PNC Financial Services Group Inc. reduced its stake in McKesson Co. (NYSE:MCK) by 11.3% during the 1st quarter, HoldingsChannel.com reports. The firm owned 95,627 shares of the company’s stock after selling 12,200 shares during the period. PNC Financial Services Group Inc.’s holdings in McKesson were worth $12,935,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in MCK. Janney Montgomery Scott LLC increased its stake in McKesson by 33.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 15,795 shares of the company’s stock valued at $2,185,000 after purchasing an additional 3,917 shares during the last quarter. Advisor Partners LLC grew its position in shares of McKesson by 6.8% during the fourth quarter. Advisor Partners LLC now owns 4,972 shares of the company’s stock worth $766,000 after acquiring an additional 316 shares during the last quarter. Donald L. Hagan LLC grew its position in shares of McKesson by 87.0% during the fourth quarter. Donald L. Hagan LLC now owns 11,904 shares of the company’s stock worth $1,848,000 after acquiring an additional 5,538 shares during the last quarter. Strs Ohio grew its position in shares of McKesson by 1.3% during the fourth quarter. Strs Ohio now owns 215,511 shares of the company’s stock worth $29,809,000 after acquiring an additional 2,699 shares during the last quarter. Finally, Patton Fund Management Inc. purchased a new position in shares of McKesson during the fourth quarter worth approximately $2,799,000. Institutional investors own 84.96% of the company’s stock.
A number of equities analysts have recently issued reports on the stock. Morgan Stanley raised their target price on shares of McKesson from $150.00 to $163.00 and gave the stock an “overweight” rating in a research report on Friday. JPMorgan Chase & Co. raised their target price on shares of McKesson from $186.00 to $187.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 18th. Cowen increased their price target on McKesson from $174.00 to $186.00 and gave the stock an “outperform” rating in a report on Thursday. Guggenheim raised McKesson from a “neutral” rating to a “buy” rating in a report on Friday, March 13th. Finally, ValuEngine downgraded McKesson from a “sell” rating to a “strong sell” rating in a report on Friday, May 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $168.50.
In other news, CEO Brian S. Tyler sold 4,063 shares of the firm’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $124.77, for a total value of $506,940.51. Following the completion of the transaction, the chief executive officer now owns 16,255 shares in the company, valued at $2,028,136.35. The sale was disclosed in a document filed with the SEC, which is available at this link. In the last 90 days, insiders sold 8,187 shares of company stock valued at $1,064,057. Company insiders own 0.88% of the company’s stock.
Shares of MCK stock opened at $149.42 on Friday. McKesson Co. has a fifty-two week low of $112.60 and a fifty-two week high of $172.18. The stock has a market cap of $25.80 billion, a P/E ratio of 29.13, a P/E/G ratio of 1.60 and a beta of 0.82. The business has a fifty day simple moving average of $136.14 and a 200-day simple moving average of $142.81. The company has a quick ratio of 0.56, a current ratio of 0.99 and a debt-to-equity ratio of 1.51.
McKesson (NYSE:MCK) last announced its quarterly earnings results on Wednesday, May 20th. The company reported $4.27 earnings per share for the quarter, beating analysts’ consensus estimates of $4.10 by $0.17. McKesson had a return on equity of 41.07% and a net margin of 0.39%. The business had revenue of $58.54 billion during the quarter, compared to analysts’ expectations of $55.60 billion. During the same quarter last year, the business posted $3.69 earnings per share. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. On average, sell-side analysts anticipate that McKesson Co. will post 15.01 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st will be given a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date is Friday, May 29th. McKesson’s dividend payout ratio is currently 10.97%.
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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