Allworth Financial LP Trims Stake in McKesson Co. (NYSE:MCK)

Allworth Financial LP lowered its stake in McKesson Co. (NYSE:MCK – Get Rating) by 46.9% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 3,134 shares of the company’s stock after selling 2,770 shares during the quarter. Allworth Financial LP’s holdings in McKesson were worth $1,022,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Dorsey & Whitney Trust CO LLC grew its stake in shares of McKesson by 3.4% in the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 961 shares of the company’s stock worth $295,000 after buying an additional 32 shares during the last quarter. Keystone Financial Services grew its stake in shares of McKesson by 1.4% in the 1st quarter. Keystone Financial Services now owns 2,323 shares of the company’s stock worth $758,000 after buying an additional 33 shares during the last quarter. Covestor Ltd grew its stake in shares of McKesson by 72.3% in the 1st quarter. Covestor Ltd now owns 81 shares of the company’s stock worth $25,000 after buying an additional 34 shares during the last quarter. Lindbrook Capital LLC grew its stake in shares of McKesson by 9.9% in the 1st quarter. Lindbrook Capital LLC now owns 389 shares of the company’s stock worth $119,000 after buying an additional 35 shares during the last quarter. Finally, Cambridge Trust Co. grew its stake in shares of McKesson by 6.9% in the 1st quarter. Cambridge Trust Co. now owns 556 shares of the company’s stock worth $170,000 after buying an additional 36 shares during the last quarter. Hedge funds and other institutional investors own 86.43% of the company’s stock.

McKesson Trading Down 1.1 %

Shares of NYSE:MCK opened at $343.27 on Friday. McKesson Co. has a 12 month low of $193.89 and a 12 month high of $375.23. The company has a 50-day moving average price of $352.05 and a 200 day moving average price of $328.69. The company has a market cap of $49.34 billion, a price-to-earnings ratio of 36.29, a PEG ratio of 1.41 and a beta of 0.59.

McKesson Increases Dividend

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The firm also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Thursday, September 1st will be issued a $0.54 dividend. This is an increase from McKesson’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Wednesday, August 31st. This represents a $2.16 dividend on an annualized basis and a dividend yield of 0.63%. McKesson’s dividend payout ratio (DPR) is presently 22.83%.

Insider Activity at McKesson

In related news, EVP Thomas L. Rodgers sold 1,300 shares of the stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $367.21, for a total value of $477,373.00. Following the completion of the transaction, the executive vice president now owns 2,544 shares of the company’s stock, valued at approximately $934,182.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other McKesson news, EVP Thomas L. Rodgers sold 1,300 shares of the firm’s stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $367.21, for a total value of $477,373.00. Following the completion of the sale, the executive vice president now owns 2,544 shares of the company’s stock, valued at $934,182.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Lori A. Schechter sold 7,500 shares of the firm’s stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $343.94, for a total transaction of $2,579,550.00. Following the completion of the sale, the executive vice president now directly owns 11,678 shares of the company’s stock, valued at approximately $4,016,531.32. The disclosure for this sale can be found here. 0.21% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

MCK has been the topic of several recent research reports. Robert W. Baird upped their price target on McKesson from $386.00 to $400.00 and gave the stock an “outperform” rating in a research note on Thursday, August 4th. Cowen raised their target price on McKesson to $384.00 in a report on Tuesday, August 9th. Mizuho raised their target price on McKesson from $331.00 to $345.00 and gave the stock a “neutral” rating in a report on Thursday, August 4th. Credit Suisse Group raised their target price on McKesson from $377.00 to $385.00 and gave the stock an “outperform” rating in a report on Monday, August 8th. Finally, UBS Group raised their target price on McKesson from $380.00 to $400.00 and gave the stock a “buy” rating in a report on Thursday, August 4th. One analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $352.46.

McKesson Profile

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McKesson Corporation provides healthcare services in the United States and internationally. It operates through four segments: U.S. Pharmaceutical, International, Medical-Surgical Solutions, and Prescription Technology Solutions (RxTS). The U.S. Pharmaceutical segment distributes branded, generic, specialty, biosimilar, and over-the-counter pharmaceutical drugs and other healthcare-related products.