Chevy Chase Trust Holdings LLC Cuts Stake in McKesson Co. (NYSE:MCK)

Chevy Chase Trust Holdings LLC reduced its stake in shares of McKesson Co. (NYSE:MCK) by 4.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,118 shares of the company’s stock after selling 2,858 shares during the quarter. Chevy Chase Trust Holdings LLC owned about 0.05% of McKesson worth $38,251,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in MCK. Massachusetts Financial Services Co. MA grew its holdings in shares of McKesson by 2.9% in the third quarter. Massachusetts Financial Services Co. MA now owns 4,943,520 shares of the company’s stock valued at $2,444,175,000 after purchasing an additional 138,685 shares in the last quarter. FMR LLC grew its holdings in shares of McKesson by 17.3% in the third quarter. FMR LLC now owns 2,968,239 shares of the company’s stock valued at $1,467,557,000 after purchasing an additional 438,423 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of McKesson by 1.0% in the third quarter. Geode Capital Management LLC now owns 2,653,288 shares of the company’s stock valued at $1,306,873,000 after purchasing an additional 26,299 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of McKesson by 55.8% in the third quarter. The Manufacturers Life Insurance Company now owns 1,189,377 shares of the company’s stock valued at $588,048,000 after purchasing an additional 425,875 shares in the last quarter. Finally, Nordea Investment Management AB grew its holdings in shares of McKesson by 20.0% in the fourth quarter. Nordea Investment Management AB now owns 975,935 shares of the company’s stock valued at $558,606,000 after purchasing an additional 162,688 shares in the last quarter. 85.07% of the stock is owned by hedge funds and other institutional investors.

McKesson Trading Down 1.4 %

NYSE:MCK opened at $593.82 on Friday. McKesson Co. has a twelve month low of $464.42 and a twelve month high of $637.51. The company has a market cap of $75.38 billion, a price-to-earnings ratio of 27.19, a price-to-earnings-growth ratio of 1.30 and a beta of 0.52. The stock has a fifty day simple moving average of $587.46 and a 200-day simple moving average of $563.18.

McKesson (NYSE:MCK) last released its earnings results on Wednesday, February 5th. The company reported $8.03 earnings per share for the quarter, missing the consensus estimate of $8.60 by ($0.57). McKesson had a negative return on equity of 181.26% and a net margin of 0.82%. As a group, equities research analysts predict that McKesson Co. will post 32.69 EPS for the current fiscal year.

McKesson Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 3rd will be issued a $0.71 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $2.84 annualized dividend and a dividend yield of 0.48%. McKesson’s payout ratio is currently 13.00%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Wells Fargo & Company raised their target price on shares of McKesson from $535.00 to $641.00 and gave the company an “equal weight” rating in a report on Friday, December 13th. Citigroup lowered their price target on McKesson from $713.00 to $677.00 and set a “buy” rating for the company in a research report on Friday, January 10th. StockNews.com downgraded McKesson from a “strong-buy” rating to a “buy” rating in a research report on Friday. Evercore ISI raised their price target on McKesson from $650.00 to $675.00 and gave the stock an “outperform” rating in a research report on Thursday, February 6th. Finally, Baird R W upgraded 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 issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $645.79.

Insider Activity at McKesson

In related 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 value of $331,645.41. Following the completion of the sale, the executive vice president now directly owns 864 shares in the company, valued at $494,890.56. The trade was a 40.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders sold 1,346 shares of company stock worth $795,275 over the last three months. 0.11% of the stock is owned by corporate insiders.

McKesson 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.