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

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

A number of other institutional investors and hedge funds have also modified their holdings of MCK. Sachetta LLC purchased a new stake in McKesson during the 4th quarter valued at about $27,000. D.A. Davidson & CO. grew its stake in McKesson by 77.3% during the 4th quarter. D.A. Davidson & CO. now owns 4,937 shares of the company’s stock valued at $2,286,000 after acquiring an additional 2,153 shares in the last quarter. Quest Partners LLC purchased a new stake in McKesson during the 4th quarter valued at about $638,000. CreativeOne Wealth LLC grew its stake in McKesson by 49.8% during the 4th quarter. CreativeOne Wealth LLC now owns 1,119 shares of the company’s stock valued at $518,000 after acquiring an additional 372 shares in the last quarter. Finally, Assetmark Inc. grew its stake in McKesson by 16.7% during the 4th quarter. Assetmark Inc. now owns 9,777 shares of the company’s stock valued at $4,527,000 after acquiring an additional 1,399 shares in the last quarter. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Barclays upped their price objective on shares of McKesson from $596.00 to $616.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Bank of America increased their price target on shares of McKesson from $590.00 to $670.00 and gave the company a “buy” rating in a research note on Tuesday, June 25th. JPMorgan Chase & Co. increased their price target on shares of McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Mizuho increased their price target on shares of McKesson from $540.00 to $570.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. Finally, Argus increased their price target on shares of McKesson from $570.00 to $670.00 and gave the company a “buy” rating in a research note on Monday, June 24th. Two 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 has an average rating of “Moderate Buy” and a consensus price target of $620.93.

Insiders Place Their Bets

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the stock in a transaction that occurred 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 directly owns 78,586 shares in the company, valued at approximately $44,094,604.60. The transaction was disclosed in a document filed 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 in the last ninety days. 0.11% of the stock is owned by corporate insiders.

McKesson Stock Performance

Shares of MCK stock opened at $511.62 on Thursday. The firm’s 50 day moving average price is $562.98 and its 200-day moving average price is $557.34. McKesson Co. has a one year low of $428.50 and a one year high of $637.51. The firm has a market cap of $66.48 billion, a P/E ratio of 22.86, a P/E/G ratio of 1.18 and a beta of 0.44.

McKesson (NYSE:MCK) last released its earnings results 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. The company had revenue of $79.28 billion for the quarter, compared to analyst estimates of $82.53 billion. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The firm’s quarterly revenue was up 6.4% on a year-over-year basis. During the same period in the prior year, the business earned $7.27 EPS. As a group, research analysts predict that McKesson Co. will post 32.11 EPS for the current fiscal year.

McKesson Increases Dividend

The firm 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 is a positive change from McKesson’s previous quarterly dividend of $0.62. This represents a $2.84 dividend on an annualized basis and a yield of 0.56%. McKesson’s dividend payout ratio is 12.69%.

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.