Payden & Rygel Sells 8,900 Shares of McKesson Co. (NYSE:MCK)

Payden & Rygel trimmed its holdings in shares of McKesson Co. (NYSE:MCK) by 22.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 30,700 shares of the company’s stock after selling 8,900 shares during the period. McKesson makes up about 1.5% of Payden & Rygel’s investment portfolio, making the stock its 23rd largest holding. Payden & Rygel’s holdings in McKesson were worth $17,496,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Integrated Wealth Concepts LLC lifted its stake in McKesson by 2.0% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 4,057 shares of the company’s stock valued at $2,006,000 after acquiring an additional 81 shares during the period. Redwood Investment Management LLC raised its holdings in shares of McKesson by 3.6% during the third quarter. Redwood Investment Management LLC now owns 2,767 shares of the company’s stock valued at $1,353,000 after purchasing an additional 96 shares during the last quarter. Royal London Asset Management Ltd. lifted its position in McKesson by 2.4% during the third quarter. Royal London Asset Management Ltd. now owns 60,606 shares of the company’s stock valued at $29,965,000 after purchasing an additional 1,431 shares during the period. Quarry LP boosted its holdings in McKesson by 102.3% in the third quarter. Quarry LP now owns 623 shares of the company’s stock worth $308,000 after purchasing an additional 315 shares during the last quarter. Finally, Stifel Financial Corp grew its position in McKesson by 31.8% in the 3rd quarter. Stifel Financial Corp now owns 59,869 shares of the company’s stock worth $29,602,000 after purchasing an additional 14,439 shares during the period. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MCK. Bank of America dropped their price target on McKesson from $680.00 to $650.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. StockNews.com downgraded McKesson from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 14th. Citigroup lowered their price objective on shares of McKesson from $713.00 to $677.00 and set a “buy” rating on the stock in a research note on Friday, January 10th. Evercore ISI lifted their price target on shares of McKesson from $650.00 to $675.00 and gave the stock an “outperform” rating in a research note on Thursday, February 6th. Finally, Morgan Stanley upped their price objective on McKesson from $642.00 to $745.00 and gave the stock an “overweight” rating in a research note on Wednesday. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $661.00.

Insider Activity at McKesson

In other news, EVP Leann B. Smith sold 188 shares of McKesson stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $609.59, for a total value of $114,602.92. Following the completion of the transaction, the executive vice president now owns 1,051 shares in the company, valued at approximately $640,679.09. The trade was a 15.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian S. Tyler sold 8,961 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $597.99, for a total value of $5,358,588.39. Following the sale, the chief executive officer now owns 60,664 shares in the company, valued at $36,276,465.36. The trade was a 12.87 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,110 shares of company stock valued at $10,855,706. Insiders own 0.11% of the company’s stock.

McKesson Stock Down 4.8 %

Shares of McKesson stock opened at $682.41 on Friday. The firm has a market cap of $85.52 billion, a price-to-earnings ratio of 31.25, a PEG ratio of 1.29 and a beta of 0.49. McKesson Co. has a twelve month low of $464.42 and a twelve month high of $728.32. The business has a 50-day moving average price of $633.37 and a 200-day moving average price of $584.91.

McKesson (NYSE:MCK) last released its quarterly earnings data on Wednesday, February 5th. The company reported $8.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $8.60 by ($0.57). McKesson had a negative return on equity of 181.26% and a net margin of 0.82%. On average, equities analysts expect that McKesson Co. will post 32.77 EPS for the current fiscal year.

McKesson Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Monday, March 3rd were given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 0.42%. The ex-dividend date was Monday, March 3rd. McKesson’s dividend payout ratio is 13.00%.

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.