Washington Trust Bank Has $840,000 Stock Position in McKesson Corporation $MCK

Washington Trust Bank lowered its position in shares of McKesson Corporation (NYSE:MCK) by 10.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,146 shares of the company’s stock after selling 127 shares during the quarter. Washington Trust Bank’s holdings in McKesson were worth $840,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. MassMutual Private Wealth & Trust FSB boosted its position in McKesson by 1.6% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 863 shares of the company’s stock worth $632,000 after acquiring an additional 14 shares during the last quarter. Cardinal Point Capital Management ULC boosted its holdings in shares of McKesson by 2.2% in the 2nd quarter. Cardinal Point Capital Management ULC now owns 645 shares of the company’s stock valued at $473,000 after buying an additional 14 shares during the last quarter. SteelPeak Wealth LLC boosted its holdings in shares of McKesson by 0.5% in the 1st quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company’s stock valued at $1,867,000 after buying an additional 15 shares during the last quarter. Cypress Wealth Services LLC boosted its holdings in shares of McKesson by 3.7% in the 2nd quarter. Cypress Wealth Services LLC now owns 417 shares of the company’s stock valued at $305,000 after buying an additional 15 shares during the last quarter. Finally, HBK Sorce Advisory LLC boosted its holdings in shares of McKesson by 1.4% in the 2nd quarter. HBK Sorce Advisory LLC now owns 1,182 shares of the company’s stock valued at $866,000 after buying an additional 16 shares during the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on MCK shares. Mizuho increased their price objective on McKesson from $750.00 to $770.00 and gave the company a “neutral” rating in a report on Wednesday, September 24th. Bank of America raised their price target on McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. UBS Group raised their price target on McKesson from $860.00 to $920.00 and gave the company a “buy” rating in a report on Monday, October 27th. Deutsche Bank Aktiengesellschaft lifted their price objective on McKesson from $775.00 to $856.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Finally, Jefferies Financial Group lifted their price objective on McKesson from $820.00 to $900.00 and gave the stock a “buy” rating in a research note on Monday, October 13th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, McKesson currently has a consensus rating of “Moderate Buy” and a consensus price target of $839.15.

McKesson Stock Performance

Shares of MCK stock opened at $846.51 on Thursday. The company has a market cap of $105.29 billion, a P/E ratio of 33.75, a PEG ratio of 1.46 and a beta of 0.52. McKesson Corporation has a fifty-two week low of $530.39 and a fifty-two week high of $863.32. The stock has a 50 day simple moving average of $750.73 and a two-hundred day simple moving average of $721.95.

McKesson (NYSE:MCK) last released its quarterly earnings data on Wednesday, November 5th. The company reported $9.86 EPS for the quarter, beating the consensus estimate of $8.84 by $1.02. McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The firm had revenue of $103.15 billion during the quarter, compared to the consensus estimate of $103.80 billion. During the same quarter in the previous year, the company posted $7.07 earnings per share. The company’s quarterly revenue was up 10.2% on a year-over-year basis. On average, research analysts predict that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 1st will be paid a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Monday, December 1st. McKesson’s dividend payout ratio is 13.08%.

Insiders Place Their Bets

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $663.67, for a total transaction of $218,347.43. Following the sale, the chief accounting officer owned 657 shares of the company’s stock, valued at approximately $436,031.19. This represents a 33.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Brian S. Tyler sold 11,930 shares of the stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $705.63, for a total value of $8,418,165.90. Following the sale, the chief executive officer directly owned 4,012 shares in the company, valued at $2,830,987.56. This trade represents a 74.83% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 24,189 shares of company stock worth $16,722,190 in the last ninety days. Insiders own 0.08% of the company’s stock.

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.