Bank of Stockton Lowers Stock Holdings in McKesson Corporation (NYSE:MCK)

Bank of Stockton cut its holdings in McKesson Corporation (NYSE:MCK) by 5.8% in the first quarter, Holdings Channel reports. The institutional investor owned 1,631 shares of the company’s stock after selling 100 shares during the quarter. Bank of Stockton’s holdings in McKesson were worth $1,098,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Capital A Wealth Management LLC acquired a new stake in McKesson in the 4th quarter worth about $26,000. Millstone Evans Group LLC acquired a new stake in shares of McKesson in the fourth quarter worth approximately $28,000. Atala Financial Inc purchased a new stake in shares of McKesson during the fourth quarter worth approximately $34,000. Graney & King LLC acquired a new position in McKesson in the 4th quarter valued at $38,000. Finally, CoreFirst Bank & Trust purchased a new position in McKesson in the 4th quarter valued at $67,000. 85.07% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Bank of America raised their price target on shares of McKesson from $755.00 to $800.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Cfra Research cut McKesson from a “moderate buy” rating to a “hold” rating in a report on Friday, April 4th. Mizuho upped their price target on McKesson from $630.00 to $690.00 and gave the company a “neutral” rating in a research report on Thursday, April 3rd. Wall Street Zen downgraded McKesson from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 14th. Finally, UBS Group upped their target price on McKesson from $708.00 to $805.00 and gave the company a “buy” rating in a report on Tuesday, April 29th. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, McKesson currently has an average rating of “Moderate Buy” and an average price target of $696.42.

Insider Activity at McKesson

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the company’s stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $726.51, for a total transaction of $394,494.93. Following the sale, the chief accounting officer now owns 1,972 shares in the company, valued at $1,432,677.72. This represents a 21.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Brian S. Tyler sold 19,370 shares of McKesson stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $705.93, for a total value of $13,673,864.10. Following the completion of the transaction, the chief executive officer now owns 51,243 shares of the company’s stock, valued at $36,173,970.99. The trade was a 27.43% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 33,117 shares of company stock worth $23,526,451. Corporate insiders own 0.11% of the company’s stock.

McKesson Stock Performance

McKesson stock opened at $719.18 on Thursday. The company has a market capitalization of $89.98 billion, a PE ratio of 27.84, a price-to-earnings-growth ratio of 1.44 and a beta of 0.49. McKesson Corporation has a fifty-two week low of $464.42 and a fifty-two week high of $733.10. The firm has a 50 day moving average price of $710.10 and a 200 day moving average price of $650.18.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Thursday, May 8th. The company reported $10.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.83 by $0.29. McKesson had a negative return on equity of 201.12% and a net margin of 0.92%. The firm had revenue of $90.82 billion for the quarter, compared to the consensus estimate of $94 billion. During the same quarter in the previous year, the business earned $6.18 EPS. The company’s quarterly revenue was up 18.9% compared to the same quarter last year. As a group, equities research analysts forecast that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd will be given a dividend of $0.71 per share. The ex-dividend date is Monday, June 2nd. This represents a $2.84 annualized dividend and a dividend yield of 0.39%. McKesson’s dividend payout ratio is presently 10.99%.

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.