Amalgamated Bank Sells 470 Shares of McKesson Corporation (NYSE:MCK)

Amalgamated Bank reduced its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 1.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,006 shares of the company's stock after selling 470 shares during the period. Amalgamated Bank's holdings in McKesson were worth $20,194,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in MCK. T. Rowe Price Investment Management Inc. boosted its holdings in McKesson by 8.5% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,847,385 shares of the company's stock valued at $1,622,754,000 after acquiring an additional 222,496 shares during the last quarter. Geode Capital Management LLC boosted its holdings in McKesson by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 2,663,303 shares of the company's stock valued at $1,513,195,000 after acquiring an additional 10,015 shares during the last quarter. Franklin Resources Inc. boosted its holdings in McKesson by 4.6% in the fourth quarter. Franklin Resources Inc. now owns 2,620,948 shares of the company's stock valued at $1,493,704,000 after acquiring an additional 114,396 shares during the last quarter. GAMMA Investing LLC boosted its holdings in McKesson by 75,632.7% in the first quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company's stock valued at $1,610,567,000 after acquiring an additional 2,389,992 shares during the last quarter. Finally, Norges Bank bought a new stake in McKesson in the fourth quarter valued at approximately $1,200,361,000. 85.07% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MCK. Mizuho upped their target price on McKesson from $630.00 to $690.00 and gave the company a "neutral" rating in a report on Thursday, April 3rd. Cfra Research cut McKesson from a "moderate buy" rating to a "hold" rating in a report on Friday, April 4th. Morgan Stanley increased their price target on McKesson from $745.00 to $770.00 and gave the stock an "overweight" rating in a report on Wednesday, June 11th. Wall Street Zen upgraded McKesson from a "buy" rating to a "strong-buy" rating in a report on Friday. Finally, Wells Fargo & Company set a $766.00 price target on McKesson and gave the stock an "equal weight" rating in a report on Tuesday, June 3rd. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $696.42.

McKesson Stock Up 0.6%

Shares of NYSE:MCK opened at $725.99 on Monday. McKesson Corporation has a twelve month low of $464.42 and a twelve month high of $736.36. The stock's 50 day moving average is $711.19 and its 200-day moving average is $653.10. The firm has a market capitalization of $90.83 billion, a price-to-earnings ratio of 28.11, a PEG ratio of 1.45 and a beta of 0.49.

McKesson (NYSE:MCK - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $10.12 EPS for the quarter, beating analysts' consensus estimates of $9.83 by $0.29. The business had revenue of $90.82 billion during the quarter, compared to analyst estimates of $94 billion. McKesson had a negative return on equity of 201.12% and a net margin of 0.92%. McKesson's quarterly revenue was up 18.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $6.18 EPS. Equities research analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 2nd will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date of this dividend is Monday, June 2nd. McKesson's payout ratio is currently 10.99%.

Insider Activity at McKesson

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the company's stock in a transaction on Monday, May 19th. The stock was sold at an average price of $726.51, for a total value of $394,494.93. Following the completion of the transaction, the chief accounting officer now owns 1,972 shares in the company, valued at $1,432,677.72. This represents a 21.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Thomas L. Rodgers sold 510 shares of the company's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $717.91, for a total value of $366,134.10. Following the completion of the transaction, the executive vice president now owns 5,435 shares of the company's stock, valued at $3,901,840.85. This trade represents a 8.58% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 33,117 shares of company stock valued at $23,526,451. 0.08% of the stock is owned by insiders.

About McKesson

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.

Want to see what other hedge funds are holding MCK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for McKesson Corporation (NYSE:MCK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.