E Fund Management Co. Ltd. Cuts Holdings in McKesson Co. (NYSE:MCK)

E Fund Management Co. Ltd. trimmed its holdings in shares of McKesson Co. (NYSE:MCK) by 9.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 487 shares of the company’s stock after selling 51 shares during the quarter. E Fund Management Co. Ltd.’s holdings in McKesson were worth $284,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of MCK. Sachetta LLC purchased a new position in McKesson in the fourth quarter worth $27,000. LRI Investments LLC purchased a new position in McKesson in the first quarter worth $28,000. Register Financial Advisors LLC purchased a new position in McKesson in the first quarter worth $29,000. Richardson Financial Services Inc. purchased a new position in McKesson in the fourth quarter worth $31,000. Finally, Carolinas Wealth Consulting LLC grew its holdings in McKesson by 42.9% in the fourth quarter. Carolinas Wealth Consulting LLC now owns 80 shares of the company’s stock worth $37,000 after purchasing an additional 24 shares during the last quarter. 85.07% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Robert W. Baird cut their price target on shares of McKesson from $694.00 to $671.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Wells Fargo & Company dropped their price objective on shares of McKesson from $576.00 to $535.00 and set an “equal weight” rating on the stock in a report on Friday, September 13th. Mizuho boosted their price objective on shares of McKesson from $540.00 to $570.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. StockNews.com lowered shares of McKesson from a “strong-buy” rating to a “buy” rating in a report on Friday, August 9th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $620.93.

McKesson Price Performance

NYSE MCK opened at $511.62 on Thursday. The company has a fifty day moving average of $562.98 and a 200 day moving average of $557.34. The company has a market capitalization of $66.48 billion, a PE ratio of 22.86, a P/E/G ratio of 1.18 and a beta of 0.44. McKesson Co. has a 1 year low of $428.50 and a 1 year high of $637.51.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, topping analysts’ consensus estimates of $7.21 by $0.67. The business had revenue of $79.28 billion during the quarter, compared to the consensus estimate of $82.53 billion. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The company’s revenue was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $7.27 earnings per share. Research analysts expect that McKesson Co. will post 32.11 earnings per share for the current year.

McKesson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 2nd will be given a $0.71 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.56%. This is an increase from McKesson’s previous quarterly dividend of $0.62. McKesson’s dividend payout ratio is 12.69%.

Insiders Place Their Bets

In other news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $626.03, for a total transaction of $2,349,490.59. Following the completion of the sale, the chief executive officer now owns 82,339 shares of the company’s stock, valued at $51,546,684.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders sold 11,259 shares of company stock worth $6,635,492. Company insiders own 0.11% of the company’s stock.

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.