Bank of New York Mellon Corp Decreases Position in McKesson Co. (NYSE:MCK)

Bank of New York Mellon Corp lowered its position in McKesson Co. (NYSE:MCK) by 2.4% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 952,325 shares of the company’s stock after selling 23,123 shares during the period. Bank of New York Mellon Corp’s holdings in McKesson were worth $542,739,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in MCK. Allworth Financial LP raised its position in McKesson by 0.8% during the third quarter. Allworth Financial LP now owns 2,894 shares of the company’s stock worth $1,431,000 after acquiring an additional 23 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of McKesson by 34.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,112 shares of the company’s stock worth $7,378,000 after purchasing an additional 3,853 shares during the last quarter. Arkadios Wealth Advisors lifted its stake in McKesson by 43.7% in the 3rd quarter. Arkadios Wealth Advisors now owns 1,879 shares of the company’s stock valued at $929,000 after buying an additional 571 shares in the last quarter. Inscription Capital LLC grew its holdings in McKesson by 10.9% during the 3rd quarter. Inscription Capital LLC now owns 782 shares of the company’s stock valued at $387,000 after buying an additional 77 shares during the last quarter. Finally, Patriot Financial Group Insurance Agency LLC increased its position in McKesson by 17.9% during the third quarter. Patriot Financial Group Insurance Agency LLC now owns 1,446 shares of the company’s stock worth $715,000 after buying an additional 220 shares in the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on MCK. Citigroup reduced their price objective on McKesson from $713.00 to $677.00 and set a “buy” rating on the stock in a research report on Friday, January 10th. Robert W. Baird upgraded shares of McKesson from a “neutral” rating to an “outperform” rating and upped their target price for the company from $531.00 to $688.00 in a report on Thursday, November 7th. Mizuho began coverage on shares of McKesson in a report on Wednesday, December 4th. They set a “neutral” rating and a $630.00 price target for the company. Baird R W raised shares of McKesson from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 7th. Finally, Evercore ISI lifted their target price on shares of McKesson from $650.00 to $675.00 and gave the stock an “outperform” rating in a research note on Thursday, February 6th. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $645.79.

Insider Transactions at McKesson

In other news, EVP Leann B. Smith sold 579 shares of the company’s 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 owns 864 shares of the company’s stock, valued at $494,890.56. This represents a 40.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Brian S. Tyler sold 8,961 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $600.66, for a total value of $5,382,514.26. Following the completion of the sale, the chief executive officer now owns 69,625 shares of the company’s stock, valued at approximately $41,820,952.50. This trade represents a 11.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,268 shares of company stock valued at $11,536,378 over the last 90 days. Corporate insiders own 0.11% of the company’s stock.

McKesson Stock Up 3.5 %

MCK stock opened at $626.99 on Wednesday. McKesson Co. has a 52 week low of $464.42 and a 52 week high of $637.51. The company has a market cap of $78.58 billion, a price-to-earnings ratio of 28.71, a PEG ratio of 1.29 and a beta of 0.52. The business has a fifty day simple moving average of $591.00 and a 200-day simple moving average of $562.63.

McKesson (NYSE:MCK) last announced its quarterly earnings results on Wednesday, February 5th. The company reported $8.03 EPS 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, analysts expect that McKesson Co. will post 32.77 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 3rd will be paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $2.84 annualized dividend and a yield of 0.45%. McKesson’s dividend payout ratio is currently 13.00%.

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.