Hanson & Doremus Investment Management Sells 365 Shares of McKesson Co. (NYSE:MCK)

Hanson & Doremus Investment Management cut its position in shares of McKesson Co. (NYSE:MCK) by 10.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,182 shares of the company’s stock after selling 365 shares during the quarter. Hanson & Doremus Investment Management’s holdings in McKesson were worth $2,141,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of MCK. Capital A Wealth Management LLC acquired a new stake in shares of McKesson during the fourth quarter worth $26,000. Millstone Evans Group LLC acquired a new stake in shares of McKesson during the fourth quarter worth $28,000. Atala Financial Inc acquired a new stake in shares of McKesson during the fourth quarter worth $34,000. Graney & King LLC acquired a new stake in shares of McKesson during the fourth quarter worth $38,000. Finally, Creative Capital Management Investments LLC acquired a new stake in shares of McKesson during the fourth quarter worth $44,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other McKesson news, CEO Brian S. Tyler sold 19,370 shares of McKesson stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $705.93, for a total value of $13,673,864.10. Following the sale, the chief executive officer now owns 51,243 shares of the company’s stock, valued at approximately $36,173,970.99. The trade was a 27.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Leann B. Smith sold 341 shares of McKesson stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $717.91, for a total transaction of $244,807.31. Following the completion of the sale, the executive vice president now directly owns 2,800 shares in the company, valued at approximately $2,010,148. This represents a 10.86% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 33,117 shares of company stock valued at $23,526,451. Company insiders own 0.11% of the company’s stock.

McKesson Price Performance

MCK opened at $727.15 on Monday. The company’s 50-day moving average is $703.28 and its 200 day moving average is $644.62. McKesson Co. has a fifty-two week low of $464.42 and a fifty-two week high of $732.99. The firm has a market capitalization of $90.98 billion, a P/E ratio of 33.29, a PEG ratio of 1.29 and a beta of 0.49.

McKesson (NYSE:MCK) last released its quarterly earnings results 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. McKesson had a net margin of 0.82% and a negative return on equity of 181.26%. The company had revenue of $90.82 billion for the quarter, compared to analyst estimates of $94 billion. During the same period last year, the firm earned $6.18 earnings per share. The firm’s revenue was up 18.9% on a year-over-year basis. On average, equities research analysts expect that McKesson Co. will post 32.77 earnings per share for the current year.

McKesson Announces Dividend

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

Wall Street Analyst Weigh In

MCK has been the subject of several recent analyst reports. Bank of America increased their price objective on shares of McKesson from $755.00 to $800.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. UBS Group raised their price target on shares of McKesson from $708.00 to $805.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Cfra Research cut shares of McKesson from a “moderate buy” rating to a “hold” rating in a report on Friday, April 4th. Wall Street Zen cut shares of McKesson from a “strong-buy” rating to a “buy” rating in a report on Saturday. Finally, Wells Fargo & Company set a $766.00 price target on shares of McKesson and gave the stock an “equal weight” rating in a report on Tuesday, June 3rd. Three investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $694.38.

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.