Providence First Trust Co Has $1.04 Million Stock Holdings in McKesson Corporation $MCK

Key Points

• Providence First Trust Co cut its McKesson stake by 61.2% in the fourth quarter, leaving it with 1,272 shares valued at about $1.043 million after selling 2,004 shares.
• Analysts hold a consensus Moderate Buy on MCK (14 Buys, 3 Holds) with an average target of $972.27, while major firms updated targets (e.g., BofA $1,000, Barclays $1,050).
• McKesson beat quarterly estimates with EPS of $9.34 and revenue of $106.16 billion (up 11.4% YoY) and announced a $0.82 quarterly dividend ($3.28 annualized, ~0.4% yield).

Providence First Trust Co reduced its holdings in McKesson Corporation (NYSE:MCK - Free Report) by 61.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,272 shares of the company's stock after selling 2,004 shares during the period. Providence First Trust Co's holdings in McKesson were worth $1,043,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in MCK. GGM Financials LLC acquired a new position in shares of McKesson in the 3rd quarter valued at $25,000. State of Wyoming acquired a new stake in McKesson during the 2nd quarter worth $29,000. Hopwood Financial Services Inc. bought a new position in McKesson during the third quarter worth about $31,000. Board of the Pension Protection Fund acquired a new position in McKesson in the fourth quarter valued at about $33,000. Finally, Vermillion & White Wealth Management Group LLC acquired a new position in McKesson in the third quarter valued at about $33,000. Institutional investors and hedge funds own 85.07% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on MCK shares. Bank of America cut their price target on shares of McKesson from $1,040.00 to $1,000.00 and set a "buy" rating on the stock in a research note on Monday, April 6th. Wells Fargo & Company raised their price objective on shares of McKesson from $914.00 to $925.00 and gave the stock an "equal weight" rating in a report on Thursday, February 5th. Barclays boosted their price objective on shares of McKesson from $960.00 to $1,050.00 and gave the company an "overweight" rating in a research report on Wednesday, February 18th. TD Cowen upped their target price on shares of McKesson from $1,000.00 to $1,012.00 and gave the stock a "buy" rating in a research note on Thursday, February 5th. Finally, Wall Street Zen upgraded McKesson from a "hold" rating to a "buy" rating in a report on Saturday. Fourteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $972.27.

McKesson Trading Down 0.8%

McKesson stock opened at $800.99 on Wednesday. McKesson Corporation has a 1-year low of $637.00 and a 1-year high of $999.00. The company has a fifty day simple moving average of $891.94 and a 200 day simple moving average of $860.41. The company has a market cap of $98.11 billion, a P/E ratio of 23.04, a price-to-earnings-growth ratio of 1.17 and a beta of 0.35.

McKesson (NYSE:MCK - Get Free Report) last posted its quarterly earnings data on Wednesday, February 4th. The company reported $9.34 EPS for the quarter, topping analysts' consensus estimates of $9.19 by $0.15. The company had revenue of $106.16 billion during the quarter, compared to the consensus estimate of $105.98 billion. McKesson had a net margin of 1.09% and a negative return on equity of 338.97%. The company's quarterly revenue was up 11.4% on a year-over-year basis. During the same period in the prior year, the business posted $8.03 EPS. On average, equities research analysts forecast that McKesson Corporation will post 39.02 EPS for the current year.

McKesson Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 1st will be paid a $0.82 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $3.28 annualized dividend and a dividend yield of 0.4%. McKesson's dividend payout ratio (DPR) is currently 9.43%.

Insider Activity

In other McKesson news, EVP Michele Lau sold 2,725 shares of the company's stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $990.00, for a total transaction of $2,697,750.00. Following the sale, the executive vice president directly owned 3,247 shares of the company's stock, valued at approximately $3,214,530. This represents a 45.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Maria Martinez sold 349 shares of the stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $939.87, for a total transaction of $328,014.63. Following the completion of the sale, the director owned 301 shares of the company's stock, valued at approximately $282,900.87. This represents a 53.69% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 3,592 shares of company stock valued at $3,518,555 over the last three months. Corporate insiders own 0.08% of the company's stock.

McKesson Company Profile

McKesson Corporation NYSE: MCK is a global healthcare services and distribution company that supplies pharmaceuticals, medical-surgical products and health care technology solutions. Founded in 1833 and headquartered in Irving, Texas, McKesson operates across the drug distribution and healthcare services value chain, connecting manufacturers, pharmacies, hospitals and health systems to help manage the movement of medicines and clinical supplies.

The company's core activities include pharmaceutical wholesale distribution and logistics, specialty pharmacy services, and the provision of medical-surgical supplies to acute and non-acute care providers.

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