McKesson Co. (MCK) Shares Sold by Smithbridge Asset Management Inc. DE
Smithbridge Asset Management Inc. DE lowered its position in shares of McKesson Co. (NYSE:MCK) by 11.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,683 shares of the company’s stock after selling 950 shares during the period. Smithbridge Asset Management Inc. DE’s holdings in McKesson were worth $1,198,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Ingalls & Snyder LLC lifted its stake in McKesson by 76.7% during the third quarter. Ingalls & Snyder LLC now owns 16,939 shares of the company’s stock worth $2,602,000 after purchasing an additional 7,352 shares during the last quarter. Whittier Trust Co. lifted its stake in McKesson by 1.5% during the third quarter. Whittier Trust Co. now owns 62,812 shares of the company’s stock worth $9,649,000 after purchasing an additional 898 shares during the last quarter. River & Mercantile Asset Management LLP lifted its stake in McKesson by 278.6% during the third quarter. River & Mercantile Asset Management LLP now owns 177,824 shares of the company’s stock worth $27,321,000 after purchasing an additional 130,852 shares during the last quarter. Synovus Financial Corp lifted its stake in McKesson by 62.8% during the third quarter. Synovus Financial Corp now owns 5,803 shares of the company’s stock worth $890,000 after purchasing an additional 2,238 shares during the last quarter. Finally, Cypress Capital Management LLC lifted its stake in McKesson by 77.4% during the second quarter. Cypress Capital Management LLC now owns 3,861 shares of the company’s stock worth $635,000 after purchasing an additional 1,684 shares during the last quarter. 87.91% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have issued reports on MCK. Robert W. Baird reaffirmed a “buy” rating and set a $200.00 price target on shares of McKesson in a research note on Wednesday. Mizuho set a $168.00 price target on McKesson and gave the stock a “hold” rating in a research note on Tuesday, October 24th. Needham & Company LLC set a $179.00 price target on McKesson and gave the stock a “buy” rating in a research note on Monday, October 16th. Cowen raised McKesson from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $176.00 to $189.00 in a research note on Tuesday, October 10th. Finally, Royal Bank of Canada reissued a “hold” rating and issued a $170.00 target price on shares of McKesson in a research note on Friday, October 27th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $175.86.
McKesson (NYSE:MCK) last released its earnings results on Thursday, October 26th. The company reported $3.28 earnings per share for the quarter, beating analysts’ consensus estimates of $2.78 by $0.50. The company had revenue of $52.06 billion during the quarter, compared to analyst estimates of $51.69 billion. McKesson had a return on equity of 24.87% and a net margin of 2.24%. McKesson’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.94 EPS. sell-side analysts anticipate that McKesson Co. will post 12.23 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders of record on Friday, December 1st were given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 0.79%. The ex-dividend date was Thursday, November 30th. McKesson’s payout ratio is 6.44%.
In other McKesson news, Chairman John H. Hammergren sold 65,000 shares of the company’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $160.00, for a total transaction of $10,400,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.20% of the company’s stock.
McKesson Corporation is a healthcare supply chain management solutions, retail pharmacy, community oncology and specialty care, and healthcare information technology company. The Company provides medicines, medical products and healthcare services by partnering with pharmaceutical manufacturers, providers, pharmacies, governments and other organizations in healthcare.
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