Chevy Chase Trust Holdings Inc. Cuts Stake in McKesson Corp. (MCK)
Chevy Chase Trust Holdings Inc. cut its position in McKesson Corp. (NYSE:MCK) by 2.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 189,604 shares of the company’s stock after selling 3,874 shares during the period. Chevy Chase Trust Holdings Inc. owned approximately 0.08% of McKesson Corp. worth $31,616,000 as of its most recent SEC filing.
Several other institutional investors also recently bought and sold shares of MCK. DNB Asset Management AS increased its position in McKesson Corp. by 0.8% in the second quarter. DNB Asset Management AS now owns 50,562 shares of the company’s stock worth $9,437,000 after buying an additional 400 shares during the period. Raymond James Trust N.A. increased its position in McKesson Corp. by 12.6% in the second quarter. Raymond James Trust N.A. now owns 5,987 shares of the company’s stock worth $1,117,000 after buying an additional 670 shares during the period. Cullinan Associates Inc. bought a new position in McKesson Corp. during the second quarter worth $849,000. Stock Yards Bank & Trust Co. increased its position in McKesson Corp. by 0.8% in the second quarter. Stock Yards Bank & Trust Co. now owns 29,109 shares of the company’s stock worth $5,433,000 after buying an additional 224 shares during the period. Finally, Boltwood Capital Management increased its position in McKesson Corp. by 2.4% in the second quarter. Boltwood Capital Management now owns 4,185 shares of the company’s stock worth $781,000 after buying an additional 100 shares during the period. 83.32% of the stock is currently owned by institutional investors and hedge funds.
Shares of McKesson Corp. (NYSE:MCK) traded down 1.01% during mid-day trading on Friday, hitting $140.05. 2,541,089 shares of the company were exchanged. McKesson Corp. has a 12-month low of $114.53 and a 12-month high of $202.20. The company’s 50-day moving average price is $154.36 and its 200-day moving average price is $176.34. The firm has a market capitalization of $31.66 billion, a P/E ratio of 16.79 and a beta of 1.02.
McKesson Corp. (NYSE:MCK) last issued its quarterly earnings results on Thursday, October 27th. The company reported $2.94 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.05 by $0.11. McKesson Corp. had a return on equity of 29.85% and a net margin of 0.99%. The firm had revenue of $49.96 billion for the quarter, compared to the consensus estimate of $24.16 billion. During the same period last year, the company posted $3.31 EPS. The business’s revenue was up 2.5% on a year-over-year basis. Equities research analysts predict that McKesson Corp. will post $12.53 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, January 2nd. Stockholders of record on Thursday, December 1st will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.80%. The ex-dividend date is Tuesday, November 29th. McKesson Corp.’s dividend payout ratio (DPR) is presently 13.45%.
A number of equities analysts have recently weighed in on the stock. Morgan Stanley upped their price target on shares of McKesson Corp. from $199.00 to $211.00 and gave the stock an “overweight” rating in a research note on Thursday, July 28th. Citigroup Inc. raised their price target on McKesson Corp. from $215.00 to $225.00 and gave the company a “buy” rating in a research report on Thursday, July 28th. Mizuho raised their price target on McKesson Corp. from $174.00 to $197.00 and gave the company a “neutral” rating in a research report on Thursday, August 11th. JPMorgan Chase & Co. raised their price target on McKesson Corp. from $210.00 to $221.00 and gave the company an “overweight” rating in a research report on Tuesday, August 9th. Finally, Zacks Investment Research downgraded McKesson Corp. from a “buy” rating to a “hold” rating in a research report on Monday, August 1st. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Hold” and an average target price of $191.95.
In related news, Chairman John H. Hammergren sold 100,500 shares of the stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $184.22, for a total value of $18,514,110.00. Following the completion of the transaction, the chairman now owns 100,500 shares of the company’s stock, valued at approximately $18,514,110. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Erin M. Lampert sold 921 shares of the stock in a transaction that occurred on Monday, October 31st. The shares were sold at an average price of $123.99, for a total transaction of $114,194.79. Following the completion of the transaction, the senior vice president now directly owns 1,765 shares of the company’s stock, valued at approximately $218,842.35. The disclosure for this sale can be found here. Insiders own 1.15% of the company’s stock.
McKesson Corp. Company Profile
McKesson Corporation (McKesson) is engaged in delivering pharmaceuticals, medical supplies and healthcare information technology. The Company operates through two segments: McKesson Distribution Solutions and Technology Solutions. The McKesson Distribution Solutions segment distributes drugs and equipment, and health and beauty care products across North America and internationally.
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