First Interstate Bank Increases Stake in McKesson Corporation (MCK)
First Interstate Bank grew its position in shares of McKesson Corporation (NYSE:MCK) by 6.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 63,441 shares of the company’s stock after buying an additional 3,948 shares during the quarter. McKesson Corporation makes up about 2.1% of First Interstate Bank’s investment portfolio, making the stock its 13th largest holding. First Interstate Bank’s holdings in McKesson Corporation were worth $9,745,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. American Beacon Advisors Inc. acquired a new stake in shares of McKesson Corporation during the 1st quarter valued at about $100,000. Captrust Financial Advisors acquired a new stake in shares of McKesson Corporation during the 2nd quarter valued at about $107,000. Archford Capital Strategies LLC lifted its holdings in shares of McKesson Corporation by 52.8% during the 1st quarter. Archford Capital Strategies LLC now owns 776 shares of the company’s stock valued at $115,000 after buying an additional 268 shares during the last quarter. Harvest Fund Management Co. Ltd acquired a new stake in shares of McKesson Corporation during the 2nd quarter valued at about $125,000. Finally, Tompkins Financial Corp lifted its holdings in shares of McKesson Corporation by 2.3% during the 2nd quarter. Tompkins Financial Corp now owns 785 shares of the company’s stock valued at $129,000 after buying an additional 18 shares during the last quarter. Institutional investors and hedge funds own 87.50% of the company’s stock.
In other news, CEO John H. Hammergren sold 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 26th. The stock was sold at an average price of $154.81, for a total transaction of $15,481,000.00. Following the sale, the chief executive officer now directly owns 165,000 shares in the company, valued at $25,543,650. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman John H. Hammergren sold 225,000 shares of the business’s stock in a transaction that occurred on Friday, September 22nd. The shares were sold at an average price of $151.67, for a total value of $34,125,750.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 949,900 shares of company stock worth $145,403,445. 1.20% of the stock is currently owned by company insiders.
Several equities research analysts have recently issued reports on MCK shares. Needham & Company LLC set a $178.00 price target on McKesson Corporation and gave the company a “buy” rating in a report on Tuesday, October 24th. TheStreet lowered McKesson Corporation from a “b” rating to a “c+” rating in a report on Friday, August 25th. Morgan Stanley lowered McKesson Corporation from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $184.00 to $172.00 in a report on Thursday, September 14th. Royal Bank Of Canada reissued a “hold” rating and issued a $170.00 price objective on shares of McKesson Corporation in a research note on Friday, October 27th. Finally, Credit Suisse Group reissued an “underperform” rating and issued a $130.00 price objective (down from $155.00) on shares of McKesson Corporation in a research note on Thursday, November 9th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $174.27.
Shares of McKesson Corporation (MCK) traded up $4.19 during midday trading on Tuesday, reaching $142.43. The company’s stock had a trading volume of 1,521,196 shares, compared to its average volume of 1,860,112. The company has a current ratio of 1.05, a quick ratio of 0.61 and a debt-to-equity ratio of 0.66. The company has a market cap of $29,630.00, a P/E ratio of 11.69, a P/E/G ratio of 1.46 and a beta of 1.21. McKesson Corporation has a 52 week low of $133.82 and a 52 week high of $169.29.
McKesson Corporation (NYSE:MCK) last issued its quarterly earnings results on Thursday, October 26th. The company reported $3.28 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.78 by $0.50. The company had revenue of $52.06 billion for the quarter, compared to the consensus estimate of $51.69 billion. McKesson Corporation had a return on equity of 24.87% and a net margin of 2.24%. The company’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same period in the previous year, the business posted $2.94 EPS. sell-side analysts expect that McKesson Corporation will post 12.16 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 1st will be given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date of this dividend is Thursday, November 30th. McKesson Corporation’s dividend payout ratio is presently 6.44%.
About McKesson Corporation
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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