Frank Rimerman Advisors LLC Decreases Stock Holdings in McKesson Co. (NYSE:MCK)

Frank Rimerman Advisors LLC lowered its stake in McKesson Co. (NYSE:MCK) by 12.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 790 shares of the company’s stock after selling 110 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in McKesson were worth $391,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. LRI Investments LLC bought a new position in McKesson in the first quarter worth approximately $28,000. Wolff Wiese Magana LLC raised its holdings in McKesson by 742.9% in the 3rd quarter. Wolff Wiese Magana LLC now owns 59 shares of the company’s stock worth $29,000 after purchasing an additional 52 shares during the period. ORG Wealth Partners LLC purchased a new position in McKesson during the third quarter valued at $40,000. ZRC Wealth Management LLC bought a new stake in McKesson during the first quarter valued at about $48,000. Finally, Carmichael Hill & Associates Inc. purchased a new stake in McKesson in the second quarter worth about $52,000. Institutional investors own 85.07% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MCK. StockNews.com downgraded McKesson from a “buy” rating to a “hold” rating in a research note on Friday, September 27th. Mizuho increased their price objective on shares of McKesson from $540.00 to $570.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Wells Fargo & Company lowered their target price on shares of McKesson from $576.00 to $535.00 and set an “equal weight” rating on the stock in a research note on Friday, September 13th. Robert W. Baird reiterated a “neutral” rating and issued a $531.00 price target (down previously from $603.00) on shares of McKesson in a research note on Tuesday, September 24th. Finally, JPMorgan Chase & Co. boosted their price objective on McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, McKesson has an average rating of “Moderate Buy” and a consensus price target of $610.86.

Insider Activity at McKesson

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now owns 78,586 shares in the company, valued at $44,094,604.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.11% of the stock is currently owned by insiders.

McKesson Price Performance

Shares of MCK opened at $508.95 on Tuesday. The business’s 50 day simple moving average is $515.88 and its 200-day simple moving average is $551.09. 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 $66.13 billion, a price-to-earnings ratio of 22.74, a price-to-earnings-growth ratio of 1.18 and a beta of 0.44.

McKesson (NYSE:MCK) last released its quarterly earnings data on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, beating the consensus estimate of $7.21 by $0.67. The business had revenue of $79.28 billion during 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%. McKesson’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter last year, the business earned $7.27 earnings per share. On average, sell-side analysts expect that McKesson Co. will post 31.91 earnings per share for the current year.

McKesson Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd were given a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $2.84 annualized dividend and a dividend yield of 0.56%. This is an increase from McKesson’s previous quarterly dividend of $0.62. McKesson’s payout ratio is currently 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.