McKesson Corporation $MCK Shares Sold by Amalgamated Bank

Amalgamated Bank lessened its stake in McKesson Corporation (NYSE:MCK) by 3.9% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 28,850 shares of the company’s stock after selling 1,156 shares during the period. Amalgamated Bank’s holdings in McKesson were worth $21,141,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. Acadian Asset Management LLC boosted its stake in shares of McKesson by 22.0% during the first quarter. Acadian Asset Management LLC now owns 378,926 shares of the company’s stock worth $254,979,000 after buying an additional 68,294 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in McKesson in the first quarter valued at about $289,000. Archford Capital Strategies LLC increased its holdings in McKesson by 151.8% in the second quarter. Archford Capital Strategies LLC now owns 2,276 shares of the company’s stock valued at $1,668,000 after buying an additional 1,372 shares in the last quarter. LPL Financial LLC increased its holdings in McKesson by 12.8% in the first quarter. LPL Financial LLC now owns 155,946 shares of the company’s stock valued at $104,950,000 after buying an additional 17,750 shares in the last quarter. Finally, Focus Partners Wealth increased its stake in shares of McKesson by 3.3% during the 1st quarter. Focus Partners Wealth now owns 71,558 shares of the company’s stock worth $48,159,000 after purchasing an additional 2,283 shares in the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.

McKesson Stock Performance

Shares of McKesson stock opened at $808.02 on Thursday. The firm has a market cap of $100.50 billion, a PE ratio of 32.22, a price-to-earnings-growth ratio of 1.45 and a beta of 0.52. McKesson Corporation has a 1 year low of $492.39 and a 1 year high of $812.69. The firm’s 50-day simple moving average is $736.50 and its 200-day simple moving average is $717.23.

McKesson (NYSE:MCK) last released its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 earnings per share for the quarter, missing the consensus estimate of $8.33 by ($0.07). The business had revenue of $97.83 billion for the quarter, compared to analyst estimates of $95.93 billion. McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.McKesson’s revenue was up 23.4% compared to the same quarter last year. During the same quarter last year, the company earned $7.88 EPS. On average, equities analysts predict that McKesson Corporation will post 32.77 earnings per share for the current year.

Analyst Upgrades and Downgrades

MCK has been the subject of a number of recent research reports. Leerink Partners raised their price objective on shares of McKesson from $785.00 to $850.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 24th. Morgan Stanley boosted their price objective on shares of McKesson from $810.00 to $857.00 and gave the company an “overweight” rating in a research note on Wednesday, September 24th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of McKesson in a research report on Wednesday, October 8th. Evercore ISI upped their price target on shares of McKesson from $800.00 to $825.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 24th. Finally, Wall Street Zen raised shares of McKesson from a “hold” rating to a “buy” rating in a research report on Sunday, September 28th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, McKesson currently has a consensus rating of “Moderate Buy” and a consensus price target of $839.15.

Insider Activity

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $663.67, for a total value of $218,347.43. Following the completion of the transaction, the chief accounting officer owned 657 shares in the company, valued at approximately $436,031.19. This represents a 33.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Brian S. Tyler sold 11,930 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the completion of the transaction, the chief executive officer owned 4,012 shares of the company’s stock, valued at $2,830,987.56. This trade represents a 74.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 24,189 shares of company stock valued at $16,722,190. 0.08% of the stock is owned by insiders.

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.