Envestnet Asset Management Inc. Sells 19,739 Shares of McKesson Co. (NYSE:MCK)

Envestnet Asset Management Inc. cut its stake in McKesson Co. (NYSE:MCK) by 6.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 271,967 shares of the company’s stock after selling 19,739 shares during the quarter. Envestnet Asset Management Inc. owned 0.21% of McKesson worth $154,997,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in MCK. Millstone Evans Group LLC bought a new stake in shares of McKesson during the 4th quarter valued at about $28,000. Synergy Asset Management LLC bought a new stake in McKesson during the fourth quarter valued at approximately $32,000. Crews Bank & Trust purchased a new stake in McKesson during the fourth quarter valued at approximately $33,000. Atala Financial Inc bought a new position in McKesson in the fourth quarter worth approximately $34,000. Finally, Graney & King LLC purchased a new position in shares of McKesson during the 4th quarter worth $38,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other McKesson news, CEO Brian S. Tyler sold 8,961 shares of the business’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $597.99, for a total transaction of $5,358,588.39. Following the transaction, the chief executive officer now owns 60,664 shares in the company, valued at $36,276,465.36. The trade was a 12.87 % 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, EVP Leann B. Smith sold 188 shares of the firm’s stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $609.59, for a total transaction of $114,602.92. Following the completion of the sale, the executive vice president now owns 1,051 shares of the company’s stock, valued at $640,679.09. This trade represents a 15.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,110 shares of company stock valued at $10,855,706 over the last ninety days. 0.11% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on MCK shares. Wells Fargo & Company raised their target price on McKesson from $641.00 to $691.00 and gave the stock an “equal weight” rating in a report on Friday, March 14th. Morgan Stanley raised their price objective on McKesson from $642.00 to $745.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 2nd. Evercore ISI boosted their price objective 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 target price on shares of McKesson from $680.00 to $650.00 and set a “buy” rating for the company in a report on Monday, January 6th. Finally, Citigroup lowered their price target on shares of McKesson from $713.00 to $677.00 and set a “buy” rating on the stock in a report on Friday, January 10th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, McKesson presently has an average rating of “Moderate Buy” and an average target price of $661.00.

McKesson Stock Down 3.2 %

Shares of McKesson stock opened at $661.26 on Tuesday. The firm has a market cap of $82.87 billion, a price-to-earnings ratio of 30.28, a PEG ratio of 1.29 and a beta of 0.49. McKesson Co. has a twelve month low of $464.42 and a twelve month high of $728.32. The business has a 50-day moving average price of $634.52 and a 200-day moving average price of $587.00.

McKesson (NYSE:MCK) last issued its quarterly earnings data 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 negative return on equity of 181.26% and a net margin of 0.82%. On average, equities analysts expect that McKesson Co. will post 32.77 EPS for the current fiscal year.

McKesson Announces Dividend

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

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.