Bank of Montreal Can Sells 80,861 Shares of McKesson Co. (NYSE:MCK)

Bank of Montreal Can reduced its holdings in McKesson Co. (NYSE:MCK) by 17.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 393,343 shares of the company’s stock after selling 80,861 shares during the quarter. Bank of Montreal Can’s holdings in McKesson were worth $192,050,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. LRI Investments LLC acquired a new stake in shares of McKesson during the first quarter worth $28,000. Wolff Wiese Magana LLC boosted its stake in shares of McKesson by 742.9% during the 3rd quarter. Wolff Wiese Magana LLC now owns 59 shares of the company’s stock worth $29,000 after buying an additional 52 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new position in shares of McKesson in the 3rd quarter valued at about $29,000. ORG Wealth Partners LLC acquired a new stake in shares of McKesson in the third quarter valued at about $40,000. Finally, Carmichael Hill & Associates Inc. acquired a new position in shares of McKesson during the 2nd quarter worth approximately $52,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

Wall Street Analyst Weigh In

MCK has been the topic of several recent analyst reports. StockNews.com upgraded shares of McKesson from a “hold” rating to a “buy” rating in a research note on Wednesday, November 6th. Barclays increased their price objective on shares of McKesson from $596.00 to $616.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Citigroup upped their target price on McKesson from $630.00 to $713.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Evercore ISI lifted their target price on McKesson from $560.00 to $680.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Finally, Robert W. Baird upgraded shares of McKesson from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $531.00 to $688.00 in a research report on Thursday, November 7th. Two research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently 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 firm’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $561.10, for a total transaction 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 approximately $44,094,604.60. This trade represents a 4.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.11% of the company’s stock.

McKesson Stock Down 1.0 %

Shares of MCK stock opened at $616.72 on Tuesday. McKesson Co. has a twelve month low of $431.35 and a twelve month high of $637.51. The business has a fifty day simple moving average of $532.91 and a 200 day simple moving average of $557.99. The company has a market cap of $78.29 billion, a P/E ratio of 31.94, a P/E/G ratio of 1.35 and a beta of 0.44.

McKesson (NYSE:MCK) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share (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 company had revenue of $93.65 billion for the quarter, compared to analyst estimates of $89.33 billion. During the same period in the previous year, the firm posted $6.23 EPS. The firm’s revenue was up 21.3% on a year-over-year basis. As a group, equities research analysts anticipate that McKesson Co. will post 32.78 earnings per share for the current fiscal year.

McKesson Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be given a $0.71 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $2.84 annualized dividend and a yield of 0.46%. McKesson’s dividend payout ratio is presently 14.71%.

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.