McKesson Corporation (MCK) Stake Decreased by 1ST Source Bank
1ST Source Bank reduced its position in McKesson Corporation (NYSE:MCK) by 9.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,340 shares of the company’s stock after selling 240 shares during the period. 1ST Source Bank’s holdings in McKesson Corporation were worth $385,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. Tompkins Financial Corp raised its position in shares of McKesson Corporation by 2.3% in the second quarter. Tompkins Financial Corp now owns 785 shares of the company’s stock worth $129,000 after buying an additional 18 shares in the last quarter. First Financial Bank Trust Division raised its position in McKesson Corporation by 1.3% in the second quarter. First Financial Bank Trust Division now owns 1,811 shares of the company’s stock valued at $298,000 after buying an additional 23 shares during the period. Palisade Asset Management LLC raised its position in McKesson Corporation by 0.7% in the first quarter. Palisade Asset Management LLC now owns 3,790 shares of the company’s stock valued at $562,000 after buying an additional 25 shares during the period. LBA Wealth Management LLC raised its position in McKesson Corporation by 0.4% in the first quarter. LBA Wealth Management LLC now owns 6,429 shares of the company’s stock valued at $953,000 after buying an additional 25 shares during the period. Finally, SOL Capital Management CO raised its position in McKesson Corporation by 0.9% in the second quarter. SOL Capital Management CO now owns 3,556 shares of the company’s stock valued at $585,000 after buying an additional 30 shares during the period. Institutional investors and hedge funds own 89.10% of the company’s stock.
McKesson Corporation (NYSE MCK) opened at 154.27 on Thursday. The stock has a market cap of $32.44 billion, a P/E ratio of 7.00 and a beta of 1.13. McKesson Corporation has a 52-week low of $114.53 and a 52-week high of $197.08. The firm’s 50-day moving average is $163.64 and its 200-day moving average is $151.95.
McKesson Corporation (NYSE:MCK) last released its earnings results on Thursday, July 27th. The company reported $2.46 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.81 by $0.35. The firm had revenue of $51.05 billion for the quarter, compared to analysts’ expectations of $51.22 billion. McKesson Corporation had a return on equity of 25.76% and a net margin of 2.42%. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.50 earnings per share. Equities research analysts predict that McKesson Corporation will post $12.09 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 1st will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 0.88%. This is an increase from McKesson Corporation’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Wednesday, August 30th. McKesson Corporation’s dividend payout ratio is 5.00%.
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Several research firms have commented on MCK. UBS AG reiterated a “neutral” rating and set a $166.00 price objective (up previously from $156.00) on shares of McKesson Corporation in a research report on Monday, June 26th. Vetr lowered shares of McKesson Corporation from a “strong-buy” rating to a “buy” rating and set a $187.51 price objective for the company. in a research report on Monday, July 17th. Leerink Swann increased their price objective on shares of McKesson Corporation to $170.00 and gave the company a “market perform” rating in a research report on Thursday, June 29th. Barclays PLC set a $187.00 price objective on shares of McKesson Corporation and gave the company a “buy” rating in a research report on Sunday, June 4th. Finally, Zacks Investment Research upgraded shares of McKesson Corporation from a “hold” rating to a “buy” rating and set a $184.00 price objective for the company in a research report on Wednesday, July 12th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $171.21.
In related news, Director Marie L/Ca Knowles sold 1,083 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $162.55, for a total value of $176,041.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Erin M. Lampert sold 404 shares of the company’s stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $160.53, for a total value of $64,854.12. Following the completion of the transaction, the senior vice president now directly owns 2,003 shares of the company’s stock, valued at $321,541.59. The disclosure for this sale can be found here. Insiders sold 60,231 shares of company stock valued at $9,830,297 over the last ninety days. 1.20% of the stock is currently owned by corporate insiders.
McKesson Corporation Company Profile
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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