Holderness Investments Co. Has $2.36 Million Stake in McKesson Co. (NYSE:MCK)

Holderness Investments Co. increased its stake in shares of McKesson Co. (NYSE:MCK) by 4.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,035 shares of the company’s stock after buying an additional 172 shares during the quarter. Holderness Investments Co.’s holdings in McKesson were worth $2,357,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. LRI Investments LLC bought a new position in shares of McKesson in the first quarter worth $28,000. Register Financial Advisors LLC acquired a new position in shares of McKesson in the 1st quarter valued at approximately $29,000. Richardson Financial Services Inc. bought a new stake in shares of McKesson during the 4th quarter worth approximately $31,000. Rise Advisors LLC acquired a new stake in shares of McKesson during the 1st quarter worth approximately $40,000. Finally, Carolinas Wealth Consulting LLC raised its position in McKesson by 42.9% during the fourth quarter. Carolinas Wealth Consulting LLC now owns 80 shares of the company’s stock valued at $37,000 after purchasing an additional 24 shares in the last quarter. Institutional investors own 85.07% of the company’s stock.

Insider Buying and Selling

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the company’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 sale, the chief executive officer now owns 78,586 shares of the company’s stock, valued at $44,094,604.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 11,259 shares of company stock valued at $6,635,492 over the last quarter. Insiders own 0.11% of the company’s stock.

McKesson Stock Down 0.0 %

NYSE MCK opened at $508.00 on Friday. The company has a market capitalization of $66.01 billion, a price-to-earnings ratio of 22.70, a PEG ratio of 1.18 and a beta of 0.44. McKesson Co. has a twelve month low of $431.35 and a twelve month high of $637.51. The stock has a fifty day simple moving average of $560.25 and a 200 day simple moving average of $557.01.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $7.88 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $82.53 billion. During the same period last year, the company earned $7.27 earnings per share. The firm’s revenue was up 6.4% compared to the same quarter last year. Research analysts expect that McKesson Co. will post 32.11 earnings per share for the current fiscal year.

McKesson Increases Dividend

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

Analysts Set New Price Targets

MCK has been the topic of a number of research analyst reports. Wells Fargo & Company reduced their target price on McKesson from $576.00 to $535.00 and set an “equal weight” rating on the stock in a report on Friday, September 13th. JPMorgan Chase & Co. lifted their target price on McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Leerink Partners dropped their target price on shares of McKesson from $670.00 to $665.00 and set an “outperform” rating for the company in a report on Thursday, September 5th. Robert W. Baird decreased 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. Finally, Citigroup dropped their price objective on shares of McKesson from $670.00 to $630.00 and set a “buy” rating for the company in a research note on Tuesday, September 10th. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $620.93.

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.