Gabelli Funds LLC Sells 3,500 Shares of McKesson Co. (NYSE:MCK)

Gabelli Funds LLC reduced its stake in McKesson Co. (NYSE:MCK) by 18.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,500 shares of the company’s stock after selling 3,500 shares during the period. Gabelli Funds LLC’s holdings in McKesson were worth $9,053,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. LRI Investments LLC acquired a new stake in McKesson in the 1st quarter valued at $28,000. Register Financial Advisors LLC acquired a new stake in shares of McKesson in the 1st quarter valued at $29,000. Richardson Financial Services Inc. bought a new stake in shares of McKesson in the 4th quarter worth about $31,000. Carolinas Wealth Consulting LLC grew its holdings in shares of McKesson by 42.9% in the 4th 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. Finally, ICA Group Wealth Management LLC acquired a new stake in shares of McKesson during the 4th quarter worth about $40,000. 85.07% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at McKesson

In related news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 82,339 shares in the company, valued at $51,546,684.17. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last ninety days, insiders sold 11,259 shares of company stock worth $6,635,492. 0.11% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have commented on MCK. Bank of America boosted their price target on shares of McKesson from $590.00 to $670.00 and gave the company a “buy” rating in a research report on Tuesday, June 25th. Robert W. Baird decreased their price target on McKesson from $694.00 to $671.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. StockNews.com cut McKesson from a “strong-buy” rating to a “buy” rating in a report on Friday, August 9th. Leerink Partners reduced 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. Finally, Barclays raised their target price on McKesson from $596.00 to $616.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, McKesson has an average rating of “Moderate Buy” and an average price target of $620.93.

McKesson Trading Down 0.6 %

Shares of NYSE:MCK opened at $505.00 on Tuesday. McKesson Co. has a 1-year low of $431.35 and a 1-year high of $637.51. The stock has a market capitalization of $65.62 billion, a P/E ratio of 22.56, a P/E/G ratio of 1.18 and a beta of 0.44. The business has a 50-day moving average price of $558.79 and a two-hundred day moving average price of $557.07.

McKesson (NYSE:MCK) last posted its quarterly earnings results 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. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The business had revenue of $79.28 billion during the quarter, compared to the consensus estimate of $82.53 billion. During the same period in the previous 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, equities analysts predict that McKesson Co. will post 32.11 EPS for the current year.

McKesson Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 2nd will be issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $2.84 dividend on an annualized basis and a yield of 0.56%. This is a boost from McKesson’s previous quarterly dividend of $0.62. 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.