McKesson Co. (NYSE:MCK) Shares Sold by CIBC Asset Management Inc

CIBC Asset Management Inc cut its stake in shares of McKesson Co. (NYSE:MCK) by 8.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 97,537 shares of the company’s stock after selling 9,330 shares during the period. CIBC Asset Management Inc’s holdings in McKesson were worth $48,154,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in MCK. RFP Financial Group LLC raised its position in McKesson by 9.8% in the second quarter. RFP Financial Group LLC now owns 191 shares of the company’s stock valued at $112,000 after purchasing an additional 17 shares during the period. Modera Wealth Management LLC grew its stake in shares of McKesson by 2.2% in the second quarter. Modera Wealth Management LLC now owns 804 shares of the company’s stock valued at $470,000 after buying an additional 17 shares in the last quarter. Larson Financial Group LLC raised its holdings in shares of McKesson by 1.6% in the 2nd quarter. Larson Financial Group LLC now owns 1,094 shares of the company’s stock valued at $639,000 after buying an additional 17 shares during the period. First Western Trust Bank lifted its stake in McKesson by 2.0% during the 1st quarter. First Western Trust Bank now owns 913 shares of the company’s stock worth $490,000 after acquiring an additional 18 shares in the last quarter. Finally, Lester Murray Antman dba SimplyRich boosted its holdings in McKesson by 0.4% during the 2nd quarter. Lester Murray Antman dba SimplyRich now owns 5,026 shares of the company’s stock valued at $2,935,000 after acquiring an additional 19 shares during the period. 85.07% of the stock is owned by hedge funds and other institutional investors.

McKesson Stock Down 2.3 %

McKesson stock opened at $610.03 on Friday. The firm has a market capitalization of $77.44 billion, a PE ratio of 31.59, a P/E/G ratio of 1.35 and a beta of 0.44. McKesson Co. has a 52 week low of $431.35 and a 52 week high of $637.51. The firm’s 50-day simple moving average is $516.06 and its 200 day simple moving average is $553.41.

McKesson (NYSE:MCK) last released its quarterly earnings results on Wednesday, November 6th. The company reported $7.07 EPS for the quarter, beating 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 period in the prior year, the business earned $6.23 earnings per share. The company’s quarterly revenue was up 21.3% on a year-over-year basis. On average, research analysts expect that McKesson Co. will post 32.81 EPS for the current fiscal year.

McKesson Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be issued a $0.71 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.47%. McKesson’s dividend payout ratio (DPR) is 14.71%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on MCK shares. Barclays boosted their price target on shares of McKesson from $596.00 to $616.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. Deutsche Bank Aktiengesellschaft cut their target price on shares of McKesson from $623.00 to $579.00 and set a “buy” rating on the stock in a research note on Wednesday, September 25th. Wells Fargo & Company decreased their price target on shares of McKesson from $576.00 to $535.00 and set an “equal weight” rating for the company in a research report on Friday, September 13th. Robert W. Baird upgraded shares of McKesson from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $531.00 to $688.00 in a research note on Thursday, November 7th. Finally, Citigroup increased their price objective on McKesson from $630.00 to $713.00 and gave the company a “buy” rating in a research note on Wednesday. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $631.57.

Insider Activity

In other news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $561.10, for a total value of $2,105,808.30. Following the completion of the transaction, the chief executive officer now owns 78,586 shares of the company’s stock, valued at $44,094,604.60. The trade was a 4.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.11% 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.