Amalgamated Bank Trims Stock Position in McKesson Corporation $MCK

Amalgamated Bank lowered its stake in shares of McKesson Corporation (NYSE:MCK) by 3.9% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 28,850 shares of the company’s stock after selling 1,156 shares during the period. Amalgamated Bank’s holdings in McKesson were worth $21,141,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of MCK. Nuveen LLC purchased a new position in shares of McKesson in the 1st quarter valued at about $475,235,000. Wellington Management Group LLP increased its stake in shares of McKesson by 4,559.6% in the 1st quarter. Wellington Management Group LLP now owns 427,703 shares of the company’s stock valued at $287,840,000 after purchasing an additional 418,524 shares in the last quarter. Boston Partners increased its stake in shares of McKesson by 33.3% in the 1st quarter. Boston Partners now owns 1,461,785 shares of the company’s stock valued at $984,927,000 after purchasing an additional 365,484 shares in the last quarter. Voya Investment Management LLC boosted its holdings in McKesson by 92.3% in the 1st quarter. Voya Investment Management LLC now owns 650,851 shares of the company’s stock worth $437,760,000 after buying an additional 312,473 shares during the last quarter. Finally, 1832 Asset Management L.P. acquired a new stake in McKesson in the 1st quarter worth about $140,742,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of McKesson in a report on Wednesday, October 8th. Jefferies Financial Group lifted their price objective on McKesson from $820.00 to $900.00 and gave the stock a “buy” rating in a report on Monday, October 13th. Bank of America upped their price target on McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Mizuho upped their price target on McKesson from $750.00 to $770.00 and gave the company a “neutral” rating in a research report on Wednesday, September 24th. Finally, TD Cowen upped their price target on McKesson from $830.00 to $864.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, McKesson has an average rating of “Moderate Buy” and a consensus target price of $839.15.

McKesson Stock Performance

MCK opened at $808.02 on Thursday. The stock has a market capitalization of $100.50 billion, a PE ratio of 32.22, a P/E/G ratio of 1.45 and a beta of 0.52. McKesson Corporation has a one year low of $492.39 and a one year high of $812.69. The business’s 50 day moving average price is $736.50 and its 200 day moving average price is $717.23.

McKesson (NYSE:MCK) last announced its earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $8.33 by ($0.07). The firm had revenue of $97.83 billion during the quarter, compared to analysts’ expectations of $95.93 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The firm’s revenue for the quarter was up 23.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $7.88 EPS. As a group, equities research analysts forecast that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $663.67, for a total transaction of $218,347.43. Following the sale, the chief accounting officer owned 657 shares of the company’s stock, valued at approximately $436,031.19. This represents a 33.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian S. Tyler sold 11,930 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $705.63, for a total value of $8,418,165.90. Following the completion of the transaction, the chief executive officer directly owned 4,012 shares in the company, valued at $2,830,987.56. This trade represents a 74.83% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 24,189 shares of company stock worth $16,722,190 in the last ninety days. Corporate insiders own 0.08% of the company’s stock.

McKesson 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.