Confluence Wealth Services Inc. Has $1.87 Million Holdings in McKesson Co. (NYSE:MCK)

Confluence Wealth Services Inc. reduced its position in McKesson Co. (NYSE:MCK) by 4.7% during the fourth quarter, HoldingsChannel reports. The firm owned 3,134 shares of the company’s stock after selling 155 shares during the period. Confluence Wealth Services Inc.’s holdings in McKesson were worth $1,872,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Massachusetts Financial Services Co. MA grew its holdings in McKesson by 2.9% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 4,943,520 shares of the company’s stock worth $2,444,175,000 after acquiring an additional 138,685 shares during the period. FMR LLC grew its stake in McKesson by 17.3% during the third quarter. FMR LLC now owns 2,968,239 shares of the company’s stock worth $1,467,557,000 after purchasing an additional 438,423 shares during the period. Geode Capital Management LLC increased its holdings in McKesson by 1.0% in the third quarter. Geode Capital Management LLC now owns 2,653,288 shares of the company’s stock worth $1,306,873,000 after purchasing an additional 26,299 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in McKesson by 55.8% in the third quarter. The Manufacturers Life Insurance Company now owns 1,189,377 shares of the company’s stock valued at $588,048,000 after buying an additional 425,875 shares during the period. Finally, Nordea Investment Management AB boosted its holdings in shares of McKesson by 20.0% during the 4th quarter. Nordea Investment Management AB now owns 975,935 shares of the company’s stock worth $558,606,000 after buying an additional 162,688 shares in the last quarter. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other McKesson news, EVP Leann B. Smith sold 579 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $572.79, for a total value of $331,645.41. Following the transaction, the executive vice president now directly owns 864 shares in the company, valued at $494,890.56. The trade was a 40.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.11% of the company’s stock.

McKesson Price Performance

Shares of MCK stock opened at $603.40 on Wednesday. McKesson Co. has a one year low of $464.42 and a one year high of $637.51. The company has a market cap of $76.59 billion, a P/E ratio of 31.25, a P/E/G ratio of 1.29 and a beta of 0.52. The firm has a 50-day moving average of $590.03 and a 200-day moving average of $562.26.

McKesson (NYSE:MCK) last posted its earnings results on Wednesday, November 6th. The company reported $7.07 EPS for the quarter, topping the consensus estimate of $6.88 by $0.19. The firm had revenue of $93.65 billion for the quarter, compared to analysts’ expectations of $89.33 billion. McKesson had a net margin of 0.77% and a negative return on equity of 207.50%. The company’s quarterly revenue was up 21.3% compared to the same quarter last year. During the same quarter last year, the firm earned $6.23 EPS. As a group, research analysts expect that McKesson Co. will post 32.72 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 3rd will be issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $2.84 dividend on an annualized basis and a yield of 0.47%. McKesson’s dividend payout ratio (DPR) is currently 14.71%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on MCK shares. Evercore ISI boosted their target price on shares of McKesson from $560.00 to $680.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. StockNews.com raised shares of McKesson from a “hold” rating to a “buy” rating in a research report on Wednesday, November 6th. Wells Fargo & Company boosted their target price on McKesson from $535.00 to $641.00 and gave the company an “equal weight” rating in a research report on Friday, December 13th. Mizuho initiated coverage on McKesson in a report on Wednesday, December 4th. They issued a “neutral” rating and a $630.00 price target on the stock. Finally, Baird R W upgraded McKesson from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 7th. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, McKesson presently has a consensus rating of “Moderate Buy” and a consensus price target of $646.14.

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.