Highland Capital Management LLC Sells 2,010 Shares of McKesson Co. (NYSE:MCK)

Highland Capital Management LLC reduced its holdings in McKesson Co. (NYSE:MCK) by 21.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,365 shares of the company’s stock after selling 2,010 shares during the period. Highland Capital Management LLC’s holdings in McKesson were worth $4,197,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Wolff Wiese Magana LLC increased its position in McKesson by 742.9% during the third quarter. Wolff Wiese Magana LLC now owns 59 shares of the company’s stock valued at $29,000 after acquiring an additional 52 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in McKesson in the third quarter worth $29,000. RPg Family Wealth Advisory LLC bought a new stake in shares of McKesson during the third quarter worth $31,000. ORG Wealth Partners LLC purchased a new stake in shares of McKesson during the third quarter valued at $40,000. Finally, Bruce G. Allen Investments LLC grew its holdings in shares of McKesson by 51.9% in the fourth quarter. Bruce G. Allen Investments LLC now owns 82 shares of the company’s stock worth $47,000 after purchasing an additional 28 shares during the last quarter. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on MCK shares. Robert W. Baird raised shares of McKesson from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $531.00 to $688.00 in a research report on Thursday, November 7th. Bank of America lowered 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. Mizuho started coverage on McKesson in a report on Wednesday, December 4th. They set a “neutral” rating and a $630.00 price objective on the stock. Evercore ISI upped their target price on McKesson from $560.00 to $680.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Finally, Baird R W raised McKesson from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, McKesson presently has an average rating of “Moderate Buy” and an average target price of $646.14.

Insider Buying and Selling at McKesson

In other McKesson news, EVP Leann B. Smith sold 579 shares of McKesson stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $572.79, for a total transaction of $331,645.41. Following the completion of the sale, the executive vice president now owns 864 shares of the company’s stock, valued at approximately $494,890.56. The trade was a 40.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.11% of the stock is currently owned by company insiders.

McKesson Stock Performance

MCK stock opened at $603.79 on Thursday. The firm has a 50-day simple moving average of $592.16 and a two-hundred day simple moving average of $561.52. McKesson Co. has a one year low of $464.42 and a one year high of $637.51. The firm has a market cap of $76.64 billion, a price-to-earnings ratio of 31.27, a PEG ratio of 1.26 and a beta of 0.52.

McKesson (NYSE:MCK) last released its quarterly earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.88 by $0.19. The business had revenue of $93.65 billion for the quarter, compared to analyst estimates of $89.33 billion. McKesson had a net margin of 0.77% and a negative return on equity of 207.50%. The business’s revenue for the quarter was up 21.3% on a year-over-year basis. During the same period in the previous year, the company earned $6.23 earnings per share. As a group, equities analysts predict that McKesson Co. will post 32.73 earnings per share for the current fiscal year.

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.