McKesson Corporation $MCK Stock Sold by M&G PLC

M&G PLC trimmed its position in shares of McKesson Corporation (NYSE:MCK) by 10.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 25,338 shares of the company’s stock after selling 2,935 shares during the period. M&G PLC’s holdings in McKesson were worth $21,639,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of McKesson during the 2nd quarter worth about $8,156,743,000. Bank of America Corp DE acquired a new stake in McKesson during the 2nd quarter worth approximately $998,896,000. Legal & General Group Plc acquired a new stake in McKesson during the 2nd quarter worth approximately $656,566,000. The Manufacturers Life Insurance Company purchased a new position in McKesson in the second quarter valued at approximately $651,462,000. Finally, Bank of New York Mellon Corp purchased a new position in McKesson in the second quarter valued at approximately $599,060,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on MCK. Royal Bank Of Canada lifted their price target on shares of McKesson from $845.00 to $965.00 and gave the company a “sector perform” rating in a research report on Thursday, November 5th. JPMorgan Chase & Co. increased their price objective on shares of McKesson from $1,042.00 to $1,255.00 and gave the stock an “overweight” rating in a research report on Tuesday. Mizuho increased their price objective on shares of McKesson from $905.00 to $1,020.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 20th. Weiss Ratings upgraded McKesson from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday. Finally, Evercore restated an “outperform” rating and set a $950.00 price objective (down from $1,000.00) on shares of McKesson in a research note on Thursday, August 6th. Fifteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,040.29.

McKesson Trading Up 2.3%

Shares of MCK stock opened at $1,083.95 on Wednesday. The firm has a fifty day simple moving average of $945.38 and a 200-day simple moving average of $870.63. The company has a market capitalization of $125.15 billion, a PE ratio of 27.87, a price-to-earnings-growth ratio of 1.79 and a beta of 0.27. McKesson Corporation has a twelve month low of $723.68 and a twelve month high of $1,121.50.

McKesson (NYSE:MCK) last released its quarterly earnings results on Wednesday, November 4th. The company reported $11.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.72 by $0.96. The firm had revenue of $110.96 billion for the quarter, compared to the consensus estimate of $109.90 billion. McKesson had a net margin of 1.12% and a negative return on equity of 202.94%. The firm’s quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $9.86 EPS. Equities research analysts predict that McKesson Corporation will post 46.16 EPS for the current year.

McKesson Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 4th. Investors of record on Tuesday, December 1st will be issued a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $3.76 dividend on an annualized basis and a yield of 0.3%. McKesson’s dividend payout ratio is currently 9.67%.

Insider Transactions at McKesson

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 111 shares of the company’s stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $891.45, for a total value of $98,950.95. Following the transaction, the chief accounting officer directly owned 521 shares of the company’s stock, valued at $464,445.45. This represents a 17.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Francisco Fraga sold 800 shares of the company’s stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $995.80, for a total value of $796,640.00. Following the completion of the transaction, the executive vice president directly owned 5,423 shares in the company, valued at approximately $5,400,223.40. The trade was a 12.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 2,161 shares of company stock valued at $2,242,515 in the last three months. 0.06% of the stock is currently owned by company insiders.

McKesson Company Profile

McKesson Corporation is a healthcare services and information technology company that distributes pharmaceuticals and other medical products. Its customers include pharmacies, hospitals, health systems, clinics and other healthcare providers. The company also provides medical-surgical supplies and technology and services that support pharmacy operations, prescription management and care delivery. Its offerings include specialized support for oncology and other areas of care. Founded in 1833, McKesson serves customers primarily in the United States and Canada.