McKesson Corporation (NYSE:MCK) Stock Holdings Reduced by M&T Bank Corp

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

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Capital A Wealth Management LLC acquired a new position in McKesson during the 4th quarter valued at approximately $26,000. Millstone Evans Group LLC acquired a new position in McKesson during the 4th quarter valued at approximately $28,000. Atala Financial Inc acquired a new position in McKesson during the 4th quarter valued at approximately $34,000. Graney & King LLC acquired a new position in McKesson during the 4th quarter valued at approximately $38,000. Finally, CoreFirst Bank & Trust acquired a new position in McKesson during the 4th quarter valued at approximately $67,000. Institutional investors and hedge funds own 85.07% of the company's stock.

Analyst Ratings Changes

MCK has been the subject of a number of analyst reports. Wall Street Zen upgraded McKesson from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 5th. UBS Group boosted their price target on McKesson from $708.00 to $805.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Cfra Research lowered McKesson from a "moderate buy" rating to a "hold" rating in a research report on Friday, April 4th. Evercore ISI boosted their price target on McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a research report on Wednesday. Finally, Morgan Stanley boosted their price target on McKesson from $745.00 to $770.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 11th. Three investment 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $706.83.

Insider Activity at McKesson

In other news, CFO Britt J. Vitalone sold 1,878 shares of the company's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $717.91, for a total value of $1,348,234.98. Following the transaction, the chief financial officer owned 14,028 shares in the company, valued at $10,070,841.48. This represents a 11.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Leann B. Smith sold 341 shares of the stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $717.91, for a total transaction of $244,807.31. Following the completion of the sale, the executive vice president directly owned 2,800 shares of the company's stock, valued at $2,010,148. This trade represents a 10.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,117 shares of company stock valued at $23,526,451 over the last ninety days. Company insiders own 0.08% of the company's stock.

McKesson Price Performance

Shares of MCK traded down $6.05 during midday trading on Friday, reaching $708.49. The stock had a trading volume of 530,634 shares, compared to its average volume of 926,972. McKesson Corporation has a 52 week low of $464.42 and a 52 week high of $737.89. The firm's 50 day moving average price is $715.65 and its 200-day moving average price is $661.24. The company has a market capitalization of $88.64 billion, a P/E ratio of 27.43, a P/E/G ratio of 1.45 and a beta of 0.48.

McKesson (NYSE:MCK - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $10.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $9.83 by $0.29. The company had revenue of $90.82 billion for 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 revenue for the quarter was up 18.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $6.18 earnings per share. On average, equities analysts forecast that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd were given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date was Monday, June 2nd. McKesson's dividend payout ratio (DPR) is presently 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.