Contravisory Investment Management Inc. Sells 1,575 Shares of McKesson Co. (NYSE:MCK)

Contravisory Investment Management Inc. lowered its stake in McKesson Co. (NYSE:MCK) by 5.2% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 28,786 shares of the company’s stock after selling 1,575 shares during the quarter. McKesson accounts for about 3.4% of Contravisory Investment Management Inc.’s portfolio, making the stock its biggest holding. Contravisory Investment Management Inc.’s holdings in McKesson were worth $15,454,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sachetta LLC purchased a new position in shares of McKesson in the 4th quarter valued at about $27,000. BKM Wealth Management LLC purchased a new position in McKesson in the fourth quarter valued at approximately $31,000. Richardson Financial Services Inc. acquired a new stake in McKesson during the fourth quarter worth approximately $31,000. Carolinas Wealth Consulting LLC lifted its position in shares of McKesson by 42.9% during the 4th quarter. Carolinas Wealth Consulting LLC now owns 80 shares of the company’s stock worth $37,000 after buying an additional 24 shares during the last quarter. Finally, ICA Group Wealth Management LLC acquired a new position in shares of McKesson in the 4th quarter valued at $40,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Stock Performance

NYSE MCK traded down $0.16 during trading on Friday, hitting $603.08. 1,166,719 shares of the company’s stock traded hands, compared to its average volume of 593,845. The stock has a market capitalization of $78.39 billion, a price-to-earnings ratio of 26.95, a PEG ratio of 1.41 and a beta of 0.47. McKesson Co. has a 12-month low of $395.30 and a 12-month high of $606.32. The business has a 50 day moving average of $558.51 and a 200-day moving average of $520.18.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $6.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.34 by ($0.16). The company had revenue of $76.36 billion for the quarter, compared to the consensus estimate of $79.32 billion. McKesson had a negative return on equity of 245.88% and a net margin of 0.97%. McKesson’s revenue was up 10.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $7.19 earnings per share. On average, analysts expect that McKesson Co. will post 31.54 EPS for the current year.

McKesson Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 3rd will be given a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date of this dividend is Monday, June 3rd. McKesson’s dividend payout ratio is presently 11.08%.

Insider Buying and Selling at McKesson

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $574.41, for a total value of $2,155,760.73. Following the completion of the sale, the chief executive officer now owns 89,845 shares of the company’s stock, valued at approximately $51,607,866.45. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, EVP Leann B. Smith sold 600 shares of McKesson stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $585.53, for a total transaction of $351,318.00. Following the completion of the sale, the executive vice president now directly owns 2,022 shares in the company, valued at $1,183,941.66. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $574.41, for a total value of $2,155,760.73. Following the sale, the chief executive officer now directly owns 89,845 shares of the company’s stock, valued at $51,607,866.45. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 25,814 shares of company stock worth $14,511,649. 0.21% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on MCK shares. StockNews.com cut McKesson from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 18th. SVB Leerink started coverage on shares of McKesson in a report on Monday, February 26th. They issued an “outperform” rating and a $600.00 target price for the company. Citigroup lifted their target price on McKesson from $575.00 to $620.00 and gave the stock a “buy” rating in a research report on Tuesday, April 30th. Evercore ISI increased their target price on McKesson from $590.00 to $600.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 8th. Finally, Wells Fargo & Company lifted their price target on McKesson from $502.00 to $551.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 9th. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, McKesson currently has an average rating of “Moderate Buy” and an average target price of $571.47.

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.