McKesson Corporation $MCK Stock: BankPlus Trust Department Increases Position

BankPlus Trust Department increased its position in shares of McKesson Corporation (NYSE:MCK) by 72.1% in the 3rd quarter, HoldingsChannel reports. The firm owned 1,805 shares of the company’s stock after purchasing an additional 756 shares during the period. BankPlus Trust Department’s holdings in McKesson were worth $1,541,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MCK. BlackRock Inc. acquired a new position in shares of McKesson during the 2nd quarter worth approximately $8,156,743,000. Bank of America Corp DE boosted its holdings in shares of McKesson by 2.4% in the 1st quarter. Bank of America Corp DE now owns 1,538,726 shares of the company’s stock valued at $1,331,552,000 after purchasing an additional 35,916 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of McKesson by 3.3% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 922,573 shares of the company’s stock valued at $697,096,000 after buying an additional 29,747 shares during the period. Legal & General Group Plc purchased a new stake in shares of McKesson during the 2nd quarter valued at $656,566,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of McKesson during the 2nd quarter valued at $651,462,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

Insider Buying and Selling

In related news, CAO Napoleon B. Rutledge, Jr. sold 111 shares of the company’s stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $891.45, for a total value of $98,950.95. Following the completion of the sale, the chief accounting officer owned 521 shares in the company, valued at approximately $464,445.45. This represents a 17.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Francisco Fraga sold 650 shares of McKesson stock in a transaction on Thursday, November 5th. The shares were sold at an average price of $1,102.96, for a total value of $716,924.00. Following the transaction, the executive vice president owned 4,414 shares in the company, valued at $4,868,465.44. This represents a 12.84% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 2,161 shares of company stock valued at $2,242,515 over the last 90 days. 0.06% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on MCK. Wells Fargo & Company upped their price target on McKesson from $812.00 to $933.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 11th. Weiss Ratings raised shares of McKesson from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday. Mizuho raised their price target on shares of McKesson from $905.00 to $1,020.00 and gave the company a “neutral” rating in a report on Tuesday, October 20th. Leerink Partners lifted their price target on shares of McKesson from $1,070.00 to $1,200.00 and gave the company an “outperform” rating in a research report on Thursday, November 5th. Finally, Robert W. Baird set a $1,015.00 price objective on shares of McKesson in a research note on Thursday, August 6th. Fifteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $1,040.29.

McKesson Stock Up 2.4%

Shares of NYSE MCK opened at $1,103.31 on Friday. The stock has a market capitalization of $127.39 billion, a P/E ratio of 28.37, a P/E/G ratio of 1.82 and a beta of 0.27. The firm’s 50-day moving average price is $955.45 and its two-hundred day moving average price is $874.53. McKesson Corporation has a 52-week low of $723.68 and a 52-week high of $1,121.50.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Wednesday, November 4th. The company reported $11.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.72 by $0.96. The business had revenue of $110.96 billion during the quarter, compared to the consensus estimate of $109.90 billion. McKesson had a negative return on equity of 202.94% and a net margin of 1.12%. The business’s revenue was up 7.5% on a year-over-year basis. During the same period in the previous year, the firm posted $9.86 earnings per share. As a group, equities research analysts expect that McKesson Corporation will post 46.16 earnings per share for the current year.

McKesson Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 4th. Investors of record on Tuesday, December 1st will be paid a dividend of $0.94 per share. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $3.76 annualized dividend and a yield of 0.3%. McKesson’s dividend payout ratio is currently 9.67%.

About McKesson

McKesson Corporation is a healthcare services and information technology company that distributes pharmaceuticals and other medical products. Its customers include pharmacies, hospitals, health systems, clinics and other healthcare providers. The company also provides medical-surgical supplies and technology and services that support pharmacy operations, prescription management and care delivery. Its offerings include specialized support for oncology and other areas of care. Founded in 1833, McKesson serves customers primarily in the United States and Canada.