Envestnet Portfolio Solutions Inc. Reduces Position in McKesson Co. (NYSE:MCK)

Envestnet Portfolio Solutions Inc. lessened its position in shares of McKesson Co. (NYSE:MCK) by 6.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 13,800 shares of the company’s stock after selling 1,017 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in McKesson were worth $7,865,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. MidAtlantic Capital Management Inc. purchased a new position in McKesson during the 3rd quarter worth approximately $29,000. RPg Family Wealth Advisory LLC purchased a new position in shares of McKesson in the 3rd quarter valued at approximately $31,000. Synergy Asset Management LLC purchased a new position in shares of McKesson in the 4th quarter valued at approximately $32,000. Crews Bank & Trust purchased a new position in shares of McKesson in the 4th quarter valued at approximately $33,000. Finally, Atala Financial Inc purchased a new position in shares of McKesson in the 4th quarter valued at approximately $34,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MCK. Citigroup lowered their target price on McKesson from $713.00 to $677.00 and set a “buy” rating on the stock in a research note on Friday, January 10th. Morgan Stanley lifted their target price on McKesson from $612.00 to $642.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Evercore ISI lifted their target price on McKesson from $650.00 to $675.00 and gave the company an “outperform” rating in a research note on Thursday, February 6th. Bank of America reduced their price target on McKesson from $680.00 to $650.00 and set a “buy” rating for the company in a report on Monday, January 6th. Finally, StockNews.com cut McKesson from a “strong-buy” rating to a “buy” rating in a report on Friday, February 14th. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $649.36.

McKesson Stock Performance

Shares of MCK stock opened at $655.32 on Tuesday. The stock has a fifty day moving average price of $610.04 and a 200 day moving average price of $571.65. The stock has a market cap of $82.13 billion, a PE ratio of 30.01, a P/E/G ratio of 1.29 and a beta of 0.52. McKesson Co. has a 1 year low of $464.42 and a 1 year high of $663.62.

McKesson (NYSE:MCK) last released its quarterly earnings results on Wednesday, February 5th. The company reported $8.03 earnings per share for the quarter, missing the consensus estimate of $8.60 by ($0.57). McKesson had a negative return on equity of 181.26% and a net margin of 0.82%. As a group, equities research analysts predict that McKesson Co. will post 32.77 earnings per share for the current year.

McKesson Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 3rd will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 0.43%. The ex-dividend date of this dividend is Monday, March 3rd. McKesson’s payout ratio is 13.00%.

Insiders Place Their Bets

In other McKesson news, CEO Brian S. Tyler sold 8,961 shares of the firm’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $597.99, for a total transaction of $5,358,588.39. Following the completion of the transaction, the chief executive officer now owns 60,664 shares of the company’s stock, valued at approximately $36,276,465.36. This trade represents a 12.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Leann B. Smith sold 188 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now directly owns 1,051 shares of the company’s stock, valued at $640,679.09. The trade was a 15.17 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,689 shares of company stock valued at $11,187,351. Corporate 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.