Convergence Investment Partners LLC Trims Stock Position in McKesson Co. (NYSE:MCK)

Convergence Investment Partners LLC lowered its holdings in shares of McKesson Co. (NYSE:MCK) by 3.2% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,315 shares of the company’s stock after selling 43 shares during the quarter. Convergence Investment Partners LLC’s holdings in McKesson were worth $609,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MCK. DAVENPORT & Co LLC increased its position in shares of McKesson by 27.1% during the 3rd quarter. DAVENPORT & Co LLC now owns 2,117 shares of the company’s stock valued at $920,000 after purchasing an additional 451 shares during the last quarter. Avior Wealth Management LLC increased its holdings in McKesson by 50.0% in the 3rd quarter. Avior Wealth Management LLC now owns 84 shares of the company’s stock worth $37,000 after acquiring an additional 28 shares in the last quarter. Patriot Financial Group Insurance Agency LLC increased its holdings in McKesson by 17.8% in the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,169 shares of the company’s stock worth $509,000 after acquiring an additional 177 shares in the last quarter. U.S. Capital Wealth Advisors LLC increased its holdings in McKesson by 2.5% in the 3rd quarter. U.S. Capital Wealth Advisors LLC now owns 1,757 shares of the company’s stock worth $764,000 after acquiring an additional 43 shares in the last quarter. Finally, Valeo Financial Advisors LLC increased its holdings in McKesson by 6.8% in the 3rd quarter. Valeo Financial Advisors LLC now owns 1,198 shares of the company’s stock worth $521,000 after acquiring an additional 76 shares in the last quarter. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Trading Up 0.6 %

Shares of McKesson stock traded up $3.36 during trading on Friday, hitting $543.30. 654,669 shares of the stock traded hands, compared to its average volume of 493,786. The firm has a market cap of $71.40 billion, a P/E ratio of 24.62, a price-to-earnings-growth ratio of 1.44 and a beta of 0.45. McKesson Co. has a 52-week low of $352.34 and a 52-week high of $544.81. The stock’s fifty day simple moving average is $528.15 and its 200 day simple moving average is $489.72.

McKesson (NYSE:MCK) last posted its earnings results on Wednesday, February 7th. The company reported $7.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.05 by $0.69. McKesson had a negative return on equity of 262.63% and a net margin of 0.99%. The company had revenue of $80.90 billion for the quarter, compared to analyst estimates of $77.93 billion. During the same quarter in the previous year, the firm earned $6.90 earnings per share. The firm’s quarterly revenue was up 14.8% compared to the same quarter last year. As a group, equities analysts expect that McKesson Co. will post 27.59 EPS for the current year.

McKesson Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 3rd will be issued a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 0.46%. The ex-dividend date of this dividend is Friday, May 31st. McKesson’s dividend payout ratio is presently 11.24%.

Insiders Place Their Bets

In other McKesson news, CEO Brian S. Tyler sold 3,473 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $524.55, for a total value of $1,821,762.15. Following the completion of the sale, the chief executive officer now owns 43,445 shares of the company’s stock, valued at $22,789,074.75. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other McKesson news, CEO Brian S. Tyler sold 3,473 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $524.55, for a total value of $1,821,762.15. Following the completion of the sale, the chief executive officer now owns 43,445 shares of the company’s stock, valued at $22,789,074.75. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Leann B. Smith sold 186 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $496.00, for a total value of $92,256.00. Following the completion of the sale, the executive vice president now directly owns 1,511 shares of the company’s stock, valued at approximately $749,456. The disclosure for this sale can be found here. Corporate insiders own 0.21% of the company’s stock.

Wall Street Analyst Weigh In

MCK has been the subject of several analyst reports. Mizuho increased their target price on shares of McKesson from $450.00 to $505.00 and gave the stock a “neutral” rating in a report on Friday, February 9th. Argus increased their price objective on shares of McKesson from $510.00 to $570.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. Leerink Partnrs reaffirmed an “outperform” rating on shares of McKesson in a report on Monday, February 26th. SVB Leerink assumed coverage on shares of McKesson in a report on Monday, February 26th. They set an “outperform” rating and a $600.00 price objective for the company. Finally, Barclays assumed coverage on shares of McKesson in a report on Wednesday, January 3rd. They set an “overweight” rating and a $537.00 price objective for the company. Two analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $533.50.

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.