Lord Abbett & CO. LLC Sells 116,135 Shares of McKesson Co. (NYSE:MCK)

Lord Abbett & CO. LLC lessened its stake in shares of McKesson Co. (NYSE:MCK) by 58.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 83,001 shares of the company’s stock after selling 116,135 shares during the quarter. Lord Abbett & CO. LLC owned about 0.07% of McKesson worth $47,303,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Frank Rimerman Advisors LLC increased its holdings in shares of McKesson by 2.2% during the fourth quarter. Frank Rimerman Advisors LLC now owns 807 shares of the company’s stock valued at $460,000 after acquiring an additional 17 shares in the last quarter. Old North State Trust LLC increased its stake in McKesson by 1.6% during the 3rd quarter. Old North State Trust LLC now owns 1,138 shares of the company’s stock valued at $563,000 after purchasing an additional 18 shares in the last quarter. Trust Co. of Vermont raised its holdings in McKesson by 4.8% during the fourth quarter. Trust Co. of Vermont now owns 393 shares of the company’s stock worth $224,000 after buying an additional 18 shares during the last quarter. Hemington Wealth Management lifted its stake in shares of McKesson by 18.6% in the fourth quarter. Hemington Wealth Management now owns 115 shares of the company’s stock valued at $65,000 after buying an additional 18 shares in the last quarter. Finally, First Western Trust Bank grew its holdings in shares of McKesson by 2.0% during the fourth quarter. First Western Trust Bank now owns 931 shares of the company’s stock valued at $531,000 after buying an additional 18 shares during the last quarter. 85.07% of the stock is owned by institutional investors.

McKesson Trading Up 0.9 %

NYSE:MCK opened at $694.62 on Friday. McKesson Co. has a 12 month low of $464.42 and a 12 month high of $728.32. The firm’s 50 day moving average is $661.28 and its 200 day moving average is $606.43. The stock has a market capitalization of $87.05 billion, a PE ratio of 31.80, a price-to-earnings-growth ratio of 1.29 and a beta of 0.49.

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

McKesson Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Monday, March 3rd were given a dividend of $0.71 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $2.84 dividend on an annualized basis and a yield of 0.41%. McKesson’s dividend payout ratio is presently 13.00%.

Insider Activity

In other McKesson news, EVP Leann B. Smith sold 188 shares of the stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $609.59, for a total transaction of $114,602.92. Following the sale, the executive vice president now owns 1,051 shares in the company, valued at $640,679.09. This represents a 15.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Brian S. Tyler sold 8,961 shares of McKesson 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 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 disclosure for this sale can be found here. Insiders have sold a total of 18,110 shares of company stock valued at $10,855,706 over the last quarter. Company insiders own 0.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MCK. Morgan Stanley raised their price target on shares of McKesson from $642.00 to $745.00 and gave the company an “overweight” rating in a research report on Wednesday, April 2nd. Cfra Research downgraded McKesson from a “moderate buy” rating to a “hold” rating in a report on Friday, April 4th. Bank of America raised their price objective on McKesson from $665.00 to $755.00 and gave the company a “buy” rating in a research note on Friday, April 11th. Evercore ISI upped their target price 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, StockNews.com downgraded shares of McKesson from a “strong-buy” rating to a “buy” rating in a report on Friday, February 14th. Three equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $668.50.

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.