Greystone Financial Group LLC Sells 391 Shares of McKesson Co. (NYSE:MCK)

Greystone Financial Group LLC cut its position in McKesson Co. (NYSE:MCK) by 2.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,352 shares of the company’s stock after selling 391 shares during the quarter. McKesson accounts for about 1.5% of Greystone Financial Group LLC’s holdings, making the stock its 29th biggest holding. Greystone Financial Group LLC’s holdings in McKesson were worth $7,798,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sachetta LLC acquired a new position in McKesson in the 4th quarter valued at approximately $27,000. LRI Investments LLC bought a new position in McKesson during the 1st quarter worth $28,000. Register Financial Advisors LLC acquired a new position in McKesson during the 1st quarter worth about $29,000. Richardson Financial Services Inc. acquired a new stake in shares of McKesson in the fourth quarter valued at about $31,000. Finally, Newbridge Financial Services Group Inc. raised its position in shares of McKesson by 333.3% during the first quarter. Newbridge Financial Services Group Inc. now owns 65 shares of the company’s stock worth $35,000 after acquiring an additional 50 shares during the last quarter. 85.07% of the stock is currently owned by institutional investors.

Insider Activity

In other McKesson news, EVP Leann B. Smith sold 600 shares of McKesson stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $585.53, for a total transaction of $351,318.00. Following the transaction, the executive vice president now owns 2,022 shares of the company’s stock, valued at approximately $1,183,941.66. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $580.92, for a total value of $2,180,192.76. Following the sale, the chief executive officer now owns 86,092 shares of the company’s stock, valued at approximately $50,012,564.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Leann B. Smith sold 600 shares of the stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $585.53, for a total value of $351,318.00. Following the transaction, the executive vice president now directly owns 2,022 shares of the company’s stock, valued at $1,183,941.66. The disclosure for this sale can be found here. Insiders sold a total of 11,859 shares of company stock worth $6,986,810 over the last quarter. Insiders own 0.11% of the company’s stock.

McKesson Price Performance

Shares of NYSE:MCK traded down $10.58 during midday trading on Friday, hitting $504.17. 1,924,323 shares of the company’s stock were exchanged, compared to its average volume of 761,035. McKesson Co. has a 12 month low of $412.64 and a 12 month high of $637.51. The company has a market cap of $65.51 billion, a PE ratio of 22.53, a price-to-earnings-growth ratio of 1.29 and a beta of 0.44. The stock has a 50 day moving average price of $574.75 and a 200-day moving average price of $557.29.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, topping analysts’ consensus estimates of $7.21 by $0.67. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The firm had revenue of $79.28 billion during the quarter, compared to analyst estimates of $82.53 billion. During the same period in the previous year, the company posted $7.27 EPS. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. On average, analysts anticipate that McKesson Co. will post 32.14 EPS for the current fiscal year.

McKesson Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be paid a $0.71 dividend. This is a positive change from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date is Friday, August 30th. This represents a $2.84 annualized dividend and a dividend yield of 0.56%. McKesson’s dividend payout ratio is presently 12.69%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. JPMorgan Chase & Co. raised their price target on shares of McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Argus upped their price target on shares of McKesson from $570.00 to $670.00 and gave the company a “buy” rating in a research report on Monday, June 24th. Evercore ISI lowered their price objective on McKesson from $660.00 to $630.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. StockNews.com cut McKesson from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 9th. Finally, Leerink Partners dropped their price target on McKesson from $670.00 to $665.00 and set an “outperform” rating on the stock in a research note on Thursday. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $624.93.

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.