Bank of Stockton Sells 35 Shares of McKesson Co. (NYSE:MCK)

Bank of Stockton trimmed its stake in shares of McKesson Co. (NYSE:MCK) by 1.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,230 shares of the company’s stock after selling 35 shares during the period. Bank of Stockton’s holdings in McKesson were worth $1,302,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Norges Bank bought a new position in shares of McKesson during the 4th quarter valued at about $1,024,140,000. Swedbank AB bought a new position in McKesson during the first quarter valued at approximately $669,326,000. TD Asset Management Inc increased its stake in McKesson by 202.8% in the 4th quarter. TD Asset Management Inc now owns 602,138 shares of the company’s stock worth $278,778,000 after acquiring an additional 403,312 shares during the last quarter. Bessemer Group Inc. raised its holdings in shares of McKesson by 3,621.7% during the 1st quarter. Bessemer Group Inc. now owns 349,395 shares of the company’s stock worth $187,572,000 after acquiring an additional 340,007 shares in the last quarter. Finally, Bristol Gate Capital Partners Inc. bought a new position in shares of McKesson during the 1st quarter valued at approximately $97,510,000. 85.07% of the stock is currently owned by institutional investors.

McKesson Price Performance

Shares of NYSE:MCK traded down $8.75 on Friday, hitting $552.15. 710,191 shares of the company’s stock were exchanged, compared to its average volume of 743,372. McKesson Co. has a 12 month low of $404.72 and a 12 month high of $637.51. The stock has a market capitalization of $71.74 billion, a price-to-earnings ratio of 24.67, a price-to-earnings-growth ratio of 1.46 and a beta of 0.45. The business’s 50 day simple moving average is $584.83 and its two-hundred day simple moving average is $554.51.

McKesson (NYSE:MCK) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, beating the consensus estimate of $7.21 by $0.67. The firm had revenue of $79.28 billion for the quarter, compared to analyst estimates of $82.53 billion. McKesson had a negative return on equity of 245.88% and a net margin of 0.97%. The business’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same quarter last year, the firm posted $7.27 earnings per share. Equities analysts forecast that McKesson Co. will post 31.68 EPS for the current fiscal year.

McKesson Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be paid a dividend of $0.71 per share. The ex-dividend date is Friday, August 30th. This represents a $2.84 annualized dividend and a dividend yield of 0.51%. This is a positive change from McKesson’s previous quarterly dividend of $0.62. McKesson’s dividend payout ratio (DPR) is currently 12.69%.

Analyst Upgrades and Downgrades

MCK has been the topic of several research reports. Evercore ISI reduced their price target on shares of McKesson from $660.00 to $630.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Argus boosted their target price on shares of McKesson from $570.00 to $670.00 and gave the stock a “buy” rating in a report on Monday, June 24th. Citigroup increased their price target on shares of McKesson from $620.00 to $670.00 and gave the company a “buy” rating in a report on Friday, July 19th. TD Cowen boosted their price objective on McKesson from $563.00 to $652.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Finally, JPMorgan Chase & Co. upped their price objective on McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a research report on Wednesday. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $620.29.

Insider Buying and Selling at McKesson

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $626.03, for a total value of $2,349,490.59. Following the transaction, the chief executive officer now owns 82,339 shares in the company, valued at $51,546,684.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $626.03, for a total value of $2,349,490.59. Following the transaction, the chief executive officer now owns 82,339 shares in the company, valued at $51,546,684.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Thomas L. Rodgers sold 789 shares of McKesson stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $557.40, for a total value of $439,788.60. Following the completion of the transaction, the executive vice president now owns 7,909 shares in the company, valued at approximately $4,408,476.60. The disclosure for this sale can be found here. Insiders have sold 19,257 shares of company stock worth $11,192,946 over the last quarter. 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.