Bank of New York Mellon Corp Reduces Stock Position in McKesson Corporation (NYSE:MCK)

Bank of New York Mellon Corp reduced its holdings in shares of McKesson Corporation (NYSE:MCK - Free Report) by 6.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 895,060 shares of the company's stock after selling 57,265 shares during the period. Bank of New York Mellon Corp owned 0.71% of McKesson worth $602,367,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in MCK. CVA Family Office LLC boosted its stake in McKesson by 6.0% in the 1st quarter. CVA Family Office LLC now owns 265 shares of the company's stock worth $178,000 after purchasing an additional 15 shares during the period. Palisade Asset Management LLC increased its position in shares of McKesson by 2.1% during the first quarter. Palisade Asset Management LLC now owns 715 shares of the company's stock valued at $481,000 after buying an additional 15 shares during the period. Parallel Advisors LLC lifted its holdings in shares of McKesson by 0.6% in the first quarter. Parallel Advisors LLC now owns 2,501 shares of the company's stock worth $1,683,000 after buying an additional 16 shares in the last quarter. Frank Rimerman Advisors LLC lifted its holdings in shares of McKesson by 2.2% in the fourth quarter. Frank Rimerman Advisors LLC now owns 807 shares of the company's stock worth $460,000 after buying an additional 17 shares in the last quarter. Finally, Eagle Rock Investment Company LLC boosted its position in shares of McKesson by 0.4% in the first quarter. Eagle Rock Investment Company LLC now owns 4,798 shares of the company's stock valued at $3,229,000 after acquiring an additional 17 shares during the period. 85.07% of the stock is owned by institutional investors.

McKesson Trading Up 2.0%

Shares of MCK traded up $13.85 during midday trading on Friday, reaching $719.30. The stock had a trading volume of 392,096 shares, compared to its average volume of 926,752. The company has a market capitalization of $89.99 billion, a price-to-earnings ratio of 27.85, a price-to-earnings-growth ratio of 1.44 and a beta of 0.48. The company's 50-day moving average is $714.17 and its 200 day moving average is $657.75. McKesson Corporation has a 12-month low of $464.42 and a 12-month high of $736.96.

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

McKesson Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Monday, June 2nd were issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 0.39%. The ex-dividend date was Monday, June 2nd. McKesson's dividend payout ratio is currently 10.99%.

Insider Buying and Selling

In other news, EVP Thomas L. Rodgers sold 2,891 shares of the business's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $712.18, for a total value of $2,058,912.38. Following the completion of the sale, the executive vice president owned 2,544 shares of the company's stock, valued at approximately $1,811,785.92. The trade was a 53.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the firm's stock in a transaction that occurred 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 transaction, the chief accounting officer owned 1,972 shares in the company, valued at approximately $1,432,677.72. The trade was a 21.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,117 shares of company stock worth $23,526,451 over the last 90 days. Insiders own 0.08% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. UBS Group upped their target price on shares of McKesson from $708.00 to $805.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Cfra Research lowered shares of McKesson from a "moderate buy" rating to a "hold" rating in a research report on Friday, April 4th. Morgan Stanley increased their price objective on McKesson from $745.00 to $770.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 11th. Wall Street Zen raised McKesson from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Finally, Wells Fargo & Company set a $766.00 target price on McKesson and gave the stock an "equal weight" rating in a research report on Tuesday, June 3rd. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, McKesson currently has an average rating of "Moderate Buy" and an average target price of $696.42.

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.