Cetera Investment Advisers Sells 958 Shares of McKesson Co. (NYSE:MCK)

Cetera Investment Advisers cut its holdings in shares of McKesson Co. (NYSE:MCK) by 2.6% in the 2nd quarter, Holdings Channel reports. The firm owned 36,239 shares of the company’s stock after selling 958 shares during the period. Cetera Investment Advisers’ holdings in McKesson were worth $21,166,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Swedbank AB acquired a new position in McKesson during the first quarter worth about $669,326,000. Bessemer Group Inc. increased its position in McKesson by 3,621.7% during the 1st quarter. Bessemer Group Inc. now owns 349,395 shares of the company’s stock worth $187,572,000 after purchasing an additional 340,007 shares in the last quarter. Bristol Gate Capital Partners Inc. bought a new position in McKesson in the 1st quarter valued at approximately $97,510,000. Third Point LLC acquired a new stake in McKesson in the fourth quarter valued at approximately $76,392,000. Finally, American Century Companies Inc. grew its stake in shares of McKesson by 134.6% during the second quarter. American Century Companies Inc. now owns 220,619 shares of the company’s stock worth $128,850,000 after buying an additional 126,567 shares during the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.

Insider Transactions at McKesson

In related news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction on 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 transaction, the chief executive officer now owns 78,586 shares in the company, valued at approximately $44,094,604.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.11% of the company’s stock.

McKesson Stock Down 1.4 %

MCK stock opened at $482.12 on Friday. The firm has a market cap of $62.64 billion, a price-to-earnings ratio of 21.54, a PEG ratio of 1.18 and a beta of 0.44. The company’s fifty day simple moving average is $543.03 and its 200 day simple moving average is $554.36. McKesson Co. has a 12-month low of $431.35 and a 12-month high of $637.51.

McKesson (NYSE:MCK) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $7.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.21 by $0.67. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The company had revenue of $79.28 billion for the quarter, compared to the consensus estimate of $82.53 billion. During the same period in the previous year, the business earned $7.27 EPS. The firm’s revenue was up 6.4% compared to the same quarter last year. Research analysts expect that McKesson Co. will post 32.07 earnings per share for the current year.

McKesson Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 2nd were issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.59%. This is a boost from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date was Friday, August 30th. McKesson’s dividend payout ratio is presently 12.69%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Robert W. Baird reiterated a “neutral” rating and issued a $531.00 price target (down from $603.00) on shares of McKesson in a research note on Tuesday, September 24th. Baird R W downgraded McKesson from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 24th. Mizuho lifted their price target on McKesson from $540.00 to $570.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. Evercore ISI lowered their price objective on McKesson from $660.00 to $630.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of McKesson from $623.00 to $579.00 and set a “buy” rating on the stock in a research report on Wednesday, September 25th. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, McKesson has a consensus rating of “Moderate Buy” and a consensus target price of $613.36.

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.