McKesson Co. (NYSE:MCK) Stake Trimmed by Meridian Investment Counsel Inc.

Meridian Investment Counsel Inc. decreased its holdings in shares of McKesson Co. (NYSE:MCK) by 27.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,898 shares of the company’s stock after selling 1,510 shares during the quarter. Meridian Investment Counsel Inc.’s holdings in McKesson were worth $2,222,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Fisher Asset Management LLC raised its holdings in McKesson by 50.0% during the third quarter. Fisher Asset Management LLC now owns 1,242 shares of the company’s stock valued at $614,000 after buying an additional 414 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its position in McKesson by 20.4% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 554 shares of the company’s stock worth $274,000 after purchasing an additional 94 shares during the period. Public Sector Pension Investment Board lifted its stake in McKesson by 18.8% during the third quarter. Public Sector Pension Investment Board now owns 5,678 shares of the company’s stock worth $2,807,000 after purchasing an additional 900 shares during the period. Financial Counselors Inc. raised its holdings in shares of McKesson by 4.4% in the 3rd quarter. Financial Counselors Inc. now owns 916 shares of the company’s stock worth $453,000 after buying an additional 39 shares in the last quarter. Finally, Icon Wealth Advisors LLC lifted its holdings in McKesson by 18.9% during the 3rd quarter. Icon Wealth Advisors LLC now owns 498 shares of the company’s stock valued at $246,000 after purchasing an additional 79 shares during the last quarter. 85.07% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Brian S. Tyler sold 8,961 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $600.66, for a total transaction of $5,382,514.26. Following the sale, the chief executive officer now directly owns 69,625 shares of the company’s stock, valued at $41,820,952.50. This represents a 11.40 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Leann B. Smith sold 188 shares of McKesson stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $609.59, for a total transaction of $114,602.92. Following the completion of the sale, the executive vice president now owns 1,051 shares in the company, valued at approximately $640,679.09. This trade represents a 15.17 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,689 shares of company stock valued at $11,187,351. 0.11% of the stock is currently owned by corporate insiders.

McKesson Price Performance

MCK stock opened at $668.25 on Monday. The company has a market capitalization of $83.75 billion, a price-to-earnings ratio of 30.60, a PEG ratio of 1.29 and a beta of 0.52. The business has a 50 day simple moving average of $623.58 and a two-hundred day simple moving average of $579.83. McKesson Co. has a 1-year low of $464.42 and a 1-year high of $673.00.

McKesson (NYSE:MCK) last announced its earnings results on Wednesday, February 5th. The company reported $8.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.60 by ($0.57). McKesson had a net margin of 0.82% and a negative return on equity of 181.26%. Sell-side analysts anticipate that McKesson Co. will post 32.77 EPS for the current fiscal year.

McKesson Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 3rd will be given a dividend of $0.71 per share. The ex-dividend date is Monday, March 3rd. This represents a $2.84 dividend on an annualized basis and a yield of 0.42%. McKesson’s payout ratio is 13.00%.

Analyst Ratings Changes

A number of research analysts have issued reports on MCK shares. Evercore ISI upped their target price on shares of McKesson from $650.00 to $675.00 and gave the company an “outperform” rating in a research report on Thursday, February 6th. Wells Fargo & Company increased their price target on shares of McKesson from $641.00 to $691.00 and gave the company an “equal weight” rating in a report on Friday, March 14th. Citigroup reduced their price objective on shares of McKesson from $713.00 to $677.00 and set a “buy” rating on the stock in a research note on Friday, January 10th. Mizuho initiated coverage on shares of McKesson in a report on Wednesday, December 4th. They set a “neutral” rating and a $630.00 price target for the company. Finally, StockNews.com cut McKesson from a “strong-buy” rating to a “buy” rating in a report on Friday, February 14th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $649.36.

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.