Investment Management Corp of Ontario Sells 7,573 Shares of McKesson Co. (NYSE:MCK)

Investment Management Corp of Ontario lessened its holdings in McKesson Co. (NYSE:MCK) by 40.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,140 shares of the company’s stock after selling 7,573 shares during the quarter. Investment Management Corp of Ontario’s holdings in McKesson were worth $6,349,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in MCK. Millstone Evans Group LLC bought a new position in shares of McKesson in the 4th quarter valued at about $28,000. Synergy Asset Management LLC bought a new position in McKesson in the fourth quarter valued at approximately $32,000. Crews Bank & Trust acquired a new position in shares of McKesson during the 4th quarter worth approximately $33,000. Atala Financial Inc bought a new stake in shares of McKesson during the 4th quarter worth approximately $34,000. Finally, Graney & King LLC acquired a new stake in shares of McKesson in the 4th quarter valued at approximately $38,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

McKesson Trading Up 0.6 %

Shares of MCK stock opened at $694.12 on Friday. The stock has a market cap of $86.99 billion, a P/E ratio of 31.78, a price-to-earnings-growth ratio of 1.29 and a beta of 0.53. McKesson Co. has a 1 year low of $464.42 and a 1 year high of $728.48. The stock has a 50 day simple moving average of $678.24 and a 200 day simple moving average of $620.91.

McKesson (NYSE:MCK) last released its earnings results on Thursday, May 8th. The company reported $10.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.83 by $0.29. The company had revenue of $90.82 billion for the quarter, compared to analyst estimates of $94 billion. McKesson had a negative return on equity of 181.26% and a net margin of 0.82%. McKesson’s quarterly revenue was up 18.9% on a year-over-year basis. During the same period in the prior year, the firm posted $6.18 EPS. Analysts forecast that McKesson Co. will post 32.77 EPS for the current year.

McKesson Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date of this dividend is Monday, June 2nd. McKesson’s dividend payout ratio (DPR) is presently 13.00%.

Insiders Place Their Bets

In related news, CEO Brian S. Tyler sold 8,961 shares of the stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $597.99, for a total value of $5,358,588.39. Following the completion of the transaction, the chief executive officer now owns 60,664 shares of the company’s stock, valued at $36,276,465.36. This represents a 12.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Leann B. Smith sold 188 shares of the business’s stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $609.59, for a total transaction of $114,602.92. Following the sale, the executive vice president now directly owns 1,051 shares in the company, valued at approximately $640,679.09. The trade was a 15.17 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,110 shares of company stock valued at $10,855,706. 0.11% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MCK. Evercore ISI upped their price target on shares of McKesson from $650.00 to $675.00 and gave the stock an “outperform” rating in a research report on Thursday, February 6th. Bank of America raised their target price on shares of McKesson from $755.00 to $800.00 and gave the company a “buy” rating in a research note on Friday. Cfra Research downgraded McKesson from a “moderate buy” rating to a “hold” rating in a research report on Friday, April 4th. UBS Group raised their price objective on McKesson from $708.00 to $805.00 and gave the company a “buy” rating in a research report on Tuesday, April 29th. Finally, Wells Fargo & Company boosted their target price on McKesson from $641.00 to $691.00 and gave the stock an “equal weight” rating in a report on Friday, March 14th. Three analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $686.69.

McKesson Company 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.