Montecito Bank & Trust Raises Stock Holdings in McKesson Co. (NYSE:MCK)

by · The Markets Daily

Montecito Bank & Trust boosted its stake in shares of McKesson Co. (NYSE:MCK – Free Report) by 5.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,699 shares of the company’s stock after buying an additional 147 shares during the quarter. Montecito Bank & Trust’s holdings in McKesson were worth $1,334,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Swedbank AB acquired a new stake in McKesson in the 1st quarter valued at approximately $669,326,000. International Assets Investment Management LLC grew its stake in shares of McKesson by 1,020.2% in the third quarter. International Assets Investment Management LLC now owns 806,878 shares of the company’s stock valued at $398,937,000 after buying an additional 734,849 shares in the last quarter. Bessemer Group Inc. raised its holdings in shares of McKesson by 3,621.7% in the 1st quarter. Bessemer Group Inc. now owns 349,395 shares of the company’s stock valued at $187,572,000 after buying an additional 340,007 shares during the period. Bristol Gate Capital Partners Inc. acquired a new position in McKesson during the 1st quarter worth about $97,510,000. Finally, Assenagon Asset Management S.A. boosted its holdings in McKesson by 581.0% during the 3rd quarter. Assenagon Asset Management S.A. now owns 151,240 shares of the company’s stock valued at $74,776,000 after acquiring an additional 129,031 shares during the period. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have issued reports on MCK. Mizuho boosted their price target on shares of McKesson from $540.00 to $570.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Wells Fargo & Company cut their target price on shares of McKesson from $576.00 to $535.00 and set an “equal weight” rating on the stock in a research note on Friday, September 13th. Evercore ISI increased their target price on shares of McKesson from $560.00 to $680.00 and gave the stock an “outperform” rating in a report on Thursday. Citigroup cut their price objective on McKesson from $670.00 to $630.00 and set a “buy” rating on the stock in a research report on Tuesday, September 10th. Finally, Leerink Partners reduced their price objective on McKesson from $665.00 to $630.00 and set an “outperform” rating on the stock in a research note on Monday, October 7th. Three analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $625.64.

Check Out Our Latest Report on McKesson

Insider Activity at McKesson

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $561.10, for a total transaction of $2,105,808.30. Following the transaction, the chief executive officer now owns 78,586 shares of the company’s stock, valued at $44,094,604.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.11% of the company’s stock.

McKesson Stock Up 4.6 %

Shares of MCK opened at $549.31 on Thursday. McKesson Co. has a 52-week low of $431.35 and a 52-week high of $637.51. The stock has a 50 day moving average price of $510.96 and a 200 day moving average price of $550.61. The company has a market capitalization of $71.23 billion, a price-to-earnings ratio of 24.57, a price-to-earnings-growth ratio of 1.23 and a beta of 0.44.

McKesson (NYSE:MCK – Get Free Report) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, topping the consensus estimate of $7.21 by $0.67. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The firm had revenue of $79.28 billion for the quarter, compared to analyst estimates of $82.53 billion. During the same period last year, the business earned $7.27 EPS. McKesson’s revenue for the quarter was up 6.4% compared to the same quarter last year. On average, equities analysts anticipate that McKesson Co. will post 31.92 EPS for the current fiscal year.

McKesson Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 0.52%. The ex-dividend date of this dividend is Monday, December 2nd. McKesson’s payout ratio is currently 12.70%.

McKesson Profile

(Free Report)

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.

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