Amalgamated Bank Sells 785 Shares of McKesson Co. (NYSE:MCK)

Amalgamated Bank cut its stake in shares of McKesson Co. (NYSE:MCK) by 2.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 27,131 shares of the company’s stock after selling 785 shares during the period. Amalgamated Bank’s holdings in McKesson were worth $15,846,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Wealthspire Advisors LLC lifted its stake in McKesson by 8.9% in the 2nd quarter. Wealthspire Advisors LLC now owns 1,623 shares of the company’s stock worth $948,000 after purchasing an additional 133 shares in the last quarter. Councilmark Asset Management LLC purchased a new stake in shares of McKesson in the first quarter worth $5,160,000. Vaughan David Investments LLC IL bought a new stake in McKesson during the second quarter valued at $238,000. Treasurer of the State of North Carolina grew its position in McKesson by 6.5% during the fourth quarter. Treasurer of the State of North Carolina now owns 65,266 shares of the company’s stock worth $30,217,000 after buying an additional 3,982 shares in the last quarter. Finally, BDF Gestion bought a new position in McKesson in the 2nd quarter worth about $3,504,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

McKesson Stock Down 0.4 %

Shares of MCK opened at $511.62 on Thursday. The stock has a market capitalization of $66.48 billion, a P/E ratio of 22.86, a PEG ratio of 1.18 and a beta of 0.44. McKesson Co. has a twelve month low of $428.50 and a twelve month high of $637.51. The firm has a fifty day simple moving average of $562.98 and a two-hundred day simple moving average of $557.34.

McKesson (NYSE:MCK) last posted its earnings results 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 0.94% and a negative return on equity of 242.57%. The company had revenue of $79.28 billion during the quarter, compared to analyst estimates of $82.53 billion. During the same period in the prior year, the business posted $7.27 earnings per share. McKesson’s revenue for the quarter was up 6.4% on a year-over-year basis. Sell-side analysts expect that McKesson Co. will post 32.11 EPS for the current fiscal year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, August 30th. This is a boost from McKesson’s previous quarterly dividend of $0.62. This represents a $2.84 annualized dividend and a dividend yield of 0.56%. McKesson’s payout ratio is 12.69%.

Insider Activity at McKesson

In related news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $561.10, for a total value of $2,105,808.30. Following the sale, the chief executive officer now owns 78,586 shares in the company, valued at $44,094,604.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 11,259 shares of company stock worth $6,635,492 over the last quarter. 0.11% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on MCK shares. JPMorgan Chase & Co. lifted their price target on McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Wells Fargo & Company dropped 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 report on Friday, September 13th. Leerink Partners decreased their price target on shares of McKesson from $670.00 to $665.00 and set an “outperform” rating on the stock in a report on Thursday, September 5th. Argus lifted their price objective on shares of McKesson from $570.00 to $670.00 and gave the stock a “buy” rating in a report on Monday, June 24th. Finally, Robert W. Baird reduced their target price on McKesson from $694.00 to $671.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $620.93.

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.