McKesson Co. (NYSE:MCK) is Inlet Private Wealth LLC’s 5th Largest Position

Inlet Private Wealth LLC reduced its stake in McKesson Co. (NYSE:MCK) by 0.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,555 shares of the company’s stock after selling 55 shares during the period. McKesson makes up about 2.8% of Inlet Private Wealth LLC’s holdings, making the stock its 5th largest holding. Inlet Private Wealth LLC’s holdings in McKesson were worth $11,152,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. LRI Investments LLC purchased a new position in shares of McKesson during the first quarter worth about $28,000. Register Financial Advisors LLC bought a new stake in McKesson in the 1st quarter worth approximately $29,000. Wolff Wiese Magana LLC grew its position in McKesson by 742.9% during the third quarter. Wolff Wiese Magana LLC now owns 59 shares of the company’s stock valued at $29,000 after acquiring an additional 52 shares during the last quarter. Rise Advisors LLC bought a new position in shares of McKesson during the 1st quarter valued at $40,000. Finally, ORG Wealth Partners LLC bought a new position in shares of McKesson during the third quarter valued at about $40,000. 85.07% of the stock is currently owned by institutional investors.

Insider Transactions at McKesson

In other news, CEO Brian S. Tyler sold 3,753 shares of the stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $561.10, for a total value of $2,105,808.30. Following the sale, the chief executive officer now owns 78,586 shares of the company’s stock, valued at approximately $44,094,604.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.11% of the company’s stock.

McKesson Stock Performance

Shares of MCK traded down $1.07 during midday trading on Thursday, hitting $509.86. 252,845 shares of the company traded hands, compared to its average volume of 804,992. The stock has a market cap of $66.25 billion, a price-to-earnings ratio of 22.76, a PEG ratio of 1.17 and a beta of 0.44. The firm has a 50 day moving average of $522.51 and a 200-day moving average of $552.42. McKesson Co. has a 52 week low of $431.35 and a 52 week high of $637.51.

McKesson (NYSE:MCK) last released its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, beating the consensus estimate of $7.21 by $0.67. The business had revenue of $79.28 billion during the quarter, compared to analysts’ expectations of $82.53 billion. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same quarter last year, the business posted $7.27 EPS. Sell-side analysts predict that McKesson Co. will post 32.07 earnings per share for the current fiscal year.

McKesson Increases Dividend

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of McKesson from $623.00 to $579.00 and set a “buy” rating for the company in a research note on Wednesday, September 25th. Wells Fargo & Company decreased their target price on shares of McKesson from $576.00 to $535.00 and set an “equal weight” rating for the company in a research note on Friday, September 13th. JPMorgan Chase & Co. boosted their price target on McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. StockNews.com downgraded McKesson from a “buy” rating to a “hold” rating in a report on Friday, September 27th. Finally, Robert W. Baird restated a “neutral” rating and set a $531.00 price target (down from $603.00) on shares of McKesson in a report on Tuesday, September 24th. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, McKesson presently has an average rating of “Moderate Buy” and a consensus price target of $610.86.

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.