.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.05 by $0.69. McKesson had a net margin of 0.99% and a negative return on equity of 262.63%. The business had revenue of $80.90 billion for the quarter, compared to analyst estimates of $77.93 billion. During the same period in the prior year, the company posted $6.90 EPS. The company’s revenue for the quarter was up 14.8% on a year-over-year basis. Equities analysts predict that McKesson Co. will post 27.59 EPS for the current year.

McKesson Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 1st were paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date of this dividend was Thursday, February 29th. McKesson’s dividend payout ratio is presently 11.24%.

Insider Activity at McKesson

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

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.