Meyer Handelman Co. Sells 1,627 Shares of McKesson Co. (NYSE:MCK)

Meyer Handelman Co. lowered its position in shares of McKesson Co. (NYSE:MCK - Free Report) by 1.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 109,612 shares of the company's stock after selling 1,627 shares during the quarter. McKesson makes up approximately 2.6% of Meyer Handelman Co.'s holdings, making the stock its 7th biggest holding. Meyer Handelman Co. owned approximately 0.09% of McKesson worth $73,768,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in MCK. T. Rowe Price Investment Management Inc. increased its holdings in shares of 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 purchasing an additional 222,496 shares in the last quarter. Geode Capital Management LLC boosted its position in McKesson by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 2,663,303 shares of the company's stock valued at $1,513,195,000 after buying an additional 10,015 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of McKesson by 4.6% in the 4th quarter. Franklin Resources Inc. now owns 2,620,948 shares of the company's stock valued at $1,493,704,000 after buying an additional 114,396 shares during the period. GAMMA Investing LLC raised its position in shares of McKesson by 75,632.7% during the first quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company's stock worth $1,610,567,000 after acquiring an additional 2,389,992 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of McKesson during the fourth quarter valued at $1,200,361,000. 85.07% of the stock is owned by institutional investors.

Insider Activity at McKesson

In other McKesson news, EVP Thomas L. Rodgers sold 2,891 shares of the firm's stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 2,544 shares in the company, valued at $1,811,785.92. This trade represents a 53.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the company'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 sale, the chief accounting officer now owns 1,972 shares in the company, valued at approximately $1,432,677.72. This represents a 21.59% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,747 shares of company stock valued at $9,852,587. 0.11% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have weighed in on MCK shares. Wall Street Zen raised McKesson from a "buy" rating to a "strong-buy" rating in a report on Friday, May 30th. Mizuho boosted their price target on shares of McKesson from $630.00 to $690.00 and gave the stock a "neutral" rating in a research note on Thursday, April 3rd. Morgan Stanley raised their price objective on shares of McKesson from $642.00 to $745.00 and gave the company an "overweight" rating in a research note on Wednesday, April 2nd. Wells Fargo & Company lifted their target price on shares of McKesson from $691.00 to $766.00 and gave the stock an "equal weight" rating in a report on Tuesday. Finally, Bank of America increased their price target on McKesson from $755.00 to $800.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Three analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, McKesson presently has a consensus rating of "Moderate Buy" and an average price target of $692.46.

McKesson Stock Up 0.3%

Shares of NYSE:MCK traded up $2.21 during mid-day trading on Wednesday, reaching $717.09. 252,355 shares of the stock were exchanged, compared to its average volume of 952,052. McKesson Co. has a one year low of $464.42 and a one year high of $731.00. The stock's 50 day simple moving average is $697.33 and its 200-day simple moving average is $639.30. The company has a market cap of $89.72 billion, a P/E ratio of 32.83, a P/E/G ratio of 1.29 and a beta of 0.53.

McKesson (NYSE:MCK - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $10.12 EPS for the quarter, topping analysts' consensus estimates of $9.83 by $0.29. The business had revenue of $90.82 billion for the quarter, compared to analyst estimates of $94 billion. McKesson had a net margin of 0.82% and a negative return on equity of 181.26%. The firm's revenue for the quarter was up 18.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $6.18 earnings per share. Analysts anticipate that McKesson Co. will post 32.77 EPS for the current fiscal year.

McKesson Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 0.40%. The ex-dividend date of this dividend is Monday, June 2nd. McKesson's payout ratio is 10.99%.

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.