Clear Harbor Asset Management LLC Decreases Holdings in McKesson Co. (NYSE:MCK)

Clear Harbor Asset Management LLC reduced its stake in shares of McKesson Co. (NYSE:MCK) by 1.1% during the 4th quarter, HoldingsChannel reports. The fund owned 6,882 shares of the company’s stock after selling 80 shares during the period. Clear Harbor Asset Management LLC’s holdings in McKesson were worth $3,922,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MCK. Wolff Wiese Magana LLC lifted its stake in McKesson by 742.9% in the third quarter. Wolff Wiese Magana LLC now owns 59 shares of the company’s stock worth $29,000 after purchasing an additional 52 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in shares of McKesson during the third quarter valued at $29,000. RPg Family Wealth Advisory LLC purchased a new stake in McKesson in the 3rd quarter valued at about $31,000. ORG Wealth Partners LLC bought a new position in McKesson in the 3rd quarter worth about $40,000. Finally, Bruce G. Allen Investments LLC increased its position in shares of McKesson by 51.9% during the fourth quarter. Bruce G. Allen Investments LLC now owns 82 shares of the company’s stock worth $47,000 after acquiring an additional 28 shares during the period. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

McKesson Price Performance

MCK opened at $592.69 on Tuesday. The stock has a market cap of $75.24 billion, a P/E ratio of 30.69, a P/E/G ratio of 1.28 and a beta of 0.52. The firm has a fifty day moving average price of $595.11 and a 200 day moving average price of $561.01. McKesson Co. has a 1 year low of $464.42 and a 1 year high of $637.51.

McKesson (NYSE:MCK) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share for the quarter, beating the consensus estimate of $6.88 by $0.19. McKesson had a negative return on equity of 207.50% and a net margin of 0.77%. The firm had revenue of $93.65 billion during the quarter, compared to analyst estimates of $89.33 billion. During the same quarter in the previous year, the business earned $6.23 EPS. McKesson’s revenue for the quarter was up 21.3% compared to the same quarter last year. Equities analysts expect that McKesson Co. will post 32.73 EPS for the current year.

McKesson Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd were issued a dividend of $0.71 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.48%. McKesson’s payout ratio is currently 14.71%.

Insider Activity at McKesson

In other news, EVP Leann B. Smith sold 579 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $572.79, for a total transaction of $331,645.41. Following the completion of the sale, the executive vice president now owns 864 shares in the company, valued at $494,890.56. This trade represents a 40.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.11% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

MCK has been the topic of several research reports. Deutsche Bank Aktiengesellschaft reduced their price objective on McKesson from $623.00 to $579.00 and set a “buy” rating on the stock in a report on Wednesday, September 25th. Citigroup decreased their price target on shares of McKesson from $713.00 to $677.00 and set a “buy” rating for the company in a research report on Friday, January 10th. Baird R W raised shares of McKesson from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 7th. Mizuho began coverage on shares of McKesson in a research note on Wednesday, December 4th. They issued a “neutral” rating and a $630.00 target price for the company. Finally, StockNews.com raised McKesson from a “hold” rating to a “buy” rating in a research report on Wednesday, November 6th. Two investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $646.14.

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.