Choate Investment Advisors Increases Stock Position in McKesson Co. (NYSE:MCK)

Choate Investment Advisors raised its position in shares of McKesson Co. (NYSE:MCK) by 5.5% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,361 shares of the company’s stock after buying an additional 123 shares during the period. Choate Investment Advisors’ holdings in McKesson were worth $1,346,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in MCK. Cibc World Market Inc. raised its holdings in McKesson by 6.3% in the 4th quarter. Cibc World Market Inc. now owns 20,252 shares of the company’s stock worth $11,542,000 after purchasing an additional 1,207 shares in the last quarter. Commerce Bank raised its holdings in McKesson by 2.0% in the 3rd quarter. Commerce Bank now owns 156,781 shares of the company’s stock worth $77,516,000 after purchasing an additional 3,020 shares in the last quarter. West Oak Capital LLC raised its holdings in McKesson by 867.7% in the 4th quarter. West Oak Capital LLC now owns 3,000 shares of the company’s stock worth $1,710,000 after purchasing an additional 2,690 shares in the last quarter. Brentview Investment Management LLC bought a new position in McKesson in the 4th quarter worth $3,018,000. Finally, Ingalls & Snyder LLC raised its holdings in McKesson by 8.2% in the 4th quarter. Ingalls & Snyder LLC now owns 13,824 shares of the company’s stock worth $7,878,000 after purchasing an additional 1,047 shares in the last quarter. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Stock Performance

NYSE:MCK opened at $650.96 on Monday. The firm has a market cap of $81.58 billion, a P/E ratio of 29.81, a P/E/G ratio of 1.29 and a beta of 0.52. McKesson Co. has a fifty-two week low of $464.42 and a fifty-two week high of $663.62. The firm has a 50-day simple moving average of $608.54 and a two-hundred day simple moving average of $570.95.

McKesson (NYSE:MCK) last released its quarterly earnings data on Wednesday, February 5th. The company reported $8.03 earnings per share 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%. On average, equities research analysts predict that McKesson Co. will post 32.77 EPS for the current year.

McKesson Announces Dividend

The business also recently declared 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 payout ratio is presently 13.00%.

Wall Street Analyst Weigh In

Several brokerages have commented on MCK. Citigroup decreased their price objective on shares of McKesson from $713.00 to $677.00 and set a “buy” rating for the company in a report on Friday, January 10th. Evercore ISI upped their price objective on shares of McKesson from $650.00 to $675.00 and gave the stock an “outperform” rating in a report on Thursday, February 6th. Mizuho initiated coverage on shares of McKesson in a research note on Wednesday, December 4th. They issued a “neutral” rating and a $630.00 price target for the company. Wells Fargo & Company increased their price target on shares of McKesson from $641.00 to $691.00 and gave the stock an “equal weight” rating in a research note on Friday. Finally, Morgan Stanley increased their price target on shares of McKesson from $612.00 to $642.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $649.36.

Insider Activity

In other news, EVP Leann B. Smith sold 188 shares of the firm’s stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $609.59, for a total transaction of $114,602.92. Following the sale, the executive vice president now owns 1,051 shares of the company’s stock, valued at $640,679.09. This trade represents a 15.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Brian S. Tyler sold 8,961 shares of the firm’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $600.66, for a total transaction of $5,382,514.26. Following the sale, the chief executive officer now directly owns 69,625 shares in the company, valued at approximately $41,820,952.50. The trade was a 11.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,689 shares of company stock valued at $11,187,351 in the last 90 days. 0.11% of the stock is currently owned by insiders.

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.