Trust Co. of Toledo NA OH cut its stake in shares of McKesson Co. (NYSE:MCK) by 1.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,763 shares of the company’s stock after selling 183 shares during the quarter. Trust Co. of Toledo NA OH’s holdings in McKesson were worth $2,294,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new position in McKesson during the fourth quarter valued at $318,658,000. JPMorgan Chase & Co. raised its position in shares of McKesson by 27.7% during the 4th quarter. JPMorgan Chase & Co. now owns 7,201,928 shares of the company’s stock worth $1,252,560,000 after purchasing an additional 1,563,696 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in McKesson during the 3rd quarter valued at about $65,016,000. Ceredex Value Advisors LLC purchased a new stake in McKesson during the 4th quarter valued at about $72,343,000. Finally, Lazard Asset Management LLC grew its stake in McKesson by 55.0% during the 4th quarter. Lazard Asset Management LLC now owns 935,131 shares of the company’s stock valued at $162,636,000 after acquiring an additional 331,631 shares in the last quarter. 85.60% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:MCK traded down $3.33 during trading hours on Thursday, hitting $189.93. 8,462 shares of the company’s stock traded hands, compared to its average volume of 1,043,279. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.56 and a current ratio of 0.99. McKesson Co. has a 52 week low of $125.65 and a 52 week high of $198.43. The company’s fifty day simple moving average is $184.13 and its two-hundred day simple moving average is $173.54. The company has a market cap of $30.23 billion, a price-to-earnings ratio of 14.71, a price-to-earnings-growth ratio of 1.70 and a beta of 0.94.
McKesson (NYSE:MCK) last issued its quarterly earnings data on Monday, February 1st. The company reported $4.60 EPS for the quarter, beating the Zacks’ consensus estimate of $4.13 by $0.47. The business had revenue of $62.60 billion for the quarter, compared to analyst estimates of $61.70 billion. McKesson had a return on equity of 45.52% and a net margin of 0.95%. The firm’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.81 EPS. On average, analysts anticipate that McKesson Co. will post 16.31 EPS for the current fiscal year.
McKesson announced that its board has approved a stock buyback plan on Tuesday, February 2nd that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to purchase up to 6.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Thursday, April 1st. Investors of record on Tuesday, March 2nd were paid a dividend of $0.42 per share. The ex-dividend date was Monday, March 1st. This represents a $1.68 annualized dividend and a yield of 0.88%. McKesson’s payout ratio is 11.24%.
In related news, SVP Sundeep G. Reddy sold 450 shares of the firm’s stock in a transaction that occurred on Friday, January 15th. The stock was sold at an average price of $182.32, for a total transaction of $82,044.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Brian S. Tyler sold 5,510 shares of the firm’s stock in a transaction that occurred on Tuesday, February 16th. The stock was sold at an average price of $183.38, for a total value of $1,010,423.80. Following the transaction, the chief executive officer now owns 24,500 shares of the company’s stock, valued at approximately $4,492,810. The disclosure for this sale can be found here. Insiders sold a total of 20,527 shares of company stock valued at $3,783,616 in the last quarter. Corporate insiders own 0.28% of the company’s stock.
MCK has been the subject of several analyst reports. Morgan Stanley increased their price target on shares of McKesson from $219.00 to $226.00 and gave the company an “overweight” rating in a research note on Wednesday, February 3rd. Deutsche Bank Aktiengesellschaft increased their target price on shares of McKesson from $222.00 to $231.00 and gave the stock a “buy” rating in a report on Wednesday, February 3rd. Mizuho raised their price objective on shares of McKesson from $178.00 to $190.00 and gave the company a “neutral” rating in a report on Wednesday, February 3rd. TheStreet lowered shares of McKesson from a “b” rating to a “d” rating in a report on Tuesday, February 2nd. Finally, Argus raised shares of McKesson from a “hold” rating to a “buy” rating and set a $230.00 target price on the stock in a research report on Tuesday, March 30th. One analyst has rated the stock with a sell rating, two have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. McKesson currently has an average rating of “Buy” and a consensus target price of $193.31.
McKesson Corporation provides pharmaceuticals and medical supplies in the United States and internationally. It operates through four segments: U.S. Pharmaceutical, Prescription Technology Solutions, International, and Medical-Surgical Solutions. The U.S. Pharmaceutical segment distributes branded, generic, specialty, biosimilar, and over-the-counter pharmaceutical drugs and other healthcare-related products.
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