McKesson Corporation (NYSE:MCK) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its position in shares of McKesson Corporation (NYSE:MCK) by 6.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 895,060 shares of the company’s stock after selling 57,265 shares during the period. Bank of New York Mellon Corp’s holdings in McKesson were worth $602,367,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. T. Rowe Price Investment Management Inc. raised its position in shares of McKesson by 8.5% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,847,385 shares of the company’s stock worth $1,622,754,000 after buying an additional 222,496 shares in the last quarter. Geode Capital Management LLC raised its position in shares of McKesson by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 2,663,303 shares of the company’s stock worth $1,513,195,000 after buying an additional 10,015 shares in the last quarter. Franklin Resources Inc. raised its position in shares of McKesson by 4.6% during the 4th quarter. Franklin Resources Inc. now owns 2,620,948 shares of the company’s stock worth $1,493,704,000 after buying an additional 114,396 shares in the last quarter. GAMMA Investing LLC raised its position in shares of McKesson by 75,632.7% during the 1st quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company’s stock worth $1,610,567,000 after buying an additional 2,389,992 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of McKesson during the 4th quarter worth about $1,200,361,000. 85.07% of the stock is currently owned by institutional investors.

Insider Buying and Selling at McKesson

In other news, CEO Brian S. Tyler sold 19,370 shares of the business’s stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $705.93, for a total transaction of $13,673,864.10. Following the sale, the chief executive officer owned 51,243 shares in the company, valued at $36,173,970.99. The trade was a 27.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Britt J. Vitalone sold 1,878 shares of the business’s stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $717.91, for a total transaction of $1,348,234.98. Following the sale, the chief financial officer owned 14,028 shares in the company, valued at $10,070,841.48. This represents a 11.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,117 shares of company stock valued at $23,526,451 over the last three months. 0.08% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have commented on the stock. Morgan Stanley boosted their price target on shares of McKesson from $745.00 to $770.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 11th. Bank of America boosted their target price on shares of McKesson from $755.00 to $800.00 and gave the stock a “buy” rating in a report on Friday, May 9th. UBS Group boosted their target price on shares of McKesson from $708.00 to $805.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Cfra Research downgraded shares of McKesson from a “moderate buy” rating to a “hold” rating in a report on Friday, April 4th. Finally, Wells Fargo & Company set a $766.00 target price on shares of McKesson and gave the stock an “equal weight” rating in a report on Tuesday, June 3rd. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $696.42.

McKesson Price Performance

MCK stock opened at $719.30 on Friday. McKesson Corporation has a 52-week low of $464.42 and a 52-week high of $736.96. The company’s 50 day simple moving average is $714.17 and its 200-day simple moving average is $657.75. The firm has a market capitalization of $89.99 billion, a P/E ratio of 27.85, a P/E/G ratio of 1.44 and a beta of 0.48.

McKesson (NYSE:MCK) last released its quarterly earnings results on Thursday, May 8th. The company reported $10.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $9.83 by $0.29. McKesson had a net margin of 0.92% and a negative return on equity of 201.12%. The business had revenue of $90.82 billion for the quarter, compared to analyst estimates of $94 billion. During the same quarter in the previous year, the business earned $6.18 earnings per share. The firm’s revenue was up 18.9% compared to the same quarter last year. Sell-side analysts predict that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd were issued a dividend of $0.71 per share. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.39%. McKesson’s dividend payout ratio is currently 10.99%.

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.