M&T Bank Corp Sells 11,287 Shares of McKesson Co. (NYSE:MCK)

M&T Bank Corp trimmed its stake in McKesson Co. (NYSE:MCK) by 14.8% in the 4th quarter, Holdings Channel.com reports. The firm owned 65,047 shares of the company’s stock after selling 11,287 shares during the period. M&T Bank Corp’s holdings in McKesson were worth $30,115,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Legacy Financial Group LLC bought a new position in shares of McKesson in the third quarter worth about $27,000. OFI Invest Asset Management purchased a new stake in McKesson in the third quarter valued at about $26,000. BKM Wealth Management LLC purchased a new stake in McKesson during the 4th quarter worth approximately $31,000. WASHINGTON TRUST Co grew its holdings in shares of McKesson by 42.5% during the fourth quarter. WASHINGTON TRUST Co now owns 114 shares of the company’s stock valued at $53,000 after buying an additional 34 shares during the last quarter. Finally, Milestone Investment Advisors LLC purchased a new position in shares of McKesson in the third quarter worth about $61,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Insiders Place Their Bets

In other McKesson news, CEO Brian S. Tyler sold 3,473 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $524.55, for a total transaction of $1,821,762.15. Following the sale, the chief executive officer now directly owns 43,445 shares in the company, valued at approximately $22,789,074.75. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, EVP Leann B. Smith sold 186 shares of the firm’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $496.00, for a total value of $92,256.00. Following the sale, the executive vice president now directly owns 1,511 shares in the company, valued at approximately $749,456. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian S. Tyler sold 3,473 shares of McKesson stock in a transaction on Friday, March 15th. The stock was sold at an average price of $524.55, for a total transaction of $1,821,762.15. Following the sale, the chief executive officer now directly owns 43,445 shares of the company’s stock, valued at $22,789,074.75. The disclosure for this sale can be found here. 0.21% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MCK. Citigroup increased their price target on McKesson from $575.00 to $620.00 and gave the stock a “buy” rating in a research report on Tuesday. Leerink Partnrs reissued an “outperform” rating on shares of McKesson in a report on Monday, February 26th. StockNews.com raised shares of McKesson from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Mizuho boosted their target price on shares of McKesson from $450.00 to $505.00 and gave the company a “neutral” rating in a research note on Friday, February 9th. Finally, SVB Leerink assumed coverage on shares of McKesson in a research report on Monday, February 26th. They set an “outperform” rating and a $600.00 price target on the stock. Two analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $536.71.

McKesson Price Performance

McKesson stock traded down $1.41 during midday trading on Friday, reaching $528.86. The company had a trading volume of 866,981 shares, compared to its average volume of 626,262. The company has a market capitalization of $69.50 billion, a P/E ratio of 23.96, a P/E/G ratio of 1.41 and a beta of 0.45. The firm’s fifty day simple moving average is $530.13 and its 200-day simple moving average is $491.57. McKesson Co. has a 12-month low of $352.34 and a 12-month high of $544.81.

McKesson (NYSE:MCK) last released its quarterly earnings data on Wednesday, February 7th. The company reported $7.74 earnings per share for the quarter, topping analysts’ consensus estimates of $7.05 by $0.69. The company had revenue of $80.90 billion for the quarter, compared to analyst estimates of $77.93 billion. McKesson had a negative return on equity of 262.63% and a net margin of 0.99%. The firm’s revenue for the quarter was up 14.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $6.90 earnings per share. On average, analysts expect that McKesson Co. will post 27.59 EPS for the current fiscal year.

McKesson Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be issued a $0.62 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $2.48 annualized dividend and a yield of 0.47%. McKesson’s dividend payout ratio (DPR) is presently 11.24%.

McKesson Company 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.