McKesson Corporation $MCK Stake Lifted by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. increased its holdings in McKesson Corporation (NYSE:MCK) by 83.8% during the second quarter, Holdings Channel reports. The firm owned 194,904 shares of the company’s stock after purchasing an additional 88,874 shares during the period. PNC Financial Services Group Inc.’s holdings in McKesson were worth $142,821,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in MCK. Brighton Jones LLC boosted its position in shares of McKesson by 46.3% in the 4th quarter. Brighton Jones LLC now owns 2,523 shares of the company’s stock valued at $1,438,000 after purchasing an additional 798 shares during the period. Burling Wealth Partners LLC purchased a new stake in McKesson during the first quarter valued at about $202,000. Sigma Planning Corp boosted its holdings in shares of McKesson by 1.8% in the first quarter. Sigma Planning Corp now owns 2,353 shares of the company’s stock worth $1,584,000 after buying an additional 41 shares during the period. OVERSEA CHINESE BANKING Corp Ltd purchased a new position in shares of McKesson in the first quarter worth approximately $299,000. Finally, Whittier Trust Co. raised its holdings in shares of McKesson by 0.4% during the first quarter. Whittier Trust Co. now owns 14,921 shares of the company’s stock valued at $10,042,000 after acquiring an additional 65 shares during the period. 85.07% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Brian S. Tyler sold 11,930 shares of the company’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the completion of the transaction, the chief executive officer owned 4,012 shares of the company’s stock, valued at approximately $2,830,987.56. This represents a 74.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $861.63, for a total value of $283,476.27. Following the sale, the chief accounting officer directly owned 328 shares in the company, valued at approximately $282,614.64. This trade represents a 50.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 24,189 shares of company stock worth $16,787,319. Insiders own 0.08% of the company’s stock.

McKesson Stock Down 1.8%

MCK opened at $841.01 on Thursday. The stock’s 50 day moving average price is $767.30 and its two-hundred day moving average price is $727.61. The firm has a market capitalization of $103.80 billion, a P/E ratio of 33.53, a price-to-earnings-growth ratio of 1.46 and a beta of 0.51. McKesson Corporation has a 12-month low of $558.13 and a 12-month high of $867.63.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $9.86 earnings per share for the quarter, beating the consensus estimate of $8.84 by $1.02. The company had revenue of $103.15 billion during the quarter, compared to analysts’ expectations of $103.80 billion. McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.McKesson’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the prior year, the business earned $7.07 earnings per share. As a group, analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 1st will be given a $0.82 dividend. This represents a $3.28 annualized dividend and a yield of 0.4%. The ex-dividend date is Monday, December 1st. McKesson’s dividend payout ratio (DPR) is currently 10.21%.

Wall Street Analyst Weigh In

MCK has been the subject of several research analyst reports. JPMorgan Chase & Co. increased their price objective on McKesson from $821.00 to $853.00 and gave the stock an “overweight” rating in a research note on Friday, September 26th. Leerink Partners boosted their target price on McKesson from $785.00 to $850.00 and gave the company an “outperform” rating in a research note on Wednesday, September 24th. TD Cowen raised their price target on McKesson from $830.00 to $864.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Zacks Research upgraded McKesson from a “hold” rating to a “strong-buy” rating in a report on Monday, October 27th. Finally, Jefferies Financial Group increased their price objective on McKesson from $820.00 to $900.00 and gave the stock a “buy” rating in a report on Monday, October 13th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $887.69.

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.