Montecito Bank & Trust Buys Shares of 1,915 McKesson Corporation $MCK

Montecito Bank & Trust purchased a new position in McKesson Corporation (NYSE:MCK) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 1,915 shares of the company’s stock, valued at approximately $1,479,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. CW Advisors LLC boosted its stake in McKesson by 282.5% in the 2nd quarter. CW Advisors LLC now owns 11,008 shares of the company’s stock worth $8,067,000 after purchasing an additional 8,130 shares in the last quarter. Investment Management Corp of Ontario raised its holdings in shares of McKesson by 19.0% in the second quarter. Investment Management Corp of Ontario now owns 18,029 shares of the company’s stock worth $13,211,000 after buying an additional 2,881 shares during the last quarter. Acadian Asset Management LLC lifted its stake in shares of McKesson by 22.0% during the first quarter. Acadian Asset Management LLC now owns 378,926 shares of the company’s stock worth $254,979,000 after buying an additional 68,294 shares during the period. Baird Financial Group Inc. lifted its stake in shares of McKesson by 5.7% during the second quarter. Baird Financial Group Inc. now owns 38,219 shares of the company’s stock worth $28,006,000 after buying an additional 2,044 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich grew its holdings in shares of McKesson by 8,018.0% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 12,177 shares of the company’s stock valued at $9,823,000 after buying an additional 12,027 shares during the last quarter. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Trading Down 0.4%

Shares of MCK stock opened at $806.86 on Thursday. McKesson Corporation has a twelve month low of $558.36 and a twelve month high of $895.58. The stock has a market cap of $99.59 billion, a P/E ratio of 25.11, a P/E/G ratio of 1.33 and a beta of 0.38. The stock has a 50 day moving average of $824.06 and a 200 day moving average of $750.38.

McKesson (NYSE:MCK) last released its quarterly earnings data on Wednesday, November 5th. The company reported $9.86 EPS for the quarter, topping the consensus estimate of $8.84 by $1.02. The business had revenue of $103.15 billion for the quarter, compared to analyst estimates of $103.80 billion. McKesson had a negative return on equity of 248.14% and a net margin of 1.04%.The business’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $7.07 EPS. On average, research analysts predict that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 1st will be issued a $0.82 dividend. The ex-dividend date of this dividend is Monday, December 1st. This represents a $3.28 dividend on an annualized basis and a yield of 0.4%. McKesson’s payout ratio is presently 10.21%.

Insiders Place Their Bets

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company’s stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $861.63, for a total value of $283,476.27. Following the completion of the transaction, the chief accounting officer owned 328 shares in the company, valued at approximately $282,614.64. This represents a 50.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on the company. TD Cowen lifted their price target on McKesson from $830.00 to $864.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Wall Street Zen downgraded McKesson from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. UBS Group upped their target price on McKesson from $920.00 to $980.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Robert W. Baird raised their price target on shares of McKesson from $873.00 to $927.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. Finally, Bank of America lifted their price objective on shares of McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, McKesson has a consensus rating of “Moderate Buy” and a consensus price target of $892.86.

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.