McKesson Co. (NYSE:MCK) Shares Sold by CIBC Asset Management Inc

CIBC Asset Management Inc cut its holdings in shares of McKesson Co. (NYSE:MCK) by 8.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 97,537 shares of the company’s stock after selling 9,330 shares during the period. CIBC Asset Management Inc owned about 0.08% of McKesson worth $48,154,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Headlands Technologies LLC purchased a new position in McKesson during the first quarter valued at approximately $67,000. Kingsview Wealth Management LLC boosted its holdings in McKesson by 78.9% during the first quarter. Kingsview Wealth Management LLC now owns 1,526 shares of the company’s stock worth $819,000 after buying an additional 673 shares in the last quarter. HBK Sorce Advisory LLC grew its position in McKesson by 3.0% during the first quarter. HBK Sorce Advisory LLC now owns 1,268 shares of the company’s stock valued at $681,000 after buying an additional 37 shares during the period. Councilmark Asset Management LLC purchased a new position in McKesson in the first quarter valued at $5,160,000. Finally, JPMorgan Chase & Co. raised its position in shares of McKesson by 1.1% in the first quarter. JPMorgan Chase & Co. now owns 4,362,837 shares of the company’s stock worth $2,342,190,000 after acquiring an additional 46,659 shares during the period. 85.07% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $561.10, for a total value of $2,105,808.30. Following the transaction, the chief executive officer now directly owns 78,586 shares in the company, valued at approximately $44,094,604.60. This represents a 4.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.11% of the company’s stock.

McKesson Stock Performance

NYSE:MCK opened at $610.03 on Friday. McKesson Co. has a one year low of $431.35 and a one year high of $637.51. The stock has a market cap of $77.44 billion, a PE ratio of 31.59, a P/E/G ratio of 1.35 and a beta of 0.44. The stock has a 50 day moving average price of $516.06 and a 200 day moving average price of $553.41.

McKesson (NYSE:MCK) last issued its earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.88 by $0.19. The business had revenue of $93.65 billion during the quarter, compared to the consensus estimate of $89.33 billion. McKesson had a negative return on equity of 207.50% and a net margin of 0.77%. The company’s revenue for the quarter was up 21.3% on a year-over-year basis. During the same period last year, the company earned $6.23 EPS. As a group, analysts predict that McKesson Co. will post 32.81 earnings per share for the current fiscal year.

McKesson Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be issued a $0.71 dividend. The ex-dividend date is Monday, December 2nd. This represents a $2.84 annualized dividend and a yield of 0.47%. McKesson’s payout ratio is 14.71%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on MCK shares. Robert W. Baird upgraded McKesson from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $531.00 to $688.00 in a research note on Thursday, November 7th. Evercore ISI upped their target price on McKesson from $560.00 to $680.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. lifted their price target on shares of McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Citigroup upped their price objective on shares of McKesson from $630.00 to $713.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Mizuho lifted their target price on shares of McKesson from $540.00 to $570.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $631.57.

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.