Kathmere Capital Management LLC Trims Holdings in McKesson Co. (NYSE:MCK)

Kathmere Capital Management LLC cut its stake in McKesson Co. (NYSE:MCK) by 12.4% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,163 shares of the company’s stock after selling 305 shares during the quarter. Kathmere Capital Management LLC’s holdings in McKesson were worth $1,263,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. LRI Investments LLC acquired a new stake in McKesson during the first quarter worth about $28,000. Register Financial Advisors LLC purchased a new stake in shares of McKesson during the 1st quarter valued at approximately $29,000. Richardson Financial Services Inc. acquired a new position in McKesson in the fourth quarter valued at approximately $31,000. Carolinas Wealth Consulting LLC grew its position in McKesson by 42.9% in the fourth quarter. Carolinas Wealth Consulting LLC now owns 80 shares of the company’s stock worth $37,000 after acquiring an additional 24 shares during the period. Finally, ICA Group Wealth Management LLC acquired a new stake in McKesson during the fourth quarter worth $40,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Insider Activity

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 stock was sold at an average price of $626.03, for a total transaction 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 document filed with the SEC, which is available through the SEC website. In the last 90 days, insiders have sold 11,259 shares of company stock worth $6,635,492. 0.11% of the stock is currently owned by insiders.

McKesson Stock Performance

Shares of McKesson stock opened at $488.35 on Friday. The business has a 50-day simple moving average of $552.67 and a 200-day simple moving average of $555.67. McKesson Co. has a one year low of $431.35 and a one year high of $637.51. The company has a market cap of $63.45 billion, a PE ratio of 21.82, a P/E/G ratio of 1.18 and a beta of 0.44.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, topping the consensus estimate of $7.21 by $0.67. The company had revenue of $79.28 billion during the quarter, compared to analysts’ expectations of $82.53 billion. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The firm’s revenue was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $7.27 EPS. On average, sell-side analysts predict that McKesson Co. will post 32.07 earnings per share for the current fiscal year.

McKesson Increases Dividend

The firm 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. 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 0.58%. The ex-dividend date is Friday, August 30th. McKesson’s dividend payout ratio is currently 12.69%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Barclays upped their price target on McKesson from $596.00 to $616.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of McKesson from $623.00 to $579.00 and set a “buy” rating for the company in a research report on Wednesday. Argus upped their price objective on shares of McKesson from $570.00 to $670.00 and gave the stock a “buy” rating in a report on Monday, June 24th. StockNews.com downgraded shares of McKesson from a “buy” rating to a “hold” rating in a report on Friday. Finally, Citigroup decreased their price target on McKesson from $670.00 to $630.00 and set a “buy” rating on the stock in a research note on Tuesday, September 10th. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $613.36.

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.