CIBC Asset Management Inc Has $62.42 Million Stock Holdings in McKesson Co. (NYSE:MCK)

CIBC Asset Management Inc trimmed its stake in shares of McKesson Co. (NYSE:MCK) by 3.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 106,867 shares of the company’s stock after selling 3,317 shares during the quarter. CIBC Asset Management Inc owned 0.08% of McKesson worth $62,415,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Convergence Investment Partners LLC grew its holdings in shares of McKesson by 56.7% in the 2nd quarter. Convergence Investment Partners LLC now owns 2,721 shares of the company’s stock worth $1,589,000 after purchasing an additional 985 shares during the last quarter. Resonant Capital Advisors LLC grew its stake in McKesson by 1.4% during the second quarter. Resonant Capital Advisors LLC now owns 8,605 shares of the company’s stock worth $5,030,000 after buying an additional 117 shares during the last quarter. Crestwood Advisors Group LLC acquired a new stake in shares of McKesson during the second quarter worth approximately $221,000. Equitable Trust Co. raised its stake in shares of McKesson by 7.2% in the second quarter. Equitable Trust Co. now owns 1,903 shares of the company’s stock valued at $1,111,000 after acquiring an additional 128 shares during the last quarter. Finally, D.A. Davidson & CO. boosted its holdings in shares of McKesson by 7.4% in the 2nd quarter. D.A. Davidson & CO. now owns 5,787 shares of the company’s stock worth $3,380,000 after acquiring an additional 399 shares in the last quarter. 85.07% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have issued reports on MCK shares. Citigroup lifted their price objective on McKesson from $620.00 to $670.00 and gave the company a “buy” rating in a research report on Friday, July 19th. Mizuho upped their price target on shares of McKesson from $540.00 to $570.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. StockNews.com cut shares of McKesson from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 9th. Bank of America upped their target price on shares of McKesson from $590.00 to $670.00 and gave the stock a “buy” rating in a research report on Tuesday, June 25th. Finally, TD Cowen increased their price target on shares of McKesson from $563.00 to $652.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, McKesson presently has an average rating of “Moderate Buy” and a consensus target price of $620.29.

Insider Buying and Selling at McKesson

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction dated Wednesday, June 5th. The stock was 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 in the company, valued at $51,607,866.45. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Brian S. Tyler sold 3,753 shares of the stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $574.41, for a total transaction of $2,155,760.73. Following the completion of the sale, the chief executive officer now directly owns 89,845 shares of the company’s stock, valued at approximately $51,607,866.45. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Leann B. Smith sold 600 shares of McKesson stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $585.53, for a total transaction of $351,318.00. Following the completion of the transaction, the executive vice president now directly owns 2,022 shares in the company, valued at approximately $1,183,941.66. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,342 shares of company stock valued at $7,319,742. Corporate insiders own 0.11% of the company’s stock.

McKesson Price Performance

Shares of MCK stock traded up $4.93 during trading hours on Monday, reaching $561.08. The company had a trading volume of 954,100 shares, compared to its average volume of 740,008. McKesson Co. has a 1-year low of $404.72 and a 1-year high of $637.51. The firm has a market cap of $72.76 billion, a price-to-earnings ratio of 25.07, a P/E/G ratio of 1.29 and a beta of 0.45. The company has a 50 day moving average of $580.03 and a 200 day moving average of $556.70.

McKesson (NYSE:MCK) last released its earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, beating the consensus estimate of $7.21 by $0.67. The firm had revenue of $79.28 billion for the quarter, compared to analyst estimates of $82.53 billion. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The company’s quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $7.27 earnings per share. As a group, sell-side analysts forecast that McKesson Co. will post 32.14 EPS for the current fiscal year.

McKesson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 2nd will be issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $2.84 dividend on an annualized basis and a yield of 0.51%. This is a boost from McKesson’s previous quarterly dividend of $0.62. McKesson’s payout ratio is currently 11.08%.

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.