Jacobi Capital Management LLC Trims Stock Position in McKesson Co. (NYSE:MCK)

Jacobi Capital Management LLC lessened its position in shares of McKesson Co. (NYSE:MCK) by 7.2% during the 4th quarter, Holdings Channel reports. The institutional investor owned 2,216 shares of the company’s stock after selling 172 shares during the quarter. Jacobi Capital Management LLC’s holdings in McKesson were worth $1,263,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Providence First Trust Co raised its position in shares of McKesson by 0.8% during the 4th quarter. Providence First Trust Co now owns 3,288 shares of the company’s stock valued at $1,874,000 after buying an additional 26 shares during the period. US Bancorp DE raised its position in shares of McKesson by 0.8% during the 4th quarter. US Bancorp DE now owns 88,835 shares of the company’s stock valued at $50,629,000 after buying an additional 684 shares during the period. SVB Wealth LLC purchased a new stake in shares of McKesson during the 4th quarter valued at approximately $2,137,000. Fortress Financial Group LLC purchased a new stake in shares of McKesson during the 4th quarter valued at approximately $269,000. Finally, Dynasty Wealth Management LLC raised its position in shares of McKesson by 21.1% during the 4th quarter. Dynasty Wealth Management LLC now owns 2,958 shares of the company’s stock valued at $1,686,000 after buying an additional 515 shares during the period. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Insider Buying and Selling

In related news, EVP Leann B. Smith sold 579 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $572.79, for a total transaction of $331,645.41. Following the completion of the transaction, the executive vice president now owns 864 shares in the company, valued at approximately $494,890.56. The trade was a 40.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Brian S. Tyler sold 8,961 shares of the business’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $597.99, for a total transaction of $5,358,588.39. Following the transaction, the chief executive officer now owns 60,664 shares of the company’s stock, valued at approximately $36,276,465.36. The trade was a 12.87 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 19,268 shares of company stock worth $11,536,378. Corporate insiders own 0.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on MCK shares. Citigroup reduced their price target on shares of McKesson from $713.00 to $677.00 and set a “buy” rating on the stock in a research report on Friday, January 10th. Mizuho initiated coverage on McKesson in a research report on Wednesday, December 4th. They issued a “neutral” rating and a $630.00 target price on the stock. Baird R W raised McKesson from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 7th. Wells Fargo & Company boosted their target price on McKesson from $535.00 to $641.00 and gave the company an “equal weight” rating in a research report on Friday, December 13th. Finally, Robert W. Baird raised McKesson from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $531.00 to $688.00 in a research report on Thursday, November 7th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $645.79.

McKesson Stock Up 3.2 %

NYSE:MCK opened at $640.82 on Friday. The company has a fifty day simple moving average of $594.13 and a two-hundred day simple moving average of $564.17. The company has a market cap of $80.31 billion, a price-to-earnings ratio of 29.34, a price-to-earnings-growth ratio of 1.29 and a beta of 0.52. McKesson Co. has a 52 week low of $464.42 and a 52 week high of $641.70.

McKesson (NYSE:MCK) last issued its earnings results on Wednesday, February 5th. The company reported $8.03 EPS for the quarter, missing analysts’ consensus estimates of $8.60 by ($0.57). McKesson had a negative return on equity of 181.26% and a net margin of 0.82%. On average, analysts expect that McKesson Co. will post 32.77 EPS for the current year.

McKesson Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 3rd will be paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.44%. McKesson’s payout ratio is currently 13.00%.

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.