Tobam Cuts Stock Position in McKesson Corporation $MCK

Tobam lowered its stake in McKesson Corporation (NYSE:MCK) by 33.3% in the 2nd quarter, HoldingsChannel reports. The fund owned 6,461 shares of the company’s stock after selling 3,225 shares during the period. McKesson accounts for approximately 1.9% of Tobam’s holdings, making the stock its 17th largest holding. Tobam’s holdings in McKesson were worth $4,734,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Solstein Capital LLC increased its position in shares of McKesson by 171.4% during the 2nd quarter. Solstein Capital LLC now owns 38 shares of the company’s stock valued at $28,000 after purchasing an additional 24 shares during the last quarter. GFG Capital LLC bought a new position in McKesson during the second quarter valued at $30,000. CBIZ Investment Advisory Services LLC raised its stake in shares of McKesson by 1,366.7% in the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company’s stock valued at $30,000 after acquiring an additional 41 shares during the period. Bank of Jackson Hole Trust lifted its holdings in shares of McKesson by 64.3% in the 1st quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock worth $29,000 after acquiring an additional 18 shares during the last quarter. Finally, Saudi Central Bank purchased a new position in shares of McKesson during the 1st quarter worth about $34,000. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

McKesson Stock Performance

NYSE:MCK opened at $855.78 on Wednesday. McKesson Corporation has a one year low of $558.13 and a one year high of $867.63. The firm has a 50-day simple moving average of $764.28 and a 200-day simple moving average of $726.81. The firm has a market cap of $106.44 billion, a P/E ratio of 34.12, a P/E/G ratio of 1.46 and a beta of 0.51.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $9.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.84 by $1.02. The firm had revenue of $103.15 billion for the quarter, compared to the consensus estimate of $103.80 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The company’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $7.07 EPS. On average, research analysts predict that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 1st will be paid a dividend of $0.82 per share. The ex-dividend date is Monday, December 1st. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.4%. McKesson’s payout ratio is presently 10.21%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on MCK shares. Morgan Stanley increased their price objective on shares of McKesson from $857.00 to $916.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Jefferies Financial Group upped their target price on McKesson from $820.00 to $900.00 and gave the company a “buy” rating in a research note on Monday, October 13th. Weiss Ratings reissued a “buy (b)” rating on shares of McKesson in a research note on Wednesday, October 8th. Robert W. Baird upped their price objective on McKesson from $873.00 to $927.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. Finally, TD Cowen boosted their target price on shares of McKesson from $830.00 to $864.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $887.69.

Insider Activity

In related news, CEO Brian S. Tyler sold 11,930 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $2,830,987.56. This trade represents a 74.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $861.63, for a total transaction of $283,476.27. Following the completion of the sale, the chief accounting officer owned 328 shares of the company’s stock, valued at $282,614.64. This trade represents a 50.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 24,189 shares of company stock worth $16,787,319. Corporate insiders own 0.08% 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.