OLD National Bancorp IN Sells 128 Shares of McKesson Co. (NYSE:MCK)

OLD National Bancorp IN lowered its stake in shares of McKesson Co. (NYSE:MCK) by 1.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,967 shares of the company’s stock after selling 128 shares during the quarter. OLD National Bancorp IN’s holdings in McKesson were worth $4,653,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. raised its position in shares of McKesson by 1.1% during the first quarter. JPMorgan Chase & Co. now owns 4,362,837 shares of the company’s stock valued at $2,342,190,000 after buying an additional 46,659 shares during the last quarter. Norges Bank acquired a new position in McKesson in the 4th quarter valued at approximately $1,024,140,000. Putnam Investments LLC lifted its position in shares of McKesson by 3.2% in the 4th quarter. Putnam Investments LLC now owns 1,997,963 shares of the company’s stock worth $925,017,000 after acquiring an additional 62,242 shares during the period. Swedbank AB acquired a new stake in shares of McKesson during the 1st quarter worth approximately $669,326,000. Finally, Boston Partners grew its holdings in shares of McKesson by 4.1% during the 1st quarter. Boston Partners now owns 1,183,829 shares of the company’s stock worth $635,763,000 after purchasing an additional 47,140 shares in the last quarter. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Maria Martinez sold 483 shares of the firm’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $585.88, for a total value of $282,980.04. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Brian S. Tyler sold 3,753 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $626.03, for a total transaction of $2,349,490.59. Following the completion of the sale, the chief executive officer now owns 82,339 shares of the company’s stock, valued at $51,546,684.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Maria Martinez sold 483 shares of the company’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $585.88, for a total transaction of $282,980.04. The disclosure for this sale can be found here. Insiders sold a total of 32,714 shares of company stock worth $18,703,160 over the last three months. 0.11% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts recently commented on MCK shares. Mizuho raised their target price on McKesson from $540.00 to $570.00 and gave the stock a “neutral” rating in a research report on Thursday. Bank of America lifted their target price on shares of McKesson from $590.00 to $670.00 and gave the company a “buy” rating in a research report on Tuesday, June 25th. TD Cowen increased their price target on shares of McKesson from $563.00 to $652.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Deutsche Bank Aktiengesellschaft cut their price target on shares of McKesson from $547.00 to $545.00 and set a “buy” rating for the company in a research note on Thursday, May 9th. Finally, Argus upped their price objective on McKesson from $570.00 to $670.00 and gave the company a “buy” rating in a research note on Monday, June 24th. Two analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, McKesson has a consensus rating of “Moderate Buy” and an average price target of $601.47.

McKesson Stock Performance

Shares of NYSE MCK traded down $6.36 during trading on Friday, reaching $541.15. The company had a trading volume of 1,742,142 shares, compared to its average volume of 736,197. McKesson Co. has a 52 week low of $404.72 and a 52 week high of $637.51. The business’s 50 day moving average price is $591.44 and its 200-day moving average price is $550.12. The stock has a market cap of $70.31 billion, a PE ratio of 24.18, a PEG ratio of 1.46 and a beta of 0.45.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, topping the consensus estimate of $7.21 by $0.67. The firm had revenue of $79.28 billion during the quarter, compared to analysts’ expectations of $82.53 billion. McKesson had a net margin of 0.97% and a negative return on equity of 245.88%. McKesson’s revenue was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $7.27 EPS. Equities analysts anticipate that McKesson Co. will post 31.68 earnings per share for the current year.

McKesson Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 2nd will be issued a $0.71 dividend. This is a boost from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Friday, August 30th. This represents a $2.84 annualized dividend and a yield of 0.52%. McKesson’s dividend payout ratio (DPR) is currently 12.69%.

McKesson Company 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.