Mechanics Bank Trust Department Buys 425 Shares of McKesson Co. (NYSE:MCK)

Mechanics Bank Trust Department lifted its stake in shares of McKesson Co. (NYSE:MCK) by 12.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,824 shares of the company’s stock after buying an additional 425 shares during the period. Mechanics Bank Trust Department’s holdings in McKesson were worth $2,233,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Intrust Bank NA purchased a new position in McKesson during the fourth quarter worth about $206,000. Allspring Global Investments Holdings LLC increased its position in shares of McKesson by 6.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 85,779 shares of the company’s stock valued at $39,714,000 after acquiring an additional 5,425 shares during the last quarter. Heritage Wealth Management LLC bought a new stake in McKesson during the fourth quarter worth $1,538,000. Councilmark Asset Management LLC purchased a new position in McKesson in the first quarter worth $5,160,000. Finally, Atlantic Edge Private Wealth Management LLC bought a new position in McKesson in the 4th quarter valued at $2,487,000. Institutional investors own 85.07% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on MCK. Barclays boosted their price target on shares of McKesson from $596.00 to $616.00 and gave the stock an “overweight” rating in a report on Thursday. Mizuho raised 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. 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. Evercore ISI decreased their target price on McKesson from $660.00 to $630.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, Citigroup upped their price target on McKesson from $620.00 to $670.00 and gave the company a “buy” rating in a research report on Friday, July 19th. Two equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, McKesson has an average rating of “Moderate Buy” and a consensus price target of $601.47.

Insider Activity

In related news, CFO Britt J. Vitalone sold 12,752 shares of the company’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $558.09, for a total value of $7,116,763.68. Following the sale, the chief financial officer now directly owns 14,028 shares of the company’s stock, valued at $7,828,886.52. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CFO Britt J. Vitalone sold 12,752 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $558.09, for a total value of $7,116,763.68. Following the completion of the transaction, the chief financial officer now directly owns 14,028 shares in the company, valued at approximately $7,828,886.52. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Thomas L. Rodgers sold 5,232 shares of the stock in a transaction on Friday, May 31st. The shares were sold at an average price of $560.99, for a total value of $2,935,099.68. Following the sale, the executive vice president now directly owns 2,544 shares in the company, valued at $1,427,158.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,714 shares of company stock valued at $18,703,160. Corporate insiders own 0.11% of the company’s stock.

McKesson Trading Down 1.2 %

Shares of MCK traded down $6.36 during mid-day trading on Friday, reaching $541.15. 1,742,142 shares of the stock traded hands, compared to its average volume of 736,197. The firm has a fifty day moving average price of $591.44 and a 200 day moving average price of $551.04. McKesson Co. has a 1 year low of $404.72 and a 1 year high of $637.51. The company has a market cap of $70.31 billion, a price-to-earnings ratio of 24.18, a price-to-earnings-growth ratio of 1.46 and a beta of 0.45.

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

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 2nd will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date is Friday, August 30th. This is an increase from McKesson’s previous quarterly dividend of $0.62. McKesson’s dividend payout ratio is currently 12.69%.

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.