Meyer Handelman Co. Sells 5,695 Shares of McKesson Corporation $MCK

Meyer Handelman Co. lowered its stake in shares of McKesson Corporation (NYSE:MCK) by 5.3% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 101,386 shares of the company’s stock after selling 5,695 shares during the period. McKesson makes up approximately 2.5% of Meyer Handelman Co.’s portfolio, making the stock its 8th biggest holding. Meyer Handelman Co.’s holdings in McKesson were worth $78,325,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Solstein Capital LLC lifted its holdings in shares of McKesson by 171.4% in the second quarter. Solstein Capital LLC now owns 38 shares of the company’s stock valued at $28,000 after purchasing an additional 24 shares in the last quarter. State of Wyoming bought a new stake in McKesson during the second quarter worth $29,000. GFG Capital LLC purchased a new stake in McKesson in the 2nd quarter valued at $30,000. Abound Wealth Management lifted its stake in McKesson by 104.3% during the 3rd quarter. Abound Wealth Management now owns 47 shares of the company’s stock valued at $37,000 after acquiring an additional 24 shares in the last quarter. Finally, Delos Wealth Advisors LLC bought a new position in McKesson during the 2nd quarter valued at $35,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at McKesson

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company’s stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $861.63, for a total transaction of $283,476.27. Following the sale, the chief accounting officer directly owned 328 shares of the company’s stock, valued at $282,614.64. This represents a 50.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.08% of the company’s stock.

McKesson Stock Up 0.2%

McKesson stock opened at $827.90 on Friday. The firm has a 50 day moving average price of $830.61 and a 200-day moving average price of $755.43. McKesson Corporation has a twelve month low of $565.75 and a twelve month high of $895.58. The company has a market capitalization of $102.19 billion, a P/E ratio of 25.77, a P/E/G ratio of 1.36 and a beta of 0.38.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $9.86 EPS for the quarter, beating the consensus estimate of $8.84 by $1.02. McKesson had a negative return on equity of 248.14% and a net margin of 1.04%.The business had revenue of $103.15 billion for the quarter, compared to the consensus estimate of $103.80 billion. During the same quarter in the prior year, the business earned $7.07 earnings per share. McKesson’s revenue for the quarter was up 10.2% on a year-over-year basis. Equities analysts expect that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 1st will be issued a $0.82 dividend. The ex-dividend date of this dividend is Monday, December 1st. This represents a $3.28 annualized dividend and a yield of 0.4%. McKesson’s dividend payout ratio (DPR) is 10.21%.

Wall Street Analysts Forecast Growth

MCK has been the subject of several recent analyst reports. Wall Street Zen lowered shares of McKesson from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Citigroup upped their price objective on shares of McKesson from $820.00 to $860.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Cowen reissued a “buy” rating on shares of McKesson in a research report on Monday. Bank of America boosted their target price on McKesson from $800.00 to $850.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Finally, TD Cowen increased their price target on McKesson from $830.00 to $864.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $892.86.

About McKesson

McKesson Corporation (NYSE: MCK) is a global healthcare services and distribution company that supplies pharmaceuticals, medical-surgical products and health care technology solutions. Founded in 1833 and headquartered in Irving, Texas, McKesson operates across the drug distribution and healthcare services value chain, connecting manufacturers, pharmacies, hospitals and health systems to help manage the movement of medicines and clinical supplies.

The company’s core activities include pharmaceutical wholesale distribution and logistics, specialty pharmacy services, and the provision of medical-surgical supplies to acute and non-acute care providers.