State Street Corp Has $2.91 Billion Stock Holdings in McKesson Co. (NYSE:MCK)

State Street Corp trimmed its holdings in shares of McKesson Co. (NYSE:MCK) by 1.1% in the third quarter, HoldingsChannel reports. The institutional investor owned 5,881,096 shares of the company’s stock after selling 65,928 shares during the period. State Street Corp’s holdings in McKesson were worth $2,911,824,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Gateway Investment Advisers LLC lifted its stake in McKesson by 9.4% in the 2nd quarter. Gateway Investment Advisers LLC now owns 4,687 shares of the company’s stock valued at $2,738,000 after purchasing an additional 403 shares during the last quarter. Cypress Wealth Services LLC acquired a new stake in McKesson in the 2nd quarter valued at about $213,000. Sound Income Strategies LLC lifted its stake in McKesson by 1,215.0% in the 2nd quarter. Sound Income Strategies LLC now owns 263 shares of the company’s stock valued at $154,000 after purchasing an additional 243 shares during the last quarter. Thrive Wealth Management LLC lifted its stake in McKesson by 57.4% in the 2nd quarter. Thrive Wealth Management LLC now owns 1,497 shares of the company’s stock valued at $874,000 after purchasing an additional 546 shares during the last quarter. Finally, IAM Advisory LLC lifted its stake in McKesson by 0.5% in the 2nd quarter. IAM Advisory LLC now owns 3,956 shares of the company’s stock valued at $2,311,000 after purchasing an additional 21 shares during the last quarter. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Wells Fargo & Company cut 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. StockNews.com raised shares of McKesson from a “hold” rating to a “buy” rating in a report on Wednesday, November 6th. Baird R W raised shares of McKesson from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 7th. JPMorgan Chase & Co. increased their price target on shares of McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Finally, Robert W. Baird raised shares of McKesson from a “neutral” rating to an “outperform” rating and increased their price target for the company from $531.00 to $688.00 in a report on Thursday, November 7th. Two equities research 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. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $635.86.

McKesson Trading Down 0.7 %

Shares of MCK opened at $607.67 on Friday. McKesson Co. has a 12 month low of $431.35 and a 12 month high of $637.51. The firm’s 50 day moving average is $552.52 and its 200-day moving average is $561.54. The stock has a market capitalization of $77.14 billion, a PE ratio of 31.47, a P/E/G ratio of 1.34 and a beta of 0.49.

McKesson (NYSE:MCK) last announced 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. McKesson had a net margin of 0.77% and a negative return on equity of 207.50%. The company had revenue of $93.65 billion for the quarter, compared to analysts’ expectations of $89.33 billion. During the same period last year, the firm earned $6.23 earnings per share. The business’s revenue for the quarter was up 21.3% on a year-over-year basis. Equities research analysts predict that McKesson Co. will post 32.73 earnings per share for the current fiscal year.

McKesson Dividend Announcement

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

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.