Patton Fund Management Inc. decreased its position in shares of McKesson Corporation (NYSE:MCK – Free Report) by 62.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,758 shares of the company’s stock after selling 4,596 shares during the quarter. Patton Fund Management Inc.’s holdings in McKesson were worth $2,387,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of the company. University of Texas Texas AM Investment Management Co. purchased a new position in McKesson during the 4th quarter worth approximately $25,000. Swiss RE Ltd. purchased a new stake in shares of McKesson in the 4th quarter valued at $26,000. State of Wyoming acquired a new stake in shares of McKesson in the second quarter worth $29,000. Board of the Pension Protection Fund acquired a new stake in shares of McKesson in the fourth quarter worth $33,000. Finally, Kingdom Financial Group LLC. purchased a new position in shares of McKesson during the fourth quarter worth $33,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.
McKesson Stock Performance
MCK opened at $764.38 on Monday. McKesson Corporation has a fifty-two week low of $637.00 and a fifty-two week high of $999.00. The company has a fifty day moving average of $777.55 and a two-hundred day moving average of $840.59. The stock has a market capitalization of $89.49 billion, a price-to-earnings ratio of 19.87, a PEG ratio of 1.26 and a beta of 0.31.
McKesson Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st will be given a dividend of $0.82 per share. The ex-dividend date is Monday, June 1st. This represents a $3.28 dividend on an annualized basis and a yield of 0.4%. McKesson’s dividend payout ratio is currently 8.53%.
Analyst Upgrades and Downgrades
MCK has been the subject of a number of research reports. Evercore restated an “outperform” rating on shares of McKesson in a research report on Thursday, March 5th. JPMorgan Chase & Co. reduced their price objective on McKesson from $1,107.00 to $1,015.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. Barclays decreased their price objective on McKesson from $1,050.00 to $925.00 and set an “overweight” rating for the company in a report on Wednesday, June 10th. Wall Street Zen downgraded McKesson from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $875.00 target price on shares of McKesson in a report on Friday, May 8th. Fourteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $960.53.
Get Our Latest Report on McKesson
Insiders Place Their Bets
In other news, CEO Brian S. Tyler sold 8,463 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $775.13, for a total transaction of $6,559,925.19. Following the transaction, the chief executive officer owned 14,382 shares in the company, valued at $11,147,919.66. This trade represents a 37.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Napoleon B. Rutledge, Jr. sold 133 shares of McKesson stock in a transaction on Friday, June 5th. The shares were sold at an average price of $764.00, for a total transaction of $101,612.00. Following the completion of the sale, the chief accounting officer directly owned 632 shares in the company, valued at $482,848. This represents a 17.39% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 20,285 shares of company stock valued at $15,546,137 in the last three months. 0.06% of the stock is currently owned by company insiders.
McKesson Profile
McKesson Corporation (NYSE: MCK) is a global healthcare services and distribution company that supplies pharmaceuticals, medical-surgical products and health care technology solutions. Founded in 1833 and headquartered in Irving, Texas, McKesson operates across the drug distribution and healthcare services value chain, connecting manufacturers, pharmacies, hospitals and health systems to help manage the movement of medicines and clinical supplies.
The company’s core activities include pharmaceutical wholesale distribution and logistics, specialty pharmacy services, and the provision of medical-surgical supplies to acute and non-acute care providers.
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