Ballentine Partners LLC Sells 2,702 Shares of McKesson Corporation $MCK

Ballentine Partners LLC lowered its position in McKesson Corporation (NYSE:MCK) by 22.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,429 shares of the company’s stock after selling 2,702 shares during the quarter. Ballentine Partners LLC’s holdings in McKesson were worth $7,284,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of MCK. Solstein Capital LLC boosted its stake in McKesson by 171.4% during the second quarter. Solstein Capital LLC now owns 38 shares of the company’s stock worth $28,000 after buying an additional 24 shares in the last quarter. State of Wyoming acquired a new stake in shares of McKesson during the 2nd quarter valued at about $29,000. GFG Capital LLC bought a new stake in McKesson in the second quarter valued at about $30,000. Abound Wealth Management raised its position in McKesson by 104.3% in the third quarter. Abound Wealth Management now owns 47 shares of the company’s stock worth $37,000 after purchasing an additional 24 shares in the last quarter. Finally, Delos Wealth Advisors LLC bought a new stake in shares of McKesson in the 2nd quarter valued at approximately $35,000. 85.07% of the stock is currently owned by institutional investors.

McKesson Stock Up 1.0%

Shares of MCK stock opened at $835.21 on Wednesday. The firm has a market cap of $103.09 billion, a price-to-earnings ratio of 25.99, a PEG ratio of 1.36 and a beta of 0.41. McKesson Corporation has a 12 month low of $570.51 and a 12 month high of $895.58. The stock has a 50-day moving average price of $829.92 and a 200 day moving average price of $772.05.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $9.86 earnings per share for the quarter, topping analysts’ consensus estimates of $8.84 by $1.02. McKesson had a net margin of 1.04% and a negative return on equity of 248.14%. 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 previous year, the firm posted $7.07 earnings per share. McKesson’s revenue for the quarter was up 10.2% compared to the same quarter last year. Sell-side analysts predict that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Announces Dividend

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

Insider Activity at McKesson

In other McKesson news, EVP Thomas L. Rodgers sold 276 shares of McKesson stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $816.18, for a total transaction of $225,265.68. Following the transaction, the executive vice president directly owned 2,268 shares in the company, valued at approximately $1,851,096.24. The trade was a 10.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $861.63, for a total value of $283,476.27. Following the completion of the sale, the chief accounting officer owned 328 shares of the company’s stock, valued at $282,614.64. This trade represents a 50.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.08% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

MCK has been the topic of a number of analyst reports. Barclays started coverage on McKesson in a research note on Monday, December 8th. They set an “overweight” rating and a $960.00 price objective for the company. Jefferies Financial Group raised their price objective on shares of McKesson from $820.00 to $900.00 and gave the stock a “buy” rating in a report on Monday, October 13th. Zacks Research downgraded McKesson from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 25th. Robert W. Baird set a $968.00 price objective on McKesson in a research report on Wednesday, January 14th. Finally, Morgan Stanley increased their target price on McKesson from $857.00 to $916.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $895.79.

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.