Salem Investment Counselors Inc. Decreases Holdings in McKesson Co. (MCK)
Salem Investment Counselors Inc. lowered its stake in shares of McKesson Co. (NYSE:MCK) by 4.1% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 18,340 shares of the company’s stock after selling 786 shares during the period. Salem Investment Counselors Inc.’s holdings in McKesson were worth $2,863,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of MCK. BlackRock Inc. raised its holdings in shares of McKesson by 8.0% during the 2nd quarter. BlackRock Inc. now owns 15,330,001 shares of the company’s stock valued at $2,522,396,000 after purchasing an additional 1,131,024 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of McKesson during the 2nd quarter valued at $164,688,000. AJO LP raised its holdings in shares of McKesson by 742.4% during the 2nd quarter. AJO LP now owns 647,052 shares of the company’s stock valued at $106,466,000 after purchasing an additional 570,243 shares in the last quarter. Baupost Group LLC MA bought a new position in McKesson in the 3rd quarter worth $76,805,000. Finally, Kiltearn Partners LLP raised its holdings in McKesson by 59.5% in the 2nd quarter. Kiltearn Partners LLP now owns 1,242,132 shares of the company’s stock worth $204,380,000 after acquiring an additional 463,303 shares during the period. 88.10% of the stock is owned by institutional investors.
McKesson Co. (NYSE MCK) traded up $0.66 during midday trading on Thursday, reaching $155.21. 1,461,000 shares of the company’s stock traded hands, compared to its average volume of 1,874,146. The company has a quick ratio of 0.61, a current ratio of 1.05 and a debt-to-equity ratio of 0.66. The firm has a market cap of $32,219.73, a price-to-earnings ratio of 12.71, a price-to-earnings-growth ratio of 1.58 and a beta of 1.23. McKesson Co. has a 52 week low of $133.82 and a 52 week high of $169.29.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 1st will be given a $0.34 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $1.36 annualized dividend and a yield of 0.88%. McKesson’s dividend payout ratio is 6.45%.
In other news, CEO John H. Hammergren sold 100,000 shares of McKesson stock in a transaction dated Monday, September 25th. The shares were sold at an average price of $154.15, for a total transaction of $15,415,000.00. Following the sale, the chief executive officer now directly owns 165,000 shares in the company, valued at approximately $25,434,750. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO John H. Hammergren sold 125,000 shares of McKesson stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of $150.18, for a total transaction of $18,772,500.00. The disclosure for this sale can be found here. Insiders sold a total of 949,000 shares of company stock worth $145,263,360 over the last 90 days. Company insiders own 1.20% of the company’s stock.
Several research analysts recently commented on the stock. BidaskClub downgraded shares of McKesson from a “sell” rating to a “strong sell” rating in a report on Saturday, August 19th. Mizuho set a $168.00 target price on shares of McKesson and gave the stock a “hold” rating in a report on Tuesday, October 24th. Robert W. Baird upgraded shares of McKesson from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $175.00 to $178.00 in a report on Tuesday, September 19th. Jefferies Group set a $165.00 target price on shares of McKesson and gave the stock a “hold” rating in a report on Tuesday, August 29th. Finally, Needham & Company LLC set a $179.00 target price on shares of McKesson and gave the stock a “buy” rating in a report on Monday, October 16th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $174.31.
McKesson Corporation is a healthcare supply chain management solutions, retail pharmacy, community oncology and specialty care, and healthcare information technology company. The Company provides medicines, medical products and healthcare services by partnering with pharmaceutical manufacturers, providers, pharmacies, governments and other organizations in healthcare.
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