Providence First Trust Co Has $1.04 Million Stake in McKesson Corporation $MCK

Providence First Trust Co cut its position in McKesson Corporation (NYSE:MCK) by 61.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,272 shares of the company’s stock after selling 2,004 shares during the quarter. Providence First Trust Co’s holdings in McKesson were worth $1,043,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in McKesson by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 12,104,719 shares of the company’s stock valued at $9,929,380,000 after purchasing an additional 73,109 shares in the last quarter. State Street Corp increased its stake in shares of McKesson by 0.9% in the 3rd quarter. State Street Corp now owns 5,750,519 shares of the company’s stock valued at $4,447,110,000 after purchasing an additional 51,510 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of McKesson by 3.5% during the 3rd quarter. Franklin Resources Inc. now owns 2,681,321 shares of the company’s stock worth $2,071,428,000 after buying an additional 90,948 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of McKesson by 5.6% during the 3rd quarter. Alliancebernstein L.P. now owns 2,394,699 shares of the company’s stock worth $1,850,001,000 after buying an additional 126,684 shares during the last quarter. Finally, Northern Trust Corp grew its position in McKesson by 0.4% in the third quarter. Northern Trust Corp now owns 1,532,856 shares of the company’s stock valued at $1,184,193,000 after acquiring an additional 6,613 shares during the last quarter. Institutional investors own 85.07% of the company’s stock.

Analyst Ratings Changes

MCK has been the subject of several research reports. Evercore reiterated an “outperform” rating on shares of McKesson in a research report on Thursday, March 5th. Barclays boosted their price target on McKesson from $960.00 to $1,050.00 and gave the stock an “overweight” rating in a report on Wednesday, February 18th. Bank of America dropped their price objective on shares of McKesson from $1,040.00 to $1,000.00 and set a “buy” rating for the company in a report on Monday, April 6th. Weiss Ratings downgraded shares of McKesson from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Thursday, February 5th. Finally, Wells Fargo & Company boosted their target price on shares of McKesson from $914.00 to $925.00 and gave the stock an “equal weight” rating in a report on Thursday, February 5th. Fourteen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $972.27.

McKesson Stock Down 0.8%

MCK stock opened at $800.99 on Wednesday. The company’s fifty day simple moving average is $891.94 and its 200 day simple moving average is $860.41. McKesson Corporation has a 12-month low of $637.00 and a 12-month high of $999.00. The firm has a market cap of $98.11 billion, a price-to-earnings ratio of 23.04, a PEG ratio of 1.17 and a beta of 0.35.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Wednesday, February 4th. The company reported $9.34 EPS for the quarter, beating analysts’ consensus estimates of $9.19 by $0.15. The company had revenue of $106.16 billion during the quarter, compared to the consensus estimate of $105.98 billion. McKesson had a negative return on equity of 338.97% and a net margin of 1.09%.McKesson’s revenue was up 11.4% on a year-over-year basis. During the same period last year, the business posted $8.03 earnings per share. Research analysts expect that McKesson Corporation will post 39.02 earnings per share for the current year.

McKesson Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 1st will be paid a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Monday, June 1st. McKesson’s payout ratio is presently 9.43%.

Insider Buying and Selling

In other news, CAO Napoleon B. Rutledge, Jr. sold 328 shares of the company’s stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $955.00, for a total transaction of $313,240.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Leann B. Smith sold 190 shares of the stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $945.00, for a total transaction of $179,550.00. Following the completion of the sale, the executive vice president directly owned 2,989 shares in the company, valued at approximately $2,824,605. The trade was a 5.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 3,592 shares of company stock worth $3,518,555. Company insiders own 0.08% of the company’s stock.

McKesson Profile

McKesson Corporation (NYSE: MCK) is a global healthcare services and distribution company that supplies pharmaceuticals, medical-surgical products and health care technology solutions. Founded in 1833 and headquartered in Irving, Texas, McKesson operates across the drug distribution and healthcare services value chain, connecting manufacturers, pharmacies, hospitals and health systems to help manage the movement of medicines and clinical supplies.

The company’s core activities include pharmaceutical wholesale distribution and logistics, specialty pharmacy services, and the provision of medical-surgical supplies to acute and non-acute care providers.