Canandaigua National Bank & Trust Co. Reduces Position in McKesson Corp. (MCK)
Canandaigua National Bank & Trust Co. cut its stake in shares of McKesson Corp. (NYSE:MCK) by 18.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,330 shares of the company’s stock after selling 300 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in McKesson Corp. were worth $248,000 at the end of the most recent quarter.
Several other large investors have also recently bought and sold shares of MCK. Scharf Investments LLC increased its stake in McKesson Corp. by 11,803.7% in the first quarter. Scharf Investments LLC now owns 1,190,016 shares of the company’s stock valued at $187,130,000 after buying an additional 1,180,019 shares in the last quarter. Wellington Management Group LLP increased its stake in McKesson Corp. by 9.3% in the first quarter. Wellington Management Group LLP now owns 11,312,022 shares of the company’s stock valued at $1,778,816,000 after buying an additional 961,630 shares in the last quarter. Cornerstone Investment Partners LLC increased its stake in McKesson Corp. by 2,769.9% in the second quarter. Cornerstone Investment Partners LLC now owns 457,779 shares of the company’s stock valued at $85,444,000 after buying an additional 441,828 shares in the last quarter. Orbis Allan Gray Ltd purchased a new stake in McKesson Corp. during the first quarter valued at about $63,790,000. Finally, Prudential Financial Inc. increased its stake in McKesson Corp. by 45.3% in the first quarter. Prudential Financial Inc. now owns 973,341 shares of the company’s stock valued at $153,057,000 after buying an additional 303,530 shares in the last quarter. Hedge funds and other institutional investors own 84.77% of the company’s stock.
McKesson Corp. (NYSE:MCK) traded up 1.03% during trading on Thursday, hitting $168.12. The stock had a trading volume of 1,949,856 shares. The company has a market cap of $37.94 billion, a PE ratio of 17.46 and a beta of 0.95. The stock has a 50-day moving average price of $184.42 and a 200-day moving average price of $178.68. McKesson Corp. has a 52 week low of $148.29 and a 52 week high of $202.20.
McKesson Corp. (NYSE:MCK) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $3.50 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.33 by $0.17. The firm earned $49.73 billion during the quarter, compared to analysts’ expectations of $50.32 billion. McKesson Corp. had a net margin of 1.15% and a return on equity of 31.62%. McKesson Corp.’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same period in the prior year, the company posted $3.14 earnings per share. Equities analysts predict that McKesson Corp. will post $13.63 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Thursday, September 1st will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date of this dividend is Tuesday, August 30th. McKesson Corp.’s dividend payout ratio is presently 11.64%.
MCK has been the topic of several research analyst reports. Vetr upgraded McKesson Corp. from a “hold” rating to a “buy” rating and set a $188.01 price objective on the stock in a report on Monday, June 20th. Goldman Sachs Group Inc. downgraded McKesson Corp. from a “buy” rating to a “neutral” rating and cut their price target for the stock from $210.00 to $189.00 in a report on Friday, September 16th. Avondale Partners restated a “market perform” rating and set a $197.00 price target (up previously from $172.00) on shares of McKesson Corp. in a report on Wednesday, July 6th. Leerink Swann restated an “outperform” rating and set a $230.00 price target on shares of McKesson Corp. in a report on Thursday, September 1st. Finally, Bank of America Corp. assumed coverage on McKesson Corp. in a report on Wednesday, June 8th. They set a “hold” rating on the stock. Nine analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $201.95.
In other McKesson Corp. news, Director Marie L/Ca Knowles sold 915 shares of the company’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $192.73, for a total transaction of $176,347.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Wayne A. Budd sold 2,309 shares of the company’s stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $179.70, for a total transaction of $414,927.30. Following the sale, the director now owns 723 shares of the company’s stock, valued at $129,923.10. The disclosure for this sale can be found here. 1.15% of the stock is currently owned by corporate insiders.
About McKesson Corp.
McKesson Corporation (McKesson) is a pharmaceutical distribution services and information technology company. The Company delivers an offering of pharmaceuticals and medical supplies. It operates through two segments: McKesson Distribution Solutions and McKesson Technology Solutions. The Distribution Solutions segment distributes branded and generic pharmaceutical drugs and other healthcare-related products around the world and provides practice management, technology, clinical support and business solutions to community-based oncology and other specialty practices.
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