National Bank of Canada FI Sells 45,854 Shares of McKesson Co. (NYSE:MCK)

National Bank of Canada FI trimmed its holdings in McKesson Co. (NYSE:MCK) by 34.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 88,651 shares of the company’s stock after selling 45,854 shares during the period. National Bank of Canada FI owned 0.07% of McKesson worth $51,963,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in MCK. Chase Investment Counsel Corp increased its position in McKesson by 54.7% during the 2nd quarter. Chase Investment Counsel Corp now owns 9,215 shares of the company’s stock worth $5,685,000 after buying an additional 3,257 shares during the period. Range Financial Group LLC increased its position in McKesson by 4.9% during the second quarter. Range Financial Group LLC now owns 706 shares of the company’s stock worth $412,000 after acquiring an additional 33 shares during the period. TD Asset Management Inc increased its position in McKesson by 4.7% during the second quarter. TD Asset Management Inc now owns 701,796 shares of the company’s stock worth $409,877,000 after acquiring an additional 31,468 shares during the period. FineMark National Bank & Trust boosted its holdings in McKesson by 4.1% in the 2nd quarter. FineMark National Bank & Trust now owns 713 shares of the company’s stock valued at $416,000 after purchasing an additional 28 shares during the period. Finally, Birchcreek Wealth Management LLC boosted its holdings in McKesson by 6.5% in the 2nd quarter. Birchcreek Wealth Management LLC now owns 441 shares of the company’s stock valued at $258,000 after purchasing an additional 27 shares during the period. 85.07% of the stock is currently owned by institutional investors.

McKesson Stock Performance

NYSE MCK opened at $514.75 on Friday. The company has a market capitalization of $66.88 billion, a PE ratio of 23.00, a price-to-earnings-growth ratio of 1.29 and a beta of 0.44. McKesson Co. has a 52-week low of $405.50 and a 52-week high of $637.51. The company has a 50-day simple moving average of $576.35 and a 200 day simple moving average of $557.33.

McKesson (NYSE:MCK) last issued its earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.21 by $0.67. The firm had revenue of $79.28 billion for the quarter, compared to analyst estimates of $82.53 billion. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The business’s revenue was up 6.4% on a year-over-year basis. During the same period in the previous year, the company posted $7.27 earnings per share. As a group, analysts forecast that McKesson Co. will post 32.14 EPS for the current fiscal year.

McKesson Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 2nd will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend is Friday, August 30th. This is a positive change from McKesson’s previous quarterly dividend of $0.62. McKesson’s dividend payout ratio is 12.69%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. JPMorgan Chase & Co. raised their price objective on McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Argus boosted their price target on McKesson from $570.00 to $670.00 and gave the company a “buy” rating in a research note on Monday, June 24th. Leerink Partners reduced their price objective on shares of McKesson from $670.00 to $665.00 and set an “outperform” rating on the stock in a research note on Thursday. Bank of America raised their target price on shares of McKesson from $590.00 to $670.00 and gave the company a “buy” rating in a report on Tuesday, June 25th. Finally, Citigroup increased their price target on shares of McKesson from $620.00 to $670.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $624.93.

Insiders Place Their Bets

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $626.03, for a total value of $2,349,490.59. Following the sale, the chief executive officer now owns 82,339 shares of the company’s stock, valued at approximately $51,546,684.17. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other McKesson news, EVP Leann B. Smith sold 600 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $585.53, for a total transaction of $351,318.00. Following the completion of the sale, the executive vice president now directly owns 2,022 shares in the company, valued at $1,183,941.66. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Brian S. Tyler sold 3,753 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $626.03, for a total value of $2,349,490.59. Following the transaction, the chief executive officer now owns 82,339 shares in the company, valued at $51,546,684.17. The disclosure for this sale can be found here. Insiders have sold 8,106 shares of company stock worth $4,881,001 in the last three months. 0.11% of the stock is currently owned by corporate insiders.

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.