Amalgamated Bank Grows Position in McKesson Co. (NYSE:MCK)

Amalgamated Bank lifted its holdings in shares of McKesson Co. (NYSE:MCK) by 14.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,948 shares of the company’s stock after purchasing an additional 3,817 shares during the quarter. Amalgamated Bank’s holdings in McKesson were worth $15,301,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. ASB Consultores LLC increased its holdings in shares of McKesson by 2.4% in the 3rd quarter. ASB Consultores LLC now owns 879 shares of the company’s stock worth $435,000 after buying an additional 21 shares during the last quarter. Stoneridge Investment Partners LLC bought a new position in McKesson in the third quarter valued at $2,472,000. Hazlett Burt & Watson Inc. bought a new stake in McKesson during the third quarter worth about $54,000. Impax Asset Management Group plc increased its position in shares of McKesson by 64.1% during the 3rd quarter. Impax Asset Management Group plc now owns 1,805 shares of the company’s stock valued at $892,000 after purchasing an additional 705 shares during the last quarter. Finally, PDS Planning Inc boosted its stake in shares of McKesson by 4.9% in the 3rd quarter. PDS Planning Inc now owns 948 shares of the company’s stock valued at $469,000 after purchasing an additional 44 shares in the last quarter. 85.07% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MCK has been the subject of several recent research reports. StockNews.com downgraded shares of McKesson from a “buy” rating to a “hold” rating in a research note on Friday, September 27th. Wells Fargo & Company dropped their target price on McKesson from $576.00 to $535.00 and set an “equal weight” rating for the company in a report on Friday, September 13th. Citigroup decreased their price target on McKesson from $670.00 to $630.00 and set a “buy” rating on the stock in a research note on Tuesday, September 10th. Evercore ISI dropped their price objective on McKesson from $660.00 to $630.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Finally, Baird R W downgraded shares of McKesson from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $610.86.

Insider Transactions at McKesson

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction on Thursday, September 5th. The stock was 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 in the company, valued at approximately $44,094,604.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.11% of the company’s stock.

McKesson Stock Performance

MCK stock opened at $525.27 on Wednesday. The company has a market capitalization of $68.12 billion, a price-to-earnings ratio of 23.49, a price-to-earnings-growth ratio of 1.23 and a beta of 0.44. The business’s 50 day moving average price is $511.11 and its two-hundred day moving average price is $550.62. McKesson Co. has a fifty-two week low of $431.35 and a fifty-two week high of $637.51.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $7.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.21 by $0.67. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The business had revenue of $79.28 billion during the quarter, compared to the consensus estimate of $82.53 billion. During the same quarter in the prior year, the company earned $7.27 earnings per share. The firm’s quarterly revenue was up 6.4% compared to the same quarter last year. Sell-side analysts forecast that McKesson Co. will post 31.92 earnings per share for the current year.

McKesson Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $2.84 annualized dividend and a dividend yield of 0.54%. McKesson’s payout ratio is 12.70%.

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.