Forza Wealth Management LLC Lowers Stake in McKesson Co. (NYSE:MCK)

Forza Wealth Management LLC reduced its holdings in shares of McKesson Co. (NYSE:MCK) by 3.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,334 shares of the company’s stock after selling 50 shares during the period. Forza Wealth Management LLC’s holdings in McKesson were worth $716,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Massachusetts Financial Services Co. MA lifted its position in McKesson by 16.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 5,148,794 shares of the company’s stock valued at $2,238,953,000 after acquiring an additional 708,438 shares during the period. Morgan Stanley raised its holdings in McKesson by 14.0% in the third quarter. Morgan Stanley now owns 2,398,380 shares of the company’s stock worth $1,042,937,000 after buying an additional 294,832 shares during the last quarter. Norges Bank purchased a new position in McKesson in the fourth quarter worth about $1,024,140,000. Putnam Investments LLC raised its holdings in McKesson by 3.2% in the fourth quarter. Putnam Investments LLC now owns 1,997,963 shares of the company’s stock worth $925,017,000 after buying an additional 62,242 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in McKesson by 3.3% in the third quarter. Northern Trust Corp now owns 1,595,162 shares of the company’s stock worth $693,656,000 after buying an additional 50,265 shares during the last quarter. 85.07% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at McKesson

In other McKesson 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 transaction, the executive vice president now owns 1,511 shares of the company’s stock, valued at $749,456. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Leann B. Smith sold 186 shares of the business’s stock in a transaction on 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 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 available through this link. Also, CEO Brian S. Tyler sold 3,473 shares of the business’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $524.55, for a total transaction of $1,821,762.15. Following the completion of the transaction, the chief executive officer now directly owns 43,445 shares in the company, valued at approximately $22,789,074.75. The disclosure for this sale can be found here. Insiders own 0.21% of the company’s stock.

McKesson Trading Down 1.3 %

NYSE MCK traded down $7.21 during trading hours on Monday, hitting $536.09. 1,034,521 shares of the company’s stock traded hands, compared to its average volume of 692,065. The business’s fifty day moving average price is $528.65 and its two-hundred day moving average price is $490.49. The firm has a market capitalization of $70.45 billion, a P/E ratio of 24.29, a P/E/G ratio of 1.44 and a beta of 0.45. McKesson Co. has a 52 week low of $352.34 and a 52 week high of $544.81.

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

McKesson Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 3rd will be issued a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 0.46%. The ex-dividend date of this dividend is Friday, May 31st. McKesson’s dividend payout ratio is currently 11.24%.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. UBS Group lifted their target price on shares of McKesson from $575.00 to $620.00 and gave the stock a “buy” rating in a report on Wednesday, March 6th. Leerink Partnrs reaffirmed an “outperform” rating on shares of McKesson in a report on Monday, February 26th. Morgan Stanley lifted their price target on shares of McKesson from $522.00 to $548.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. SVB Leerink started coverage on shares of McKesson in a research note on Monday, February 26th. They issued an “outperform” rating and a $600.00 price target for the company. Finally, Mizuho lifted their price target on shares of McKesson from $450.00 to $505.00 and gave the stock a “neutral” rating in a research note on Friday, February 9th. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, McKesson has a consensus rating of “Moderate Buy” and a consensus price target of $533.50.

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.