Amalgamated Bank Sells 2,781 Shares of McKesson Co. (NYSE:MCK)

Amalgamated Bank cut its holdings in McKesson Co. (NYSE:MCK) by 7.3% during the fourth quarter, Holdings Channel reports. The firm owned 35,330 shares of the company’s stock after selling 2,781 shares during the quarter. Amalgamated Bank’s holdings in McKesson were worth $16,357,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MCK. Cambridge Investment Research Advisors Inc. increased its holdings in McKesson by 42.0% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 21,769 shares of the company’s stock valued at $9,466,000 after acquiring an additional 6,438 shares during the last quarter. Kingswood Wealth Advisors LLC purchased a new stake in shares of McKesson in the third quarter worth about $217,000. Dakota Wealth Management boosted its stake in McKesson by 24.2% during the third quarter. Dakota Wealth Management now owns 1,290 shares of the company’s stock valued at $561,000 after buying an additional 251 shares during the last quarter. Raymond James & Associates grew its holdings in McKesson by 0.4% during the 3rd quarter. Raymond James & Associates now owns 144,396 shares of the company’s stock valued at $62,791,000 after buying an additional 533 shares in the last quarter. Finally, Stratos Wealth Partners LTD. increased its stake in McKesson by 1.3% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 2,275 shares of the company’s stock worth $989,000 after acquiring an additional 30 shares during the last quarter. 85.07% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MCK. UBS Group boosted their price target on shares of McKesson from $575.00 to $620.00 and gave the stock a “buy” rating in a research report on Wednesday, March 6th. Morgan Stanley increased their price target on shares of McKesson from $522.00 to $548.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Mizuho boosted their price objective on McKesson from $450.00 to $505.00 and gave the stock a “neutral” rating in a research note on Friday, February 9th. Leerink Partnrs reaffirmed an “outperform” rating on shares of McKesson in a research note on Monday, February 26th. Finally, Citigroup boosted their target price on McKesson from $575.00 to $620.00 and gave the company a “buy” rating in a research report on Tuesday. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, McKesson presently has a consensus rating of “Moderate Buy” and an average target price of $536.71.

McKesson Stock Performance

McKesson stock traded down $1.42 during trading hours on Friday, hitting $528.85. The company had a trading volume of 866,904 shares, compared to its average volume of 703,165. The firm has a market cap of $69.50 billion, a P/E ratio of 23.96, a P/E/G ratio of 1.41 and a beta of 0.45. The company has a 50-day moving average price of $530.13 and a two-hundred day moving average price of $491.57. McKesson Co. has a 1 year low of $352.34 and a 1 year high of $544.81.

McKesson (NYSE:MCK) last announced its quarterly earnings results on Wednesday, February 7th. The company reported $7.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.05 by $0.69. The firm had revenue of $80.90 billion during the quarter, compared to analyst estimates of $77.93 billion. McKesson had a negative return on equity of 262.63% and a net margin of 0.99%. McKesson’s quarterly revenue was up 14.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $6.90 earnings per share. As a group, equities research analysts anticipate that McKesson Co. will post 27.59 EPS for the current year.

McKesson Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date of this dividend is Friday, May 31st. McKesson’s dividend payout ratio (DPR) is presently 11.24%.

Insiders Place Their Bets

In other news, EVP Leann B. Smith sold 186 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $496.00, for a total value of $92,256.00. Following the completion of the sale, the executive vice president now owns 1,511 shares of the company’s stock, valued at approximately $749,456. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Leann B. Smith sold 186 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $496.00, for a total value of $92,256.00. Following the completion of the transaction, the executive vice president now owns 1,511 shares of the company’s stock, valued at $749,456. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Brian S. Tyler sold 3,473 shares of the stock in a transaction on Friday, March 15th. The shares were sold at an average price of $524.55, for a total value of $1,821,762.15. Following the sale, the chief executive officer now directly owns 43,445 shares in the company, valued at approximately $22,789,074.75. The disclosure for this sale can be found here. 0.21% of the stock is owned by company insiders.

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.