Benjamin F. Edwards & Company Inc. Cuts Holdings in McKesson Co. (NYSE:MCK)

Benjamin F. Edwards & Company Inc. reduced its holdings in McKesson Co. (NYSE:MCK) by 3.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,122 shares of the company’s stock after selling 75 shares during the quarter. Benjamin F. Edwards & Company Inc.’s holdings in McKesson were worth $1,240,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of MCK. RFP Financial Group LLC increased its stake in McKesson by 9.8% in the 2nd quarter. RFP Financial Group LLC now owns 191 shares of the company’s stock valued at $112,000 after purchasing an additional 17 shares in the last quarter. Modera Wealth Management LLC grew its stake in McKesson by 2.2% in the 2nd quarter. Modera Wealth Management LLC now owns 804 shares of the company’s stock valued at $470,000 after acquiring an additional 17 shares during the last quarter. Larson Financial Group LLC increased its holdings in McKesson by 1.6% during the 2nd quarter. Larson Financial Group LLC now owns 1,094 shares of the company’s stock valued at $639,000 after acquiring an additional 17 shares in the last quarter. First Western Trust Bank raised its position in McKesson by 2.0% during the first quarter. First Western Trust Bank now owns 913 shares of the company’s stock worth $490,000 after acquiring an additional 18 shares during the last quarter. Finally, Lindbrook Capital LLC lifted its holdings in shares of McKesson by 1.7% in the first quarter. Lindbrook Capital LLC now owns 1,133 shares of the company’s stock valued at $608,000 after purchasing an additional 19 shares in the last quarter. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. StockNews.com downgraded McKesson from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 9th. Leerink Partners decreased their price objective on McKesson from $670.00 to $665.00 and set an “outperform” rating on the stock in a research note on Thursday, September 5th. Argus upped their target price on shares of McKesson from $570.00 to $670.00 and gave the company a “buy” rating in a report on Monday, June 24th. Evercore ISI cut their price objective on shares of McKesson from $660.00 to $630.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Finally, JPMorgan Chase & Co. raised their target price on shares of McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Two equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $620.93.

Insiders Place Their Bets

In other news, CEO Brian S. Tyler sold 3,753 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $626.03, for a total value of $2,349,490.59. Following the completion of the sale, the chief executive officer now owns 82,339 shares in the company, valued at $51,546,684.17. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold a total of 11,259 shares of company stock worth $6,635,492 over the last quarter. 0.11% of the stock is owned by corporate insiders.

McKesson Price Performance

Shares of NYSE:MCK opened at $505.00 on Tuesday. The firm has a market capitalization of $65.62 billion, a PE ratio of 22.56, a P/E/G ratio of 1.18 and a beta of 0.44. McKesson Co. has a 12 month low of $431.35 and a 12 month high of $637.51. The business has a 50-day moving average of $558.79 and a two-hundred day moving average of $557.07.

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

McKesson Increases Dividend

The business 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 is Friday, August 30th. This is a positive change from McKesson’s previous quarterly dividend of $0.62. This represents a $2.84 annualized dividend and a yield of 0.56%. McKesson’s dividend payout ratio (DPR) is 12.69%.

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.