Bank of Stockton Sells 35 Shares of McKesson Co. (NYSE:MCK)

Bank of Stockton lowered its stake in McKesson Co. (NYSE:MCK) by 1.5% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,230 shares of the company’s stock after selling 35 shares during the quarter. Bank of Stockton’s holdings in McKesson were worth $1,302,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Norges Bank bought a new position in shares of McKesson during the 4th quarter worth about $1,024,140,000. Swedbank AB acquired a new position in McKesson during the 1st quarter worth approximately $669,326,000. TD Asset Management Inc boosted its holdings in McKesson by 202.8% in the fourth quarter. TD Asset Management Inc now owns 602,138 shares of the company’s stock worth $278,778,000 after acquiring an additional 403,312 shares in the last quarter. Bessemer Group Inc. grew its stake in McKesson by 3,621.7% in the first quarter. Bessemer Group Inc. now owns 349,395 shares of the company’s stock valued at $187,572,000 after acquiring an additional 340,007 shares during the period. Finally, Bristol Gate Capital Partners Inc. bought a new stake in shares of McKesson during the first quarter valued at approximately $97,510,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on MCK shares. Citigroup lifted their price target on shares of McKesson from $620.00 to $670.00 and gave the company a “buy” rating in a research report on Friday, July 19th. Evercore ISI lowered their target price on shares of McKesson from $660.00 to $630.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Robert W. Baird dropped their price target on shares of McKesson from $694.00 to $671.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Barclays boosted their price objective on McKesson from $596.00 to $616.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Finally, Argus raised their target price on McKesson from $570.00 to $670.00 and gave the company a “buy” rating in a report on Monday, June 24th. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $620.29.

Insider Activity

In other news, EVP Thomas L. Rodgers sold 789 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $557.40, for a total value of $439,788.60. Following the completion of the transaction, the executive vice president now directly owns 7,909 shares of the company’s stock, valued at $4,408,476.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Thomas L. Rodgers sold 789 shares of the stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $557.40, for a total value of $439,788.60. Following the sale, the executive vice president now directly owns 7,909 shares of the company’s stock, valued at $4,408,476.60. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $574.41, for a total transaction of $2,155,760.73. Following the transaction, the chief executive officer now directly owns 89,845 shares of the company’s stock, valued at approximately $51,607,866.45. The disclosure for this sale can be found here. Insiders have sold a total of 19,257 shares of company stock valued at $11,192,946 over the last quarter. Company insiders own 0.11% of the company’s stock.

McKesson Stock Performance

MCK stock traded down $8.75 during mid-day trading on Friday, hitting $552.15. The company had a trading volume of 710,191 shares, compared to its average volume of 743,372. McKesson Co. has a 12 month low of $404.72 and a 12 month high of $637.51. The stock’s fifty day moving average price is $584.83 and its two-hundred day moving average price is $554.51. The firm has a market cap of $71.74 billion, a PE ratio of 24.67, a price-to-earnings-growth ratio of 1.46 and a beta of 0.45.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, beating the consensus estimate of $7.21 by $0.67. McKesson had a negative return on equity of 245.88% and a net margin of 0.97%. The business had revenue of $79.28 billion for the quarter, compared to the consensus estimate of $82.53 billion. During the same quarter in the prior year, the business earned $7.27 earnings per share. McKesson’s revenue for the quarter was up 6.4% on a year-over-year basis. Equities analysts anticipate that McKesson Co. will post 31.68 earnings per share for the current year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be paid a $0.71 dividend. This is an increase from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date is Friday, August 30th. This represents a $2.84 annualized dividend and a dividend yield of 0.51%. McKesson’s dividend payout ratio (DPR) is presently 12.69%.

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.