Redmond Asset Management LLC Has $1.11 Million Stake in McKesson Co. (NYSE:MCK)

Redmond Asset Management LLC trimmed its stake in shares of McKesson Co. (NYSE:MCK) by 1.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,232 shares of the company’s stock after selling 155 shares during the period. Redmond Asset Management LLC’s holdings in McKesson were worth $1,106,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in MCK. Gradient Investments LLC raised its stake in shares of McKesson by 1,944.4% during the second quarter. Gradient Investments LLC now owns 184 shares of the company’s stock worth $25,000 after buying an additional 175 shares during the last quarter. Mark Sheptoff Financial Planning LLC bought a new stake in shares of McKesson during the first quarter worth approximately $27,000. Smart Portfolios LLC bought a new stake in shares of McKesson during the first quarter worth approximately $35,000. Investors Research Corp bought a new stake in shares of McKesson during the first quarter worth approximately $36,000. Finally, Berman Capital Advisors LLC raised its stake in shares of McKesson by 175.2% during the second quarter. Berman Capital Advisors LLC now owns 289 shares of the company’s stock worth $37,000 after buying an additional 184 shares during the last quarter. Institutional investors own 89.07% of the company’s stock.

NYSE:MCK traded down $0.28 during trading hours on Thursday, hitting $141.58. The stock had a trading volume of 16,532 shares, compared to its average volume of 1,553,776. McKesson Co. has a one year low of $106.11 and a one year high of $149.99. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.58 and a current ratio of 1.01. The stock has a market cap of $26.38 billion, a P/E ratio of 10.44, a price-to-earnings-growth ratio of 1.44 and a beta of 1.13. The firm has a 50 day moving average price of $140.30.

McKesson (NYSE:MCK) last issued its earnings results on Wednesday, July 31st. The company reported $3.31 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.04 by $0.27. McKesson had a net margin of 0.27% and a return on equity of 30.73%. The firm had revenue of $55.73 billion during the quarter, compared to the consensus estimate of $54.03 billion. During the same quarter in the prior year, the firm earned $2.90 earnings per share. The business’s quarterly revenue was up 5.9% on a year-over-year basis. As a group, sell-side analysts expect that McKesson Co. will post 14.35 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 3rd will be paid a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 1.16%. The ex-dividend date of this dividend is Friday, August 30th. This is an increase from McKesson’s previous quarterly dividend of $0.39. McKesson’s dividend payout ratio is presently 11.50%.

In other news, CEO Brian Scott Tyler sold 1,488 shares of the stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $125.49, for a total transaction of $186,729.12. Following the completion of the sale, the chief executive officer now owns 12,192 shares of the company’s stock, valued at $1,529,974.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Britt J. Vitalone sold 832 shares of the stock in a transaction on Friday, May 24th. The stock was sold at an average price of $129.17, for a total transaction of $107,469.44. The disclosure for this sale can be found here. Insiders have sold 4,704 shares of company stock valued at $625,131 in the last three months. 0.88% of the stock is owned by insiders.

A number of equities research analysts recently weighed in on the stock. TheStreet raised shares of McKesson from a “c” rating to a “b” rating in a research note on Wednesday, July 31st. ValuEngine downgraded shares of McKesson from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 6th. Guggenheim assumed coverage on shares of McKesson in a research note on Monday, July 22nd. They set a “neutral” rating and a $152.00 price target for the company. Bank of America set a $160.00 price target on shares of McKesson and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Finally, Zacks Investment Research downgraded shares of McKesson from a “hold” rating to a “sell” rating in a research note on Thursday, May 2nd. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $148.70.

McKesson Profile

McKesson Corporation provides pharmaceuticals and medical supplies in the United States and internationally. It operates in three segments: U.S. Pharmaceutical and Specialty Solutions, European Pharmaceutical Solutions, and Medical-Surgical Solutions. The company distributes branded, generic, specialty, biosimilar, and over-the-counter pharmaceutical drugs, as well as other healthcare-related products; and offers practice management, technology, clinical support, and business solutions to community-based oncology and other specialty practices.

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Institutional Ownership by Quarter for McKesson (NYSE:MCK)

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