Burney Co. Trims Stock Holdings in McKesson Corporation $MCK

Burney Co. lessened its position in shares of McKesson Corporation (NYSE:MCK) by 3.0% during the 3rd quarter, Holdings Channel reports. The firm owned 59,122 shares of the company’s stock after selling 1,847 shares during the quarter. McKesson comprises 1.5% of Burney Co.’s portfolio, making the stock its 11th largest holding. Burney Co.’s holdings in McKesson were worth $45,674,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Norges Bank purchased a new stake in McKesson in the second quarter valued at approximately $1,346,661,000. Alliancebernstein L.P. lifted its stake in McKesson by 150.4% during the 2nd quarter. Alliancebernstein L.P. now owns 2,268,015 shares of the company’s stock valued at $1,661,956,000 after acquiring an additional 1,362,386 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in McKesson by 56.4% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,236,536 shares of the company’s stock valued at $906,109,000 after acquiring an additional 446,060 shares during the period. Voya Investment Management LLC increased its stake in shares of McKesson by 92.3% in the first quarter. Voya Investment Management LLC now owns 650,851 shares of the company’s stock worth $437,760,000 after acquiring an additional 312,473 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in shares of McKesson by 45.6% during the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 833,780 shares of the company’s stock worth $610,977,000 after purchasing an additional 261,296 shares during the last quarter. 85.07% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have commented on MCK. Bank of America upped their price target on shares of McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Jefferies Financial Group upped their target price on McKesson from $820.00 to $900.00 and gave the stock a “buy” rating in a research note on Monday, October 13th. Wall Street Zen cut McKesson from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Zacks Research downgraded McKesson from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 25th. Finally, Robert W. Baird raised their price objective on shares of McKesson from $873.00 to $927.00 and gave the stock an “outperform” rating in a research note on Thursday, November 6th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $892.86.

Insider Activity at McKesson

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company’s stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $861.63, for a total transaction of $283,476.27. Following the completion of the transaction, the chief accounting officer owned 328 shares in the company, valued at $282,614.64. This represents a 50.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.08% of the stock is owned by corporate insiders.

McKesson Trading Up 0.2%

Shares of MCK stock opened at $827.90 on Friday. McKesson Corporation has a 12-month low of $565.75 and a 12-month high of $895.58. The business’s 50 day moving average is $830.61 and its two-hundred day moving average is $755.43. The company has a market capitalization of $102.19 billion, a P/E ratio of 25.77, a P/E/G ratio of 1.36 and a beta of 0.38.

McKesson (NYSE:MCK) last announced its earnings results on Wednesday, November 5th. The company reported $9.86 earnings per share for the quarter, topping the consensus estimate of $8.84 by $1.02. McKesson had a negative return on equity of 248.14% and a net margin of 1.04%.The business had revenue of $103.15 billion during the quarter, compared to the consensus estimate of $103.80 billion. During the same period in the prior year, the company posted $7.07 EPS. The business’s quarterly revenue was up 10.2% on a year-over-year basis. On average, research analysts predict that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 1st will be paid a dividend of $0.82 per share. The ex-dividend date of this dividend is Monday, December 1st. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.4%. McKesson’s payout ratio is currently 10.21%.

About McKesson

McKesson Corporation (NYSE: MCK) is a global healthcare services and distribution company that supplies pharmaceuticals, medical-surgical products and health care technology solutions. Founded in 1833 and headquartered in Irving, Texas, McKesson operates across the drug distribution and healthcare services value chain, connecting manufacturers, pharmacies, hospitals and health systems to help manage the movement of medicines and clinical supplies.

The company’s core activities include pharmaceutical wholesale distribution and logistics, specialty pharmacy services, and the provision of medical-surgical supplies to acute and non-acute care providers.