Payden & Rygel Sells 9,600 Shares of McKesson Co. (NYSE:MCK)

Payden & Rygel reduced its stake in shares of McKesson Co. (NYSE:MCK) by 19.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,600 shares of the company’s stock after selling 9,600 shares during the quarter. McKesson accounts for 1.5% of Payden & Rygel’s portfolio, making the stock its 22nd largest position. Payden & Rygel’s holdings in McKesson were worth $19,579,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Moors & Cabot Inc. raised its stake in shares of McKesson by 16.9% in the third quarter. Moors & Cabot Inc. now owns 2,861 shares of the company’s stock valued at $1,415,000 after acquiring an additional 413 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in McKesson by 2.9% during the 3rd quarter. Advisors Asset Management Inc. now owns 11,471 shares of the company’s stock valued at $5,671,000 after purchasing an additional 319 shares in the last quarter. Commerce Bank raised its position in McKesson by 2.0% in the 3rd quarter. Commerce Bank now owns 156,781 shares of the company’s stock valued at $77,516,000 after purchasing an additional 3,020 shares during the last quarter. Segall Bryant & Hamill LLC boosted its stake in McKesson by 50.7% in the third quarter. Segall Bryant & Hamill LLC now owns 64,721 shares of the company’s stock worth $31,999,000 after purchasing an additional 21,760 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of McKesson during the third quarter worth $2,148,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

Insider Transactions at McKesson

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the business’s 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 completion of the transaction, the chief executive officer now directly owns 78,586 shares in the company, valued at $44,094,604.60. The trade was a 4.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.11% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on MCK shares. Mizuho increased their price objective on McKesson from $540.00 to $570.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Wells Fargo & Company cut their price objective on shares of McKesson from $576.00 to $535.00 and set an “equal weight” rating on the stock in a report on Friday, September 13th. JPMorgan Chase & Co. increased their price target on McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft cut their price objective on McKesson from $623.00 to $579.00 and set a “buy” rating on the stock in a report on Wednesday, September 25th. Finally, StockNews.com raised McKesson from a “hold” rating to a “buy” rating in a research note on Wednesday, November 6th. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, McKesson currently has a consensus rating of “Moderate Buy” and a consensus target price of $631.57.

McKesson Price Performance

McKesson stock traded down $0.91 during midday trading on Wednesday, hitting $614.74. The company’s stock had a trading volume of 63,036 shares, compared to its average volume of 819,495. The company has a 50-day moving average price of $524.33 and a two-hundred day moving average price of $555.78. McKesson Co. has a 1-year low of $431.35 and a 1-year high of $637.51. The company has a market cap of $78.04 billion, a price-to-earnings ratio of 31.87, a PEG ratio of 1.31 and a beta of 0.44.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.88 by $0.19. The business had revenue of $93.65 billion during the quarter, compared to analysts’ expectations of $89.33 billion. McKesson had a negative return on equity of 207.50% and a net margin of 0.77%. The firm’s revenue for the quarter was up 21.3% compared to the same quarter last year. During the same period in the previous year, the company posted $6.23 earnings per share. Sell-side analysts forecast that McKesson Co. will post 32.81 EPS for the current year.

McKesson Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.71 per share. The ex-dividend date is Monday, December 2nd. This represents a $2.84 dividend on an annualized basis and a yield of 0.46%. McKesson’s payout ratio is 14.71%.

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.