The Manufacturers Life Insurance Company Sells 565,132 Shares of McKesson Co. (NYSE:MCK)

The Manufacturers Life Insurance Company decreased its holdings in shares of McKesson Co. (NYSE:MCK - Free Report) by 47.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 624,245 shares of the company's stock after selling 565,132 shares during the period. The Manufacturers Life Insurance Company owned about 0.49% of McKesson worth $355,763,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in MCK. Frank Rimerman Advisors LLC grew its position in McKesson by 2.2% during the 4th quarter. Frank Rimerman Advisors LLC now owns 807 shares of the company's stock worth $460,000 after acquiring an additional 17 shares during the last quarter. Old North State Trust LLC lifted its position in shares of McKesson by 1.6% during the third quarter. Old North State Trust LLC now owns 1,138 shares of the company's stock worth $563,000 after purchasing an additional 18 shares in the last quarter. Trust Co. of Vermont grew its stake in shares of McKesson by 4.8% during the fourth quarter. Trust Co. of Vermont now owns 393 shares of the company's stock valued at $224,000 after purchasing an additional 18 shares during the last quarter. Hemington Wealth Management increased its holdings in shares of McKesson by 18.6% in the fourth quarter. Hemington Wealth Management now owns 115 shares of the company's stock valued at $65,000 after purchasing an additional 18 shares in the last quarter. Finally, First Western Trust Bank raised its position in McKesson by 2.0% in the 4th quarter. First Western Trust Bank now owns 931 shares of the company's stock worth $531,000 after purchasing an additional 18 shares during the last quarter. 85.07% of the stock is owned by institutional investors and hedge funds.

McKesson Stock Performance

NYSE MCK traded down $6.25 during trading hours on Thursday, reaching $706.54. 957,600 shares of the company's stock were exchanged, compared to its average volume of 889,817. McKesson Co. has a one year low of $464.42 and a one year high of $728.32. The company's 50-day moving average is $667.61 and its two-hundred day moving average is $610.61. The company has a market capitalization of $88.55 billion, a price-to-earnings ratio of 32.35, a price-to-earnings-growth ratio of 1.29 and a beta of 0.49.

McKesson (NYSE:MCK - Get Free Report) last issued its quarterly earnings data on Wednesday, February 5th. The company reported $8.03 EPS for the quarter, missing analysts' consensus estimates of $8.60 by ($0.57). McKesson had a negative return on equity of 181.26% and a net margin of 0.82%. Research analysts predict that McKesson Co. will post 32.77 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd will be paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.40%. McKesson's dividend payout ratio is 13.00%.

Wall Street Analysts Forecast Growth

MCK has been the topic of a number of recent research reports. Cfra Research lowered McKesson from a "moderate buy" rating to a "hold" rating in a research report on Friday, April 4th. StockNews.com lowered McKesson from a "strong-buy" rating to a "buy" rating in a research report on Friday, February 14th. Bank of America upped their target price on shares of McKesson from $665.00 to $755.00 and gave the company a "buy" rating in a research report on Friday, April 11th. Evercore ISI lifted their price target on shares of McKesson from $650.00 to $675.00 and gave the stock an "outperform" rating in a research report on Thursday, February 6th. Finally, Mizuho increased their price objective on shares of McKesson from $630.00 to $690.00 and gave the company a "neutral" rating in a report on Thursday, April 3rd. Three investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $681.00.

Insider Activity

In related news, EVP Leann B. Smith sold 188 shares of the firm's stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $609.59, for a total value of $114,602.92. Following the completion of the transaction, the executive vice president now directly owns 1,051 shares of the company's stock, valued at approximately $640,679.09. This trade represents a 15.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian S. Tyler sold 8,961 shares of the company's stock in a transaction on Friday, February 14th. The stock was sold at an average price of $600.66, for a total transaction of $5,382,514.26. Following the sale, the chief executive officer now directly owns 69,625 shares in the company, valued at $41,820,952.50. This trade represents a 11.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,110 shares of company stock worth $10,855,706 in the last quarter. Corporate insiders own 0.11% of the company's stock.

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.