Beese Fulmer Investment Management Inc. Lowers Position in McKesson Co. (NYSE:MCK)

Beese Fulmer Investment Management Inc. lessened its stake in McKesson Co. (NYSE:MCK) by 3.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,636 shares of the company’s stock after selling 204 shares during the period. Beese Fulmer Investment Management Inc.’s holdings in McKesson were worth $2,787,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Kingswood Wealth Advisors LLC increased its position in shares of McKesson by 7.7% during the 1st quarter. Kingswood Wealth Advisors LLC now owns 1,531 shares of the company’s stock worth $822,000 after purchasing an additional 110 shares during the last quarter. Sunbelt Securities Inc. boosted its stake in shares of McKesson by 10.9% in the 1st quarter. Sunbelt Securities Inc. now owns 846 shares of the company’s stock valued at $454,000 after buying an additional 83 shares during the period. Wealthcare Advisory Partners LLC boosted its stake in shares of McKesson by 43.6% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 1,426 shares of the company’s stock valued at $766,000 after buying an additional 433 shares during the period. Signet Financial Management LLC purchased a new stake in McKesson during the first quarter worth approximately $2,038,000. Finally, ERn Financial LLC purchased a new stake in McKesson during the first quarter worth approximately $213,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Price Performance

Shares of McKesson stock opened at $501.76 on Thursday. The business’s fifty day moving average price is $518.29 and its two-hundred day moving average price is $551.37. The company has a market capitalization of $65.20 billion, a P/E ratio of 22.42, a PEG ratio of 1.17 and a beta of 0.44. McKesson Co. has a 1-year low of $431.35 and a 1-year high of $637.51.

McKesson (NYSE:MCK) last posted 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 company had revenue of $79.28 billion for the quarter, compared to the consensus estimate of $82.53 billion. During the same quarter in the previous year, the business earned $7.27 EPS. The company’s quarterly revenue was up 6.4% compared to the same quarter last year. On average, research analysts expect that McKesson Co. will post 32.07 earnings per share for the current fiscal year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 2nd were given a $0.71 dividend. The ex-dividend date was Friday, August 30th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.57%. This is a boost from McKesson’s previous quarterly dividend of $0.62. McKesson’s payout ratio is currently 12.69%.

Wall Street Analyst Weigh In

Several research analysts have commented on MCK shares. Deutsche Bank Aktiengesellschaft cut their price target on McKesson from $623.00 to $579.00 and set a “buy” rating on the stock in a research report on Wednesday, September 25th. Evercore ISI decreased their price target on McKesson from $660.00 to $630.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Barclays boosted their target price on McKesson from $596.00 to $616.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. boosted their target price on McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Finally, Leerink Partners decreased their target price on McKesson from $665.00 to $630.00 and set an “outperform” rating on the stock in a research report on Monday, October 7th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $610.86.

Insiders Place Their Bets

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $561.10, for a total value of $2,105,808.30. Following the completion of the sale, the chief executive officer now owns 78,586 shares of the company’s stock, valued at $44,094,604.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.11% of the company’s stock.

McKesson Company 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.