3Chopt Investment Partners LLC Lowers Stake in McKesson Corporation $MCK

3Chopt Investment Partners LLC cut its holdings in McKesson Corporation (NYSE:MCK) by 0.2% during the second quarter, HoldingsChannel reports. The firm owned 8,068 shares of the company’s stock after selling 19 shares during the period. McKesson comprises about 1.4% of 3Chopt Investment Partners LLC’s investment portfolio, making the stock its 12th biggest holding. 3Chopt Investment Partners LLC’s holdings in McKesson were worth $5,918,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in MCK. Oppenheimer Asset Management Inc. raised its stake in McKesson by 54.0% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 4,541 shares of the company’s stock valued at $3,056,000 after acquiring an additional 1,592 shares during the last quarter. Dynamic Advisor Solutions LLC increased its holdings in shares of McKesson by 16.6% in the first quarter. Dynamic Advisor Solutions LLC now owns 778 shares of the company’s stock valued at $524,000 after purchasing an additional 111 shares during the period. Cambridge Investment Research Advisors Inc. raised its stake in shares of McKesson by 18.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 23,033 shares of the company’s stock worth $15,501,000 after purchasing an additional 3,659 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of McKesson by 22.0% during the first quarter. Acadian Asset Management LLC now owns 378,926 shares of the company’s stock worth $254,979,000 after purchasing an additional 68,294 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its position in McKesson by 4.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 183,258 shares of the company’s stock valued at $123,332,000 after buying an additional 7,556 shares during the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.

McKesson Trading Up 0.3%

Shares of MCK stock opened at $758.07 on Friday. The company has a market capitalization of $94.29 billion, a price-to-earnings ratio of 30.23, a PEG ratio of 1.36 and a beta of 0.52. The firm has a 50-day moving average price of $706.17 and a 200 day moving average price of $705.39. McKesson Corporation has a twelve month low of $492.39 and a twelve month high of $776.14.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $8.26 EPS for the quarter, missing analysts’ consensus estimates of $8.33 by ($0.07). The firm had revenue of $97.83 billion for the quarter, compared to analysts’ expectations of $95.93 billion. McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The business’s quarterly revenue was up 23.4% compared to the same quarter last year. During the same quarter last year, the firm earned $7.88 earnings per share. As a group, research analysts predict that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were given a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a yield of 0.4%. This is a boost from McKesson’s previous quarterly dividend of $0.71. The ex-dividend date was Tuesday, September 2nd. McKesson’s dividend payout ratio (DPR) is currently 13.08%.

Insider Activity

In related news, CEO Brian S. Tyler sold 11,930 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $705.63, for a total value of $8,418,165.90. Following the sale, the chief executive officer directly owned 4,012 shares of the company’s stock, valued at approximately $2,830,987.56. This trade represents a 74.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction on Friday, August 8th. The shares were sold at an average price of $663.67, for a total transaction of $218,347.43. Following the completion of the transaction, the chief accounting officer owned 657 shares in the company, valued at approximately $436,031.19. This trade represents a 33.37% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,189 shares of company stock worth $16,722,190. Insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Wall Street Zen upgraded shares of McKesson from a “hold” rating to a “buy” rating in a research report on Sunday, September 28th. UBS Group boosted their price target on shares of McKesson from $820.00 to $860.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. TD Cowen boosted their target price on McKesson from $830.00 to $864.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Mizuho lifted their price target on McKesson from $750.00 to $770.00 and gave the company a “neutral” rating in a research note on Wednesday, September 24th. Finally, JPMorgan Chase & Co. increased their price objective on McKesson from $821.00 to $853.00 and gave the stock an “overweight” rating in a research report on Friday, September 26th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, McKesson currently has a consensus rating of “Moderate Buy” and an average target price of $829.08.

McKesson 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.