McKesson Co. (NYSE:MCK) Shares Sold by Argus Investors Counsel Inc.

Argus Investors Counsel Inc. cut its holdings in McKesson Co. (NYSE:MCK) by 1.1% during the third quarter, Holdings Channel reports. The institutional investor owned 4,570 shares of the company’s stock after selling 53 shares during the period. McKesson makes up about 1.5% of Argus Investors Counsel Inc.’s holdings, making the stock its 20th largest position. Argus Investors Counsel Inc.’s holdings in McKesson were worth $2,260,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of MCK. Global Assets Advisory LLC acquired a new stake in McKesson in the first quarter valued at $7,489,000. Gateway Investment Advisers LLC raised its stake in McKesson by 13.9% in the first quarter. Gateway Investment Advisers LLC now owns 4,284 shares of the company’s stock valued at $2,300,000 after buying an additional 523 shares in the last quarter. Riverview Trust Co acquired a new stake in McKesson in the first quarter valued at $49,000. Counterpoint Mutual Funds LLC acquired a new stake in shares of McKesson during the first quarter worth about $394,000. Finally, Kingswood Wealth Advisors LLC increased its position in shares of McKesson by 7.7% during the first quarter. Kingswood Wealth Advisors LLC now owns 1,531 shares of the company’s stock worth $822,000 after purchasing an additional 110 shares in the last quarter. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently commented on MCK shares. JPMorgan Chase & Co. lifted their target price on McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Citigroup cut their target price on McKesson from $670.00 to $630.00 and set a “buy” rating on the stock in a research report on Tuesday, September 10th. Argus lifted their target price on McKesson from $570.00 to $670.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Wells Fargo & Company cut their target price on McKesson from $576.00 to $535.00 and set an “equal weight” rating on the stock in a research report on Friday, September 13th. Finally, Evercore ISI cut their target price on McKesson from $660.00 to $630.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $610.86.

Insider Activity

In other news, CEO Brian S. Tyler sold 3,753 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $626.03, for a total transaction of $2,349,490.59. Following the completion of the sale, the chief executive officer now directly owns 82,339 shares in the company, valued at $51,546,684.17. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.11% of the company’s stock.

McKesson Trading Down 0.4 %

NYSE:MCK traded down $1.99 during mid-day trading on Tuesday, hitting $506.33. The company had a trading volume of 134,025 shares, compared to its average volume of 804,445. The business has a fifty day simple moving average of $520.24 and a 200-day simple moving average of $551.96. The firm has a market capitalization of $65.79 billion, a price-to-earnings ratio of 22.71, a PEG ratio of 1.17 and a beta of 0.44. McKesson Co. has a 1 year low of $431.35 and a 1 year high of $637.51.

McKesson (NYSE:MCK) last announced its earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, beating the consensus estimate of $7.21 by $0.67. The company had revenue of $79.28 billion during the quarter, compared to the consensus estimate of $82.53 billion. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The company’s revenue was up 6.4% on a year-over-year basis. During the same period last year, the firm earned $7.27 earnings per share. As a group, research analysts anticipate that McKesson Co. will post 32.07 earnings per share for the current year.

McKesson Increases Dividend

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