McKesson Co. (NYSE:MCK) Stock Position Lowered by Bowen Hanes & Co. Inc.

Bowen Hanes & Co. Inc. cut its stake in shares of McKesson Co. (NYSE:MCK) by 59.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 34,765 shares of the company’s stock after selling 50,585 shares during the period. Bowen Hanes & Co. Inc.’s holdings in McKesson were worth $19,813,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of MCK. Assetmark Inc. raised its position in shares of McKesson by 10.8% during the third quarter. Assetmark Inc. now owns 6,884 shares of the company’s stock worth $3,403,000 after purchasing an additional 670 shares during the period. Axxcess Wealth Management LLC raised its position in shares of McKesson by 198.7% during the third quarter. Axxcess Wealth Management LLC now owns 2,055 shares of the company’s stock worth $1,016,000 after purchasing an additional 1,367 shares during the period. Apollon Wealth Management LLC raised its position in shares of McKesson by 9.7% during the third quarter. Apollon Wealth Management LLC now owns 7,576 shares of the company’s stock worth $3,746,000 after purchasing an additional 671 shares during the period. WealthPLAN Partners LLC raised its position in shares of McKesson by 4.3% during the third quarter. WealthPLAN Partners LLC now owns 1,421 shares of the company’s stock worth $702,000 after purchasing an additional 58 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in shares of McKesson by 0.5% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 320,207 shares of the company’s stock worth $158,317,000 after purchasing an additional 1,725 shares during the period. 85.07% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Brian S. Tyler sold 8,961 shares of the stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $600.66, for a total transaction of $5,382,514.26. Following the completion of the sale, the chief executive officer now owns 69,625 shares in the company, valued at $41,820,952.50. This represents a 11.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Leann B. Smith sold 188 shares of the stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $609.59, for a total value of $114,602.92. Following the sale, the executive vice president now owns 1,051 shares of the company’s stock, valued at approximately $640,679.09. The trade was a 15.17 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,689 shares of company stock valued at $11,187,351. Insiders own 0.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on MCK. Mizuho began coverage on McKesson in a report on Wednesday, December 4th. They set a “neutral” rating and a $630.00 price target on the stock. Evercore ISI lifted their price target on McKesson from $650.00 to $675.00 and gave the company an “outperform” rating in a report on Thursday, February 6th. Morgan Stanley lifted their price target on McKesson from $612.00 to $642.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Wells Fargo & Company lifted their price target on McKesson from $535.00 to $641.00 and gave the company an “equal weight” rating in a report on Friday, December 13th. Finally, Citigroup lowered their price target on McKesson from $713.00 to $677.00 and set a “buy” rating on the stock in a report on Friday, January 10th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $645.79.

McKesson Stock Performance

Shares of NYSE MCK opened at $640.93 on Thursday. The firm has a market cap of $80.32 billion, a price-to-earnings ratio of 29.35, a P/E/G ratio of 1.29 and a beta of 0.52. The business’s 50-day simple moving average is $605.54 and its 200-day simple moving average is $569.47. McKesson Co. has a 52 week low of $464.42 and a 52 week high of $663.61.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Wednesday, February 5th. The company reported $8.03 EPS for the quarter, missing analysts’ consensus estimates of $8.60 by ($0.57). McKesson had a net margin of 0.82% and a negative return on equity of 181.26%. As a group, equities research analysts forecast that McKesson Co. will post 32.77 earnings per share for the current year.

McKesson Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 3rd will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date of this dividend is Monday, March 3rd. McKesson’s dividend payout ratio is 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.