Cadence Bank Cuts Stock Holdings in McKesson Co. (NYSE:MCK)

Cadence Bank decreased its position in shares of McKesson Co. (NYSE:MCK) by 0.7% in the third quarter, HoldingsChannel reports. The firm owned 4,971 shares of the company’s stock after selling 34 shares during the quarter. Cadence Bank’s holdings in McKesson were worth $2,458,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. LRI Investments LLC purchased a new position in shares of McKesson in the 1st quarter worth $28,000. Wolff Wiese Magana LLC raised its stake in shares of McKesson by 742.9% in the third quarter. Wolff Wiese Magana LLC now owns 59 shares of the company’s stock valued at $29,000 after acquiring an additional 52 shares during the period. MidAtlantic Capital Management Inc. bought a new stake in McKesson in the third quarter worth about $29,000. ORG Wealth Partners LLC bought a new position in shares of McKesson during the third quarter valued at approximately $40,000. Finally, Carmichael Hill & Associates Inc. purchased a new stake in McKesson in the second quarter worth $52,000. Institutional investors own 85.07% of the company’s stock.

McKesson Stock Up 1.3 %

MCK stock opened at $625.00 on Wednesday. McKesson Co. has a 52-week low of $431.35 and a 52-week high of $637.51. The company’s 50-day simple moving average is $535.14 and its 200-day simple moving average is $558.45. The firm has a market cap of $79.34 billion, a P/E ratio of 32.37, a PEG ratio of 1.33 and a beta of 0.44.

McKesson (NYSE:MCK) last announced its earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.88 by $0.19. McKesson had a net margin of 0.77% and a negative return on equity of 207.50%. The business had revenue of $93.65 billion for the quarter, compared to analyst estimates of $89.33 billion. During the same quarter last year, the business earned $6.23 earnings per share. The company’s revenue for the quarter was up 21.3% compared to the same quarter last year. On average, analysts anticipate that McKesson Co. will post 32.78 earnings per share for the current fiscal year.

McKesson Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date is Monday, December 2nd. McKesson’s dividend payout ratio (DPR) is 14.71%.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. StockNews.com upgraded shares of McKesson from a “hold” rating to a “buy” rating in a research note on Wednesday, November 6th. Barclays lifted their price target on McKesson from $596.00 to $616.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Citigroup increased their price objective on McKesson from $630.00 to $713.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Wells Fargo & Company lowered their target price on shares of McKesson from $576.00 to $535.00 and set an “equal weight” rating for the company in a research note on Friday, September 13th. Finally, Mizuho boosted their price objective on shares of McKesson from $540.00 to $570.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, McKesson currently has an average rating of “Moderate Buy” and an average target price of $631.57.

Insiders Place Their Bets

In related news, CEO Brian S. Tyler sold 3,753 shares of the firm’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $561.10, for a total transaction of $2,105,808.30. Following the completion of the sale, the chief executive officer now directly owns 78,586 shares in the company, valued at approximately $44,094,604.60. This trade represents a 4.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.11% of the stock is currently owned by corporate insiders.

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.