Fulton Bank N.A. Decreases Stock Holdings in McKesson Co. (NYSE:MCK)

Fulton Bank N.A. lessened its holdings in McKesson Co. (NYSE:MCK) by 10.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,678 shares of the company’s stock after selling 772 shares during the quarter. Fulton Bank N.A.’s holdings in McKesson were worth $4,494,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of MCK. Capital A Wealth Management LLC acquired a new position in shares of McKesson during the 4th quarter worth about $26,000. Millstone Evans Group LLC acquired a new position in McKesson in the fourth quarter valued at approximately $28,000. Atala Financial Inc purchased a new position in McKesson in the fourth quarter valued at approximately $34,000. Graney & King LLC acquired a new stake in McKesson during the fourth quarter worth approximately $38,000. Finally, Creative Capital Management Investments LLC purchased a new stake in shares of McKesson during the 4th quarter worth approximately $44,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

McKesson Trading Up 0.2%

Shares of MCK stock opened at $721.27 on Tuesday. McKesson Co. has a twelve month low of $464.42 and a twelve month high of $731.00. The business’s 50 day moving average is $696.36 and its two-hundred day moving average is $638.76. The company has a market capitalization of $90.24 billion, a P/E ratio of 33.03, a price-to-earnings-growth ratio of 1.29 and a beta of 0.53.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Thursday, May 8th. The company reported $10.12 earnings per share for the quarter, beating analysts’ consensus estimates of $9.83 by $0.29. The firm had revenue of $90.82 billion for the quarter, compared to analyst estimates of $94 billion. McKesson had a net margin of 0.82% and a negative return on equity of 181.26%. McKesson’s quarterly revenue was up 18.9% on a year-over-year basis. During the same period last year, the firm posted $6.18 EPS. As a group, equities analysts predict that McKesson Co. will post 32.77 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd will be paid a dividend of $0.71 per share. The ex-dividend date is Monday, June 2nd. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.39%. McKesson’s dividend payout ratio (DPR) is 10.99%.

Insider Buying and Selling

In related news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of McKesson stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $726.51, for a total value of $394,494.93. Following the sale, the chief accounting officer now directly owns 1,972 shares in the company, valued at $1,432,677.72. The trade was a 21.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Thomas L. Rodgers sold 2,891 shares of the stock in a transaction on Friday, May 30th. The stock was sold at an average price of $712.18, for a total value of $2,058,912.38. Following the completion of the transaction, the executive vice president now owns 2,544 shares of the company’s stock, valued at $1,811,785.92. The trade was a 53.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold 13,747 shares of company stock valued at $9,852,587 over the last ninety days. Corporate insiders own 0.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MCK. UBS Group increased their target price on shares of McKesson from $708.00 to $805.00 and gave the company a “buy” rating in a research report on Tuesday, April 29th. Morgan Stanley upped their price objective on shares of McKesson from $642.00 to $745.00 and gave the company an “overweight” rating in a research note on Wednesday, April 2nd. Evercore ISI lifted their target price on McKesson from $650.00 to $675.00 and gave the stock an “outperform” rating in a research report on Thursday, February 6th. Wall Street Zen raised McKesson from a “buy” rating to a “strong-buy” rating in a report on Friday. Finally, Cfra Research downgraded McKesson from a “moderate buy” rating to a “hold” rating in a research note on Friday, April 4th. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $686.69.

McKesson Company 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.