Montecito Bank & Trust Decreases Holdings in McKesson Co. (NYSE:MCK)

Montecito Bank & Trust decreased its holdings in McKesson Co. (NYSE:MCK) by 16.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,251 shares of the company’s stock after selling 448 shares during the period. Montecito Bank & Trust’s holdings in McKesson were worth $1,283,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Chase Investment Counsel Corp boosted its position in McKesson by 50.8% during the second quarter. Chase Investment Counsel Corp now owns 8,985 shares of the company’s stock valued at $5,247,000 after buying an additional 3,027 shares during the period. Newbridge Financial Services Group Inc. boosted its holdings in McKesson by 2,143.1% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,458 shares of the company’s stock valued at $851,000 after acquiring an additional 1,393 shares during the period. Commerce Bank increased its stake in McKesson by 2.0% in the 3rd quarter. Commerce Bank now owns 156,781 shares of the company’s stock worth $77,516,000 after purchasing an additional 3,020 shares during the period. Sanctuary Advisors LLC bought a new stake in McKesson in the second quarter valued at approximately $12,331,000. Finally, West Oak Capital LLC boosted its stake in shares of McKesson by 867.7% during the fourth quarter. West Oak Capital LLC now owns 3,000 shares of the company’s stock valued at $1,710,000 after purchasing an additional 2,690 shares during the period. Institutional investors own 85.07% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on MCK. Citigroup lowered their price target on shares of McKesson from $713.00 to $677.00 and set a “buy” rating for the company in a report on Friday, January 10th. Leerink Partners lowered their price objective on shares of McKesson from $665.00 to $630.00 and set an “outperform” rating for the company in a research note on Monday, October 7th. Morgan Stanley raised their target price on McKesson from $612.00 to $642.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. Mizuho assumed coverage on McKesson in a report on Wednesday, December 4th. They set a “neutral” rating and a $630.00 price target on the stock. Finally, Robert W. Baird upgraded McKesson from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $531.00 to $688.00 in a report on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, McKesson has an average rating of “Moderate Buy” and a consensus price target of $646.14.

Insiders Place Their Bets

In related news, EVP Leann B. Smith sold 579 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $572.79, for a total value of $331,645.41. Following the transaction, the executive vice president now owns 864 shares in the company, valued at $494,890.56. The trade was a 40.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.11% of the company’s stock.

McKesson Trading Up 2.2 %

Shares of MCK stock opened at $597.31 on Friday. The company’s fifty day moving average price is $593.20 and its 200-day moving average price is $561.23. The stock has a market cap of $75.82 billion, a PE ratio of 30.93, a price-to-earnings-growth ratio of 1.27 and a beta of 0.52. McKesson Co. has a 12 month low of $464.42 and a 12 month high of $637.51.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $7.07 EPS for the quarter, topping the consensus estimate of $6.88 by $0.19. McKesson had a net margin of 0.77% and a negative return on equity of 207.50%. The business had revenue of $93.65 billion for the quarter, compared to analyst estimates of $89.33 billion. During the same quarter in the previous year, the firm posted $6.23 earnings per share. McKesson’s quarterly revenue was up 21.3% on a year-over-year basis. On average, sell-side analysts forecast that McKesson Co. will post 32.73 earnings per share for the current fiscal year.

McKesson Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd were paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date of this dividend was Monday, December 2nd. McKesson’s payout ratio is 14.71%.

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.