M&T Bank Corp Sells 2,307 Shares of McKesson Corporation (NYSE:MCK)

M&T Bank Corp reduced its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 7.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,727 shares of the company's stock after selling 2,307 shares during the period. M&T Bank Corp's holdings in McKesson were worth $19,332,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in MCK. T. Rowe Price Investment Management Inc. increased its stake 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 worth $1,622,754,000 after buying an additional 222,496 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of McKesson by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 2,663,303 shares of the company's stock worth $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 fourth quarter. Franklin Resources Inc. now owns 2,620,948 shares of the company's stock worth $1,493,704,000 after buying an additional 114,396 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of McKesson by 75,632.7% in the first quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company's stock worth $1,610,567,000 after buying an additional 2,389,992 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of McKesson in the fourth quarter worth $1,200,361,000. 85.07% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other McKesson news, EVP Leann B. Smith sold 341 shares of McKesson stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $717.91, for a total transaction of $244,807.31. Following the sale, the executive vice president owned 2,800 shares in the company, valued at $2,010,148. The trade was a 10.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Brian S. Tyler sold 19,370 shares of McKesson stock in a transaction on Friday, June 6th. The stock was sold at an average price of $705.93, for a total transaction of $13,673,864.10. Following the sale, the chief executive officer owned 51,243 shares in the company, valued at $36,173,970.99. This represents a 27.43% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,117 shares of company stock valued at $23,526,451. 0.08% of the stock is owned by insiders.

McKesson Stock Down 1.8%

Shares of NYSE:MCK traded down $13.18 during trading on Thursday, reaching $714.05. The stock had a trading volume of 547,012 shares, compared to its average volume of 928,558. The stock has a fifty day simple moving average of $715.50 and a two-hundred day simple moving average of $660.30. The firm has a market capitalization of $89.33 billion, a price-to-earnings ratio of 27.64, a P/E/G ratio of 1.45 and a beta of 0.48. McKesson Corporation has a 52 week low of $464.42 and a 52 week high of $737.89.

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

McKesson Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd were paid a dividend of $0.71 per share. The ex-dividend date was Monday, June 2nd. This represents a $2.84 dividend on an annualized basis and a yield of 0.40%. McKesson's dividend payout ratio is currently 10.99%.

Analyst Ratings Changes

Several research firms have weighed in on MCK. Cfra Research lowered shares of McKesson from a "moderate buy" rating to a "hold" rating in a research note on Friday, April 4th. Wells Fargo & Company set a $766.00 target price on shares of McKesson and gave the company an "equal weight" rating in a research note on Tuesday, June 3rd. Morgan Stanley boosted their target price on shares of McKesson from $745.00 to $770.00 and gave the company an "overweight" rating in a research note on Wednesday, June 11th. UBS Group boosted their target price on shares of McKesson from $708.00 to $805.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Finally, Mizuho boosted their target price on shares of McKesson from $630.00 to $690.00 and gave the company a "neutral" rating in a research note on Thursday, April 3rd. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $706.83.

McKesson 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.