Balboa Wealth Partners Sells 278 Shares of McKesson Co. (NYSE:MCK)

Balboa Wealth Partners cut its holdings in McKesson Co. (NYSE:MCK) by 30.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 628 shares of the company’s stock after selling 278 shares during the period. Balboa Wealth Partners’ holdings in McKesson were worth $310,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in MCK. Headlands Technologies LLC bought a new stake in McKesson in the first quarter worth $67,000. Kingsview Wealth Management LLC boosted its stake in shares of McKesson by 78.9% during the 1st quarter. Kingsview Wealth Management LLC now owns 1,526 shares of the company’s stock worth $819,000 after purchasing an additional 673 shares during the period. TIAA Trust National Association grew its holdings in McKesson by 5.4% during the 1st quarter. TIAA Trust National Association now owns 7,713 shares of the company’s stock valued at $4,141,000 after purchasing an additional 392 shares during the last quarter. Cercano Management LLC raised its position in McKesson by 9.9% in the 1st quarter. Cercano Management LLC now owns 56,827 shares of the company’s stock worth $30,508,000 after purchasing an additional 5,102 shares during the period. Finally, Edgestream Partners L.P. lifted its stake in McKesson by 2,628.7% in the first quarter. Edgestream Partners L.P. now owns 19,783 shares of the company’s stock worth $10,621,000 after purchasing an additional 19,058 shares during the last quarter. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $561.10, for a total transaction of $2,105,808.30. Following the transaction, the chief executive officer now directly owns 78,586 shares of the company’s stock, valued at $44,094,604.60. This represents a 4.56 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.11% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Baird R W upgraded McKesson from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 7th. Citigroup increased their target price on McKesson from $630.00 to $713.00 and gave the stock a “buy” rating in a research note on Wednesday. Robert W. Baird raised shares of McKesson from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $531.00 to $688.00 in a research note on Thursday, November 7th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of McKesson from $623.00 to $579.00 and set a “buy” rating on the stock in a research note on Wednesday, September 25th. Finally, Barclays boosted their price objective on shares of McKesson from $596.00 to $616.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, McKesson presently has a consensus rating of “Moderate Buy” and a consensus target price of $631.57.

McKesson Stock Down 0.6 %

McKesson stock opened at $606.29 on Friday. The firm has a market cap of $76.96 billion, a P/E ratio of 31.40, a P/E/G ratio of 1.35 and a beta of 0.44. The business has a fifty day moving average of $517.97 and a two-hundred day moving average of $553.80. McKesson Co. has a twelve month low of $431.35 and a twelve month high of $637.51.

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

McKesson Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date is Monday, December 2nd. McKesson’s payout ratio is currently 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.