Camden National Bank Sells 93 Shares of McKesson Corporation $MCK

Camden National Bank trimmed its holdings in shares of McKesson Corporation (NYSE:MCK) by 12.8% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 636 shares of the company’s stock after selling 93 shares during the period. Camden National Bank’s holdings in McKesson were worth $466,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the stock. Solstein Capital LLC boosted its stake in McKesson by 171.4% during the second quarter. Solstein Capital LLC now owns 38 shares of the company’s stock worth $28,000 after acquiring an additional 24 shares in the last quarter. Bank of Jackson Hole Trust increased its stake in McKesson by 64.3% in the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock valued at $29,000 after purchasing an additional 18 shares in the last quarter. GFG Capital LLC acquired a new position in shares of McKesson during the second quarter valued at about $30,000. Saudi Central Bank bought a new position in shares of McKesson during the 1st quarter worth about $34,000. Finally, Flaharty Asset Management LLC acquired a new stake in shares of McKesson in the 1st quarter valued at about $39,000. Institutional investors own 85.07% of the company’s stock.

Insider Activity

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $861.63, for a total transaction of $283,476.27. Following the completion of the sale, the chief accounting officer directly owned 328 shares of the company’s stock, valued at approximately $282,614.64. This trade represents a 50.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.08% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on MCK shares. Wall Street Zen downgraded McKesson from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. TD Cowen upped their target price on McKesson from $830.00 to $864.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Zacks Research upgraded McKesson from a “hold” rating to a “strong-buy” rating in a report on Monday, October 27th. Bank of America boosted their price target on shares of McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. Finally, UBS Group upped their price objective on shares of McKesson from $920.00 to $980.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, McKesson has an average rating of “Moderate Buy” and an average target price of $887.69.

McKesson Trading Up 2.0%

Shares of NYSE:MCK opened at $866.13 on Friday. The stock has a market cap of $106.90 billion, a PE ratio of 34.53, a price-to-earnings-growth ratio of 1.46 and a beta of 0.51. The stock’s fifty day simple moving average is $788.46 and its two-hundred day simple moving average is $734.59. McKesson Corporation has a 1-year low of $558.13 and a 1-year high of $869.74.

McKesson (NYSE:MCK) last announced its earnings results 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 net margin of 0.84% and a negative return on equity of 196.66%. The company had revenue of $103.15 billion during the quarter, compared to the consensus estimate of $103.80 billion. During the same quarter in the prior year, the company posted $7.07 earnings per share. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, sell-side analysts forecast that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders 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 dividend yield of 0.4%. The ex-dividend date is Monday, December 1st. McKesson’s payout ratio is presently 10.21%.

About McKesson

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.