Bremer Bank National Association Sells 708 Shares of McKesson Co. (NYSE:MCK)

Bremer Bank National Association cut its position in McKesson Co. (NYSE:MCK) by 5.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,992 shares of the company’s stock after selling 708 shares during the quarter. McKesson comprises about 1.4% of Bremer Bank National Association’s holdings, making the stock its 20th largest position. Bremer Bank National Association’s holdings in McKesson were worth $7,004,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Sachetta LLC bought a new stake in McKesson in the 4th quarter valued at about $27,000. LRI Investments LLC purchased a new position in McKesson in the 1st quarter valued at approximately $28,000. Register Financial Advisors LLC bought a new stake in McKesson during the 1st quarter valued at $29,000. Richardson Financial Services Inc. purchased a new stake in shares of McKesson during the fourth quarter worth $31,000. Finally, Newbridge Financial Services Group Inc. grew its position in shares of McKesson by 333.3% in the first quarter. Newbridge Financial Services Group Inc. now owns 65 shares of the company’s stock valued at $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.

Analyst Upgrades and Downgrades

Several research analysts have commented on MCK shares. Wells Fargo & Company raised their target price on McKesson from $502.00 to $551.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 9th. Bank of America raised their price objective on shares of McKesson from $590.00 to $670.00 and gave the company a “buy” rating in a research report on Tuesday, June 25th. TD Cowen boosted their price objective on shares of McKesson from $563.00 to $652.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Robert W. Baird lowered their target price on shares of McKesson from $694.00 to $671.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Finally, Evercore ISI reduced their price target on shares of McKesson from $660.00 to $630.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $609.79.

McKesson Trading Up 0.2 %

Shares of MCK traded up $1.08 during midday trading on Wednesday, reaching $552.83. The stock had a trading volume of 756,971 shares, compared to its average volume of 740,537. The company has a market capitalization of $71.83 billion, a price-to-earnings ratio of 24.65, a price-to-earnings-growth ratio of 1.46 and a beta of 0.45. The company’s 50-day moving average is $590.56 and its 200 day moving average is $551.96. McKesson Co. has a 12-month low of $404.72 and a 12-month high of $637.51.

McKesson (NYSE:MCK) last issued its earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.21 by $0.67. McKesson had a negative return on equity of 245.88% and a net margin of 0.97%. The business had revenue of $79.28 billion during the quarter, compared to analyst estimates of $82.53 billion. During the same quarter in the prior year, the firm earned $7.27 earnings per share. McKesson’s revenue for the quarter was up 6.4% on a year-over-year basis. Research analysts forecast that McKesson Co. will post 31.68 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. Investors of record on Monday, September 2nd will be issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $2.84 annualized dividend and a dividend yield of 0.51%. This is a positive change from McKesson’s previous quarterly dividend of $0.62. McKesson’s dividend payout ratio (DPR) is currently 12.69%.

Insider Buying and Selling

In other news, CFO Britt J. Vitalone sold 894 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $557.40, for a total transaction of $498,315.60. Following the transaction, the chief financial officer now directly owns 16,455 shares of the company’s stock, valued at $9,172,017. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other McKesson news, CFO Britt J. Vitalone sold 894 shares of McKesson stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $557.40, for a total value of $498,315.60. Following the transaction, the chief financial officer now directly owns 16,455 shares of the company’s stock, valued at approximately $9,172,017. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian S. Tyler sold 3,753 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $626.03, for a total value of $2,349,490.59. Following the sale, the chief executive officer now directly owns 82,339 shares of the company’s stock, valued at approximately $51,546,684.17. The disclosure for this sale can be found here. Insiders have sold a total of 32,713 shares of company stock worth $18,702,605 in the last 90 days. 0.11% of the stock is owned by company insiders.

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.