McKesson Co. (NYSE:MCK) Shares Sold by Arden Trust Co

Arden Trust Co lowered its position in McKesson Co. (NYSE:MCK) by 11.8% in the second quarter, Holdings Channel.com reports. The firm owned 434 shares of the company’s stock after selling 58 shares during the quarter. Arden Trust Co’s holdings in McKesson were worth $253,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Sachetta LLC acquired a new position in McKesson during the fourth quarter worth $27,000. LRI Investments LLC acquired a new stake in shares of McKesson during the 1st quarter valued at approximately $28,000. Register Financial Advisors LLC acquired a new stake in shares of McKesson in the 1st quarter worth approximately $29,000. Richardson Financial Services Inc. acquired a new position in McKesson during the fourth quarter worth $31,000. Finally, Newbridge Financial Services Group Inc. boosted its position in McKesson by 333.3% during the first quarter. Newbridge Financial Services Group Inc. now owns 65 shares of the company’s stock worth $35,000 after purchasing an additional 50 shares in the last quarter. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Stock Performance

MCK traded up $3.19 on Wednesday, reaching $617.51. 837,366 shares of the company’s stock were exchanged, compared to its average volume of 707,318. The company has a market cap of $80.24 billion, a price-to-earnings ratio of 27.59, a PEG ratio of 1.46 and a beta of 0.45. McKesson Co. has a twelve month low of $404.72 and a twelve month high of $637.51. The company’s 50 day moving average is $591.09 and its 200-day moving average is $549.29.

McKesson (NYSE:MCK) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $6.18 earnings per share for the quarter, missing analysts’ consensus estimates of $6.34 by ($0.16). The business had revenue of $76.36 billion for the quarter, compared to analysts’ expectations of $79.32 billion. McKesson had a negative return on equity of 245.88% and a net margin of 0.97%. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period last year, the company posted $7.19 earnings per share. Sell-side analysts forecast that McKesson Co. will post 31.68 EPS for the current year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 2nd will be given a dividend of $0.71 per share. The ex-dividend date is Friday, August 30th. This is a positive change from McKesson’s previous quarterly dividend of $0.62. This represents a $2.84 annualized dividend and a yield of 0.46%. McKesson’s payout ratio is 11.08%.

Insider Activity

In other McKesson news, CFO Britt J. Vitalone sold 12,752 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $7,828,886.52. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CFO Britt J. Vitalone sold 12,752 shares of the firm’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 transaction of $7,116,763.68. Following the completion of the sale, the chief financial officer now owns 14,028 shares of the company’s stock, valued at $7,828,886.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Thomas L. Rodgers sold 789 shares of the stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $557.40, for a total transaction of $439,788.60. Following the transaction, the executive vice president now owns 7,909 shares in the company, valued at $4,408,476.60. The disclosure for this sale can be found here. Insiders have sold 33,320 shares of company stock worth $19,041,332 over the last 90 days. Company insiders own 0.11% of the company’s stock.

Analyst Ratings Changes

MCK has been the subject of several research reports. Evercore ISI lifted their price target on McKesson from $600.00 to $660.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 9th. UBS Group increased their target price on McKesson from $620.00 to $630.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Citigroup boosted their price target on McKesson from $620.00 to $670.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Deutsche Bank Aktiengesellschaft reduced their price objective on McKesson from $547.00 to $545.00 and set a “buy” rating on the stock in a research report on Thursday, May 9th. Finally, Argus boosted their target price on shares of McKesson from $570.00 to $670.00 and gave the company a “buy” rating in a research note on Monday, June 24th. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $599.33.

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.