Bank of New York Mellon Corp Lowers Stock Holdings in McKesson Corporation $MCK

Bank of New York Mellon Corp trimmed its position in McKesson Corporation (NYSE:MCK) by 7.2% during the second quarter, HoldingsChannel reports. The institutional investor owned 830,724 shares of the company’s stock after selling 64,336 shares during the period. Bank of New York Mellon Corp’s holdings in McKesson were worth $608,738,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of MCK. Nuveen LLC purchased a new stake in shares of McKesson in the first quarter worth about $475,235,000. Wellington Management Group LLP lifted its holdings in shares of McKesson by 4,559.6% in the first quarter. Wellington Management Group LLP now owns 427,703 shares of the company’s stock worth $287,840,000 after buying an additional 418,524 shares in the last quarter. Boston Partners lifted its holdings in shares of McKesson by 33.3% in the first quarter. Boston Partners now owns 1,461,785 shares of the company’s stock worth $984,927,000 after buying an additional 365,484 shares in the last quarter. Voya Investment Management LLC raised its stake in McKesson by 92.3% in the first quarter. Voya Investment Management LLC now owns 650,851 shares of the company’s stock valued at $437,760,000 after purchasing an additional 312,473 shares in the last quarter. Finally, 1832 Asset Management L.P. purchased a new stake in McKesson in the first quarter valued at approximately $140,742,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

McKesson Price Performance

Shares of NYSE MCK opened at $820.42 on Tuesday. McKesson Corporation has a one year low of $520.20 and a one year high of $846.32. The firm’s 50 day simple moving average is $744.21 and its two-hundred day simple moving average is $720.04. The stock has a market capitalization of $102.05 billion, a P/E ratio of 32.71, a PEG ratio of 1.46 and a beta of 0.52.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $8.26 EPS for the quarter, missing analysts’ consensus estimates of $8.33 by ($0.07). McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The business had revenue of $97.83 billion for the quarter, compared to the consensus estimate of $95.93 billion. During the same quarter in the previous year, the business earned $7.88 earnings per share. The firm’s revenue was up 23.4% on a year-over-year basis. As a group, equities analysts expect that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Announces Dividend

The firm 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 dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Monday, December 1st. McKesson’s dividend payout ratio (DPR) is presently 13.08%.

Insider Activity at McKesson

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the firm’s stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $663.67, for a total value of $218,347.43. Following the transaction, the chief accounting officer owned 657 shares in the company, valued at approximately $436,031.19. This trade represents a 33.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Brian S. Tyler sold 11,930 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The stock was 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 in the company, valued at $2,830,987.56. This represents a 74.83% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 24,189 shares of company stock worth $16,722,190 in the last 90 days. Company insiders own 0.08% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Morgan Stanley raised their target price on shares of McKesson from $810.00 to $857.00 and gave the company an “overweight” rating in a research note on Wednesday, September 24th. Citigroup raised their target price on shares of McKesson from $820.00 to $860.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. Jefferies Financial Group raised their target price on shares of McKesson from $820.00 to $900.00 and gave the company a “buy” rating in a research note on Monday, October 13th. TD Cowen raised their target price on shares of McKesson from $830.00 to $864.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. Finally, Wells Fargo & Company raised their target price on shares of McKesson from $772.00 to $816.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 24th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, McKesson has a consensus rating of “Moderate Buy” and a consensus price target of $839.15.

McKesson Profile

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.