Palisade Asset Management LLC Sells 2,450 Shares of McKesson Co. (NYSE:MCK)

Palisade Asset Management LLC lowered its position in shares of McKesson Co. (NYSE:MCK) by 77.8% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 700 shares of the company’s stock after selling 2,450 shares during the quarter. Palisade Asset Management LLC’s holdings in McKesson were worth $346,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Cerity Partners LLC raised its holdings in shares of McKesson by 7.6% in the 3rd quarter. Cerity Partners LLC now owns 44,224 shares of the company’s stock worth $21,867,000 after purchasing an additional 3,127 shares during the period. Great Valley Advisor Group Inc. raised its holdings in shares of McKesson by 55.1% in the 3rd quarter. Great Valley Advisor Group Inc. now owns 10,498 shares of the company’s stock worth $5,190,000 after purchasing an additional 3,729 shares during the period. Camden National Bank bought a new stake in shares of McKesson in the 3rd quarter worth approximately $318,000. Meridian Wealth Management LLC raised its holdings in shares of McKesson by 18.3% in the 3rd quarter. Meridian Wealth Management LLC now owns 1,535 shares of the company’s stock worth $759,000 after purchasing an additional 237 shares during the period. Finally, Icon Wealth Advisors LLC raised its holdings in shares of McKesson by 457.5% in the 3rd quarter. Icon Wealth Advisors LLC now owns 2,336 shares of the company’s stock worth $1,155,000 after purchasing an additional 1,917 shares during the period. Institutional investors own 85.07% of the company’s stock.

McKesson Stock Down 0.8 %

MCK opened at $623.19 on Friday. The stock has a market cap of $79.11 billion, a PE ratio of 32.27, a P/E/G ratio of 1.36 and a beta of 0.44. McKesson Co. has a 52 week low of $431.35 and a 52 week high of $637.51. The business’s fifty day simple moving average is $530.98 and its 200 day simple moving average is $557.45.

McKesson (NYSE:MCK) last released its earnings results on Wednesday, November 6th. The company reported $7.07 EPS for the quarter, beating analysts’ consensus estimates of $6.88 by $0.19. The business had revenue of $93.65 billion for the quarter, compared to analysts’ expectations of $89.33 billion. McKesson had a negative return on equity of 207.50% and a net margin of 0.77%. The firm’s revenue was up 21.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $6.23 earnings per share. As a group, equities analysts anticipate that McKesson Co. will post 32.78 earnings per share for the current year.

McKesson Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be given a dividend of $0.71 per share. The ex-dividend date is Monday, December 2nd. This represents a $2.84 annualized dividend and a yield of 0.46%. McKesson’s payout ratio is 14.71%.

Analysts Set New Price Targets

A number of research firms recently weighed in on MCK. Baird R W upgraded shares of McKesson from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 7th. Citigroup increased their target price on McKesson from $630.00 to $713.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Evercore ISI increased their target price on McKesson from $560.00 to $680.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft dropped their target price on McKesson from $623.00 to $579.00 and set a “buy” rating on the stock in a research report on Wednesday, September 25th. Finally, Leerink Partners dropped their target price on McKesson from $665.00 to $630.00 and set an “outperform” rating on the stock in a research report on Monday, October 7th. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, McKesson currently has an average rating of “Moderate Buy” and a consensus target price of $631.57.

Insider Buying and Selling at McKesson

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $561.10, for a total transaction of $2,105,808.30. Following the completion of the sale, the chief executive officer now directly owns 78,586 shares in the company, valued at $44,094,604.60. This represents a 4.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.11% of the company’s stock.

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.