Meiji Yasuda Life Insurance Co Trims Stake in McKesson Co. (NYSE:MCK)

Meiji Yasuda Life Insurance Co lessened its position in McKesson Co. (NYSE:MCK) by 5.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,268 shares of the company’s stock after selling 244 shares during the quarter. Meiji Yasuda Life Insurance Co’s holdings in McKesson were worth $2,493,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of MCK. Swedbank AB purchased a new stake in shares of McKesson in the 1st quarter valued at $669,326,000. TD Asset Management Inc raised its holdings in shares of McKesson by 202.8% in the 4th quarter. TD Asset Management Inc now owns 602,138 shares of the company’s stock valued at $278,778,000 after buying an additional 403,312 shares during the period. Bessemer Group Inc. raised its holdings in shares of McKesson by 3,621.7% in the 1st quarter. Bessemer Group Inc. now owns 349,395 shares of the company’s stock valued at $187,572,000 after buying an additional 340,007 shares during the period. Bristol Gate Capital Partners Inc. purchased a new stake in shares of McKesson in the 1st quarter valued at $97,510,000. Finally, Third Point LLC purchased a new stake in shares of McKesson in the 4th quarter valued at $76,392,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Stock Down 1.1 %

Shares of NYSE MCK opened at $513.91 on Wednesday. The stock has a market cap of $66.78 billion, a PE ratio of 22.96, a price-to-earnings-growth ratio of 1.18 and a beta of 0.44. McKesson Co. has a 52-week low of $422.15 and a 52-week high of $637.51. The business has a 50-day moving average price of $564.48 and a 200 day moving average price of $557.67.

McKesson (NYSE:MCK) last announced its earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.21 by $0.67. The firm had revenue of $79.28 billion during the quarter, compared to analysts’ expectations of $82.53 billion. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The business’s revenue was up 6.4% on a year-over-year basis. During the same period in the prior year, the firm earned $7.27 EPS. Sell-side analysts anticipate that McKesson Co. will post 32.11 earnings per share for the current year.

McKesson Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 2nd will be paid a dividend of $0.71 per share. The ex-dividend date is Friday, August 30th. This is an increase from McKesson’s previous quarterly dividend of $0.62. This represents a $2.84 annualized dividend and a yield of 0.55%. McKesson’s dividend payout ratio is currently 12.69%.

Analysts Set New Price Targets

Several research firms recently commented on MCK. Argus boosted their target price on McKesson from $570.00 to $670.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. Bank of America boosted their target price on McKesson from $590.00 to $670.00 and gave the stock a “buy” rating in a research note on Tuesday, June 25th. Robert W. Baird lowered their target price on McKesson from $694.00 to $671.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. StockNews.com cut McKesson from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 9th. Finally, Evercore ISI lowered their target price on McKesson from $660.00 to $630.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $620.93.

Insider Buying and Selling at McKesson

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $626.03, for a total transaction of $2,349,490.59. Following the completion of the sale, the chief executive officer now directly owns 82,339 shares of the company’s stock, valued at approximately $51,546,684.17. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 11,259 shares of company stock valued at $6,635,492 in the last ninety days. Insiders own 0.11% of the company’s stock.

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.