Bell Bank Cuts Position in McKesson Corporation (NYSE:MCK)

Bell Bank decreased its position in shares of McKesson Corporation (NYSE:MCK) by 5.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 467 shares of the company’s stock after selling 25 shares during the period. Bell Bank’s holdings in McKesson were worth $314,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. GAMMA Investing LLC grew its stake in shares of McKesson by 75,632.7% during the first quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company’s stock valued at $1,610,567,000 after buying an additional 2,389,992 shares during the last quarter. Norges Bank purchased a new stake in McKesson in the 4th quarter worth approximately $1,200,361,000. Farallon Capital Management LLC bought a new stake in shares of McKesson in the 4th quarter worth approximately $348,044,000. Marshall Wace LLP increased its stake in shares of McKesson by 59,720.3% during the fourth quarter. Marshall Wace LLP now owns 358,922 shares of the company’s stock valued at $204,553,000 after buying an additional 358,322 shares during the period. Finally, Leigh Baldwin & CO. LLC bought a new position in shares of McKesson during the fourth quarter valued at approximately $182,861,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Trading Up 0.7%

McKesson stock opened at $724.47 on Wednesday. McKesson Corporation has a 12 month low of $464.42 and a 12 month high of $732.99. The stock has a fifty day simple moving average of $705.65 and a two-hundred day simple moving average of $645.81. The firm has a market cap of $90.64 billion, a price-to-earnings ratio of 28.05, a PEG ratio of 1.43 and a beta of 0.49.

McKesson (NYSE:MCK) last released its quarterly earnings data on Thursday, May 8th. The company reported $10.12 EPS for the quarter, topping the consensus estimate of $9.83 by $0.29. McKesson had a negative return on equity of 201.12% and a net margin of 0.92%. The company had revenue of $90.82 billion during the quarter, compared to the consensus estimate of $94 billion. During the same period last year, the company earned $6.18 EPS. McKesson’s revenue for the quarter was up 18.9% on a year-over-year basis. On average, equities research analysts forecast that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date is Monday, June 2nd. McKesson’s dividend payout ratio (DPR) is presently 10.99%.

Analysts Set New Price Targets

A number of research analysts have weighed in on MCK shares. UBS Group upped their target price on McKesson from $708.00 to $805.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Bank of America upped their price target on McKesson from $755.00 to $800.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Wall Street Zen downgraded McKesson from a “strong-buy” rating to a “buy” rating in a report on Saturday. Morgan Stanley boosted their target price on shares of McKesson from $745.00 to $770.00 and gave the company an “overweight” rating in a report on Wednesday, June 11th. Finally, Wells Fargo & Company set a $766.00 target price on shares of McKesson and gave the stock an “equal weight” rating in a research report on Tuesday, June 3rd. Three analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $694.38.

Insiders Place Their Bets

In related news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the business’s stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $726.51, for a total transaction of $394,494.93. Following the completion of the sale, the chief accounting officer now directly owns 1,972 shares in the company, valued at approximately $1,432,677.72. The trade was a 21.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Brian S. Tyler sold 19,370 shares of the company’s stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $705.93, for a total transaction of $13,673,864.10. Following the sale, the chief executive officer now directly owns 51,243 shares of the company’s stock, valued at approximately $36,173,970.99. This represents a 27.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,117 shares of company stock valued at $23,526,451. 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.