Bank of Montreal Can Sells 185,192 Shares of McKesson Co. (NYSE:MCK)

Bank of Montreal Can lessened its stake in McKesson Co. (NYSE:MCK) by 28.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 474,204 shares of the company’s stock after selling 185,192 shares during the quarter. Bank of Montreal Can owned approximately 0.36% of McKesson worth $289,478,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the company. Lombard Odier Asset Management Europe Ltd bought a new stake in shares of McKesson in the second quarter valued at $5,256,000. Integral Health Asset Management LLC purchased a new stake in McKesson in the 2nd quarter worth about $11,681,000. Public Sector Pension Investment Board raised its stake in McKesson by 76.1% in the 2nd quarter. Public Sector Pension Investment Board now owns 4,778 shares of the company’s stock valued at $2,791,000 after acquiring an additional 2,064 shares during the period. Beck Capital Management LLC lifted its holdings in McKesson by 1.1% during the second quarter. Beck Capital Management LLC now owns 6,846 shares of the company’s stock valued at $3,998,000 after purchasing an additional 73 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in McKesson by 11.9% during the second quarter. EverSource Wealth Advisors LLC now owns 1,853 shares of the company’s stock worth $1,143,000 after purchasing an additional 197 shares during the period. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Insider Activity

In related news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $626.03, for a total value of $2,349,490.59. Following the completion of the sale, the chief executive officer now owns 82,339 shares in the company, valued at approximately $51,546,684.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last three months, insiders have sold 11,259 shares of company stock worth $6,635,492. 0.11% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Citigroup lowered their price target on shares of McKesson from $670.00 to $630.00 and set a “buy” rating on the stock in a research report on Tuesday, September 10th. Argus increased their target price on McKesson from $570.00 to $670.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Bank of America lifted their price target on McKesson from $590.00 to $670.00 and gave the company a “buy” rating in a research report on Tuesday, June 25th. JPMorgan Chase & Co. increased their price objective on McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Finally, Robert W. Baird reduced their target price on McKesson from $694.00 to $671.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, McKesson has an average rating of “Moderate Buy” and a consensus price target of $620.93.

McKesson Price Performance

Shares of MCK opened at $508.00 on Monday. McKesson Co. has a 1-year low of $431.35 and a 1-year high of $637.51. The company has a market capitalization of $66.01 billion, a P/E ratio of 22.70, a P/E/G ratio of 1.18 and a beta of 0.44. The firm’s 50 day simple moving average is $560.25 and its 200 day simple moving average is $557.24.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, beating the consensus estimate of $7.21 by $0.67. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The firm had revenue of $79.28 billion for the quarter, compared to analysts’ expectations of $82.53 billion. During the same quarter last year, the company posted $7.27 EPS. The business’s quarterly revenue was up 6.4% on a year-over-year basis. On average, equities analysts anticipate that McKesson Co. will post 32.11 earnings per share for the current year.

McKesson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders 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. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date is Friday, August 30th. McKesson’s dividend payout ratio is presently 12.69%.

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.