Regatta Capital Group LLC Reduces Position in McKesson Co. (NYSE:MCK)

Regatta Capital Group LLC cut its holdings in shares of McKesson Co. (NYSE:MCK) by 5.4% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 459 shares of the company’s stock after selling 26 shares during the quarter. Regatta Capital Group LLC’s holdings in McKesson were worth $309,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ingalls & Snyder LLC lifted its holdings in McKesson by 8.2% in the 4th quarter. Ingalls & Snyder LLC now owns 13,824 shares of the company’s stock valued at $7,878,000 after purchasing an additional 1,047 shares in the last quarter. Portfolio Design Labs LLC acquired a new position in McKesson during the 4th quarter worth approximately $274,000. Warther Private Wealth LLC raised its position in shares of McKesson by 12.4% during the 4th quarter. Warther Private Wealth LLC now owns 22,403 shares of the company’s stock worth $12,768,000 after acquiring an additional 2,464 shares in the last quarter. Segall Bryant & Hamill LLC increased its position in shares of McKesson by 25.5% during the fourth quarter. Segall Bryant & Hamill LLC now owns 81,223 shares of the company’s stock worth $46,290,000 after purchasing an additional 16,502 shares in the last quarter. Finally, Fred Alger Management LLC raised its position in McKesson by 95.5% in the 4th quarter. Fred Alger Management LLC now owns 3,091 shares of the company’s stock valued at $1,762,000 after purchasing an additional 1,510 shares during the last quarter. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MCK has been the subject of several recent analyst reports. Cfra Research cut McKesson from a “moderate buy” rating to a “hold” rating in a report on Friday, April 4th. Wells Fargo & Company set a $766.00 price objective on McKesson and gave the stock an “equal weight” rating in a research report on Tuesday, June 3rd. UBS Group upped their target price on shares of McKesson from $708.00 to $805.00 and gave the company a “buy” rating in a report on Tuesday, April 29th. Bank of America upped their target price on McKesson from $755.00 to $800.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Finally, Mizuho lifted their price target on shares of McKesson from $630.00 to $690.00 and gave the company a “neutral” rating in a report on Thursday, April 3rd. Three equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $692.46.

Insider Transactions at McKesson

In other McKesson news, EVP Thomas L. Rodgers sold 2,891 shares of McKesson stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $712.18, for a total value of $2,058,912.38. Following the sale, the executive vice president now owns 2,544 shares of the company’s stock, valued at approximately $1,811,785.92. The trade was a 53.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the company’s stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $726.51, for a total transaction of $394,494.93. Following the sale, the chief accounting officer now owns 1,972 shares in the company, valued at $1,432,677.72. The trade was a 21.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 13,747 shares of company stock valued at $9,852,587 over the last three months. Corporate insiders own 0.11% of the company’s stock.

McKesson Price Performance

Shares of MCK opened at $712.99 on Monday. McKesson Co. has a fifty-two week low of $464.42 and a fifty-two week high of $731.00. The firm has a market capitalization of $89.20 billion, a PE ratio of 32.65, a PEG ratio of 1.29 and a beta of 0.49. The company’s 50-day moving average is $699.69 and its 200-day moving average is $641.34.

McKesson (NYSE:MCK) last issued its earnings results on Thursday, May 8th. The company reported $10.12 EPS for the quarter, beating the consensus estimate of $9.83 by $0.29. The company had revenue of $90.82 billion during the quarter, compared to analysts’ expectations of $94 billion. McKesson had a net margin of 0.82% and a negative return on equity of 181.26%. The business’s revenue for the quarter was up 18.9% compared to the same quarter last year. During the same period in the previous year, the company earned $6.18 EPS. Analysts predict that McKesson Co. will post 32.77 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd will be issued a $0.71 dividend. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $2.84 annualized dividend and a yield of 0.40%. McKesson’s payout ratio is currently 10.99%.

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.