PNC Financial Services Group Inc. trimmed its stake in McKesson Corporation (NYSE:MCK) by 3.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 132,358 shares of the company’s stock after selling 4,895 shares during the period. PNC Financial Services Group Inc. owned about 0.06% of McKesson Corporation worth $21,778,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Captrust Financial Advisors acquired a new stake in McKesson Corporation in the second quarter valued at $107,000. American Beacon Advisors Inc. acquired a new stake in McKesson Corporation in the first quarter valued at $100,000. Orrstown Financial Services Inc. increased its holdings in McKesson Corporation by 6.0% in the second quarter. Orrstown Financial Services Inc. now owns 758 shares of the company’s stock valued at $124,000 after purchasing an additional 43 shares during the period. Archford Capital Strategies LLC increased its holdings in McKesson Corporation by 52.8% in the first quarter. Archford Capital Strategies LLC now owns 776 shares of the company’s stock valued at $115,000 after purchasing an additional 268 shares during the period. Finally, Tompkins Financial Corp increased its holdings in McKesson Corporation by 2.3% in the second quarter. Tompkins Financial Corp now owns 785 shares of the company’s stock valued at $129,000 after purchasing an additional 18 shares during the period. Institutional investors and hedge funds own 85.16% of the company’s stock.
McKesson Corporation (MCK) opened at 148.37 on Wednesday. The stock’s 50 day moving average is $151.41 and its 200-day moving average is $153.02. The company has a market cap of $31.20 billion, a PE ratio of 6.73 and a beta of 1.16. McKesson Corporation has a 52-week low of $114.53 and a 52-week high of $169.29.
McKesson Corporation (NYSE:MCK) last released its quarterly earnings data on Thursday, July 27th. The company reported $2.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.81 by ($0.35). McKesson Corporation had a net margin of 2.42% and a return on equity of 25.76%. The firm had revenue of $51.05 billion during the quarter, compared to analysts’ expectations of $51.22 billion. During the same quarter in the previous year, the firm posted $3.50 EPS. McKesson Corporation’s revenue was up 2.7% compared to the same quarter last year. Equities research analysts predict that McKesson Corporation will post $12.07 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 1st will be given a $0.34 dividend. This is a boost from McKesson Corporation’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 0.92%. McKesson Corporation’s payout ratio is presently 6.07%.
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In other news, Director Marie L/Ca Knowles sold 1,083 shares of McKesson Corporation stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $162.55, for a total transaction of $176,041.65. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Erin M. Lampert sold 900 shares of McKesson Corporation stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $155.65, for a total transaction of $140,085.00. The disclosure for this sale can be found here. Insiders sold 3,066 shares of company stock worth $473,627 in the last 90 days. Corporate insiders own 1.20% of the company’s stock.
A number of research firms recently weighed in on MCK. UBS AG restated a “neutral” rating and issued a $166.00 price objective (up from $156.00) on shares of McKesson Corporation in a report on Monday, June 26th. Barclays PLC set a $187.00 price objective on McKesson Corporation and gave the company a “buy” rating in a report on Sunday, June 4th. TheStreet upgraded McKesson Corporation from a “c+” rating to a “b” rating in a report on Thursday, May 25th. Robert W. Baird upgraded McKesson Corporation from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $175.00 to $178.00 in a report on Tuesday. Finally, Royal Bank Of Canada began coverage on McKesson Corporation in a report on Tuesday. They issued a “sector perform” rating and a $168.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $171.53.
About McKesson Corporation
McKesson Corporation (McKesson) is engaged in delivering pharmaceuticals, medical supplies and healthcare information technology. The Company operates through two segments: McKesson Distribution Solutions and Technology Solutions. The McKesson Distribution Solutions segment distributes drugs and equipment, and health and beauty care products across North America and internationally.
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