CIBC World Markets Inc. cut its stake in shares of McKesson Corp. (NYSE:MCK) by 25.3% during the third quarter, Holdings Channel reports. The fund owned 18,329 shares of the company’s stock after selling 6,220 shares during the period. CIBC World Markets Inc.’s holdings in McKesson Corp. were worth $3,056,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Boston Partners boosted its position in McKesson Corp. by 108.6% in the second quarter. Boston Partners now owns 4,659,692 shares of the company’s stock worth $869,731,000 after buying an additional 2,425,685 shares during the last quarter. Nordea Investment Management AB boosted its position in McKesson Corp. by 3,352.6% in the third quarter. Nordea Investment Management AB now owns 1,705,825 shares of the company’s stock worth $284,446,000 after buying an additional 1,656,418 shares during the last quarter. Capital Research Global Investors boosted its position in McKesson Corp. by 16.8% in the second quarter. Capital Research Global Investors now owns 9,021,412 shares of the company’s stock worth $1,683,847,000 after buying an additional 1,297,412 shares during the last quarter. Senator Investment Group LP acquired a new position in McKesson Corp. during the second quarter worth about $111,990,000. Finally, Hitchwood Capital Management LP acquired a new position in McKesson Corp. during the second quarter worth about $111,990,000. Institutional investors and hedge funds own 86.25% of the company’s stock.
McKesson Corp. (NYSE:MCK) traded up 0.03% on Monday, hitting $143.11. The stock had a trading volume of 1,549,542 shares. McKesson Corp. has a 52 week low of $114.53 and a 52 week high of $202.20. The company has a market capitalization of $32.36 billion, a price-to-earnings ratio of 17.15 and a beta of 1.02. The firm has a 50-day moving average of $147.23 and a 200 day moving average of $174.41.
McKesson Corp. (NYSE:MCK) last released its quarterly earnings results on Thursday, October 27th. The company reported $2.94 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.05 by $0.11. McKesson Corp. had a net margin of 0.99% and a return on equity of 29.85%. The firm had revenue of $49.96 billion for the quarter, compared to the consensus estimate of $24.16 billion. During the same quarter in the prior year, the firm earned $3.31 earnings per share. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. On average, analysts predict that McKesson Corp. will post $12.53 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, January 2nd. Investors of record on Thursday, December 1st will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Tuesday, November 29th. This represents a $1.12 annualized dividend and a dividend yield of 0.78%. McKesson Corp.’s dividend payout ratio is presently 13.45%.
A number of equities analysts have issued reports on the company. TheStreet cut McKesson Corp. from a “buy” rating to a “hold” rating in a report on Thursday, November 3rd. Mizuho increased their price target on McKesson Corp. from $174.00 to $197.00 and gave the stock a “neutral” rating in a report on Thursday, August 11th. JPMorgan Chase & Co. increased their price target on McKesson Corp. from $210.00 to $221.00 and gave the stock an “overweight” rating in a report on Tuesday, August 9th. Deutsche Bank AG cut McKesson Corp. from a “buy” rating to a “hold” rating and cut their price target for the stock from $196.00 to $153.00 in a report on Friday, October 28th. Finally, Credit Suisse Group AG lowered McKesson Corp. from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $150.00 to $131.00 in a research report on Wednesday, November 23rd. Two analysts have rated the stock with a sell rating, ten have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $189.50.
In related news, SVP Erin M. Lampert sold 921 shares of McKesson Corp. stock in a transaction that occurred on Monday, October 31st. The stock was sold at an average price of $123.99, for a total transaction of $114,194.79. Following the sale, the senior vice president now directly owns 1,765 shares in the company, valued at $218,842.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Wayne A. Budd sold 2,309 shares of McKesson Corp. stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $179.70, for a total value of $414,927.30. Following the sale, the director now owns 723 shares in the company, valued at $129,923.10. The disclosure for this sale can be found here. Corporate insiders own 1.15% of the company’s stock.
McKesson Corp. 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.