BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Trims Stock Position in McKesson Co. (NYSE:MCK)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lessened its holdings in shares of McKesson Co. (NYSE:MCK) by 14.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,646 shares of the company’s stock after selling 3,524 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in McKesson were worth $10,702,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Wolff Wiese Magana LLC raised its holdings in shares of McKesson by 742.9% during the third quarter. Wolff Wiese Magana LLC now owns 59 shares of the company’s stock worth $29,000 after purchasing an additional 52 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new position in shares of McKesson during the third quarter worth $29,000. RPg Family Wealth Advisory LLC purchased a new position in shares of McKesson during the third quarter worth $31,000. ORG Wealth Partners LLC acquired a new stake in McKesson during the third quarter valued at $40,000. Finally, Carmichael Hill & Associates Inc. acquired a new stake in McKesson during the second quarter valued at $52,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Analysts Set New Price Targets

MCK has been the topic of several analyst reports. Citigroup raised their price target on shares of McKesson from $630.00 to $713.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Wells Fargo & Company dropped their price target on shares of McKesson from $576.00 to $535.00 and set an “equal weight” rating on the stock in a research report on Friday, September 13th. Baird R W upgraded shares of McKesson from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. raised their price target on shares of McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Finally, Mizuho raised their price target on shares of McKesson from $540.00 to $570.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, McKesson presently has a consensus rating of “Moderate Buy” and a consensus target price of $631.57.

Insiders Place Their Bets

In other news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $561.10, for a total value of $2,105,808.30. Following the sale, the chief executive officer now directly owns 78,586 shares of the company’s stock, valued at approximately $44,094,604.60. The trade was a 4.56 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.11% of the stock is owned by insiders.

McKesson Trading Up 0.3 %

NYSE:MCK opened at $628.50 on Monday. The company’s 50-day moving average price is $542.22 and its 200-day moving average price is $560.02. The company has a market cap of $79.78 billion, a P/E ratio of 32.55, a P/E/G ratio of 1.36 and a beta of 0.44. McKesson Co. has a twelve month low of $431.35 and a twelve month high of $637.51.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share for the quarter, topping the consensus estimate of $6.88 by $0.19. McKesson had a net margin of 0.77% and a negative return on equity of 207.50%. The firm had revenue of $93.65 billion for the quarter, compared to the consensus estimate of $89.33 billion. During the same period last year, the firm posted $6.23 earnings per share. The company’s revenue for the quarter was up 21.3% on a year-over-year basis. On average, analysts expect that McKesson Co. will post 32.73 earnings per share for the current year.

McKesson Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date of this dividend is Monday, December 2nd. McKesson’s dividend payout ratio (DPR) is presently 14.71%.

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.