Synovus Financial Corp Has $1.68 Million Stock Holdings in McKesson Co. (NYSE:MCK)

Synovus Financial Corp raised its holdings in McKesson Co. (NYSE:MCK) by 5.1% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,391 shares of the company’s stock after buying an additional 166 shares during the quarter. Synovus Financial Corp’s holdings in McKesson were worth $1,678,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Wolff Wiese Magana LLC increased its position in McKesson by 742.9% during the third quarter. Wolff Wiese Magana LLC now owns 59 shares of the company’s stock worth $29,000 after acquiring an additional 52 shares during the period. MidAtlantic Capital Management Inc. bought a new position in shares of McKesson during the 3rd quarter worth about $29,000. RPg Family Wealth Advisory LLC bought a new position in shares of McKesson during the 3rd quarter worth about $31,000. ORG Wealth Partners LLC acquired a new position in shares of McKesson during the third quarter valued at about $40,000. Finally, Carmichael Hill & Associates Inc. bought a new stake in shares of McKesson in the second quarter valued at about $52,000. 85.07% of the stock is owned by institutional investors.

McKesson Stock Performance

McKesson stock opened at $576.24 on Monday. The business’s fifty day moving average is $564.01 and its two-hundred day moving average is $562.76. The firm has a market cap of $73.15 billion, a P/E ratio of 29.84, a P/E/G ratio of 1.25 and a beta of 0.49. McKesson Co. has a 52 week low of $431.35 and a 52 week high of $637.51.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.88 by $0.19. The business had revenue of $93.65 billion for the quarter, compared to the consensus estimate of $89.33 billion. McKesson had a net margin of 0.77% and a negative return on equity of 207.50%. The firm’s quarterly revenue was up 21.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $6.23 EPS. On average, equities research analysts predict that McKesson Co. will post 32.73 earnings per share for the current year.

McKesson Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 2nd will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 0.49%. The ex-dividend date is Monday, December 2nd. McKesson’s dividend payout ratio (DPR) is presently 14.71%.

Wall Street Analysts Forecast Growth

Several research firms have commented on MCK. Robert W. Baird raised McKesson from a “neutral” rating to an “outperform” rating and upped their price target for the company from $531.00 to $688.00 in a report on Thursday, November 7th. Wells Fargo & Company raised their target price on McKesson from $535.00 to $641.00 and gave the stock an “equal weight” rating in a research report on Friday. Citigroup boosted their price target on shares of McKesson from $630.00 to $713.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Evercore ISI lifted their target price on shares of McKesson from $560.00 to $680.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on shares of McKesson from $623.00 to $579.00 and set a “buy” rating for the company in a research report on Wednesday, September 25th. Two 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $643.43.

Insiders Place Their Bets

In other news, EVP Leann B. Smith sold 579 shares of the business’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $602.81, for a total transaction of $349,026.99. Following the completion of the sale, the executive vice president now owns 1,443 shares in the company, valued at $869,854.83. The trade was a 28.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.11% of the company’s stock.

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.