Hanson & Doremus Investment Management Sells 639 Shares of McKesson Corporation $MCK

Hanson & Doremus Investment Management decreased its stake in McKesson Corporation (NYSE:MCK) by 21.3% during the third quarter, Holdings Channel.com reports. The institutional investor owned 2,356 shares of the company’s stock after selling 639 shares during the quarter. Hanson & Doremus Investment Management’s holdings in McKesson were worth $1,820,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in McKesson by 2.0% in the second quarter. Vanguard Group Inc. now owns 12,072,090 shares of the company’s stock worth $8,846,186,000 after acquiring an additional 232,286 shares in the last quarter. Geode Capital Management LLC lifted its stake in McKesson by 4.1% during the second quarter. Geode Capital Management LLC now owns 2,820,724 shares of the company’s stock worth $2,057,065,000 after purchasing an additional 112,224 shares during the last quarter. Alliancebernstein L.P. lifted its stake in McKesson by 150.4% during the second quarter. Alliancebernstein L.P. now owns 2,268,015 shares of the company’s stock worth $1,661,956,000 after purchasing an additional 1,362,386 shares during the last quarter. Norges Bank purchased a new position in shares of McKesson in the 2nd quarter worth about $1,346,661,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of McKesson by 16.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,284,881 shares of the company’s stock valued at $864,712,000 after purchasing an additional 181,831 shares during the last quarter. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Stock Up 0.9%

Shares of NYSE MCK opened at $825.44 on Wednesday. The company has a market cap of $101.88 billion, a price-to-earnings ratio of 25.69, a PEG ratio of 1.35 and a beta of 0.38. The firm’s fifty day moving average is $828.10 and its 200 day moving average is $753.59. McKesson Corporation has a 52 week low of $565.75 and a 52 week high of $895.58.

McKesson (NYSE:MCK) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $9.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.84 by $1.02. McKesson had a net margin of 1.04% and a negative return on equity of 248.14%. The business had revenue of $103.15 billion for the quarter, compared to analyst estimates of $103.80 billion. During the same quarter last year, the firm earned $7.07 EPS. The company’s revenue was up 10.2% on a year-over-year basis. Equities research analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 1st will be issued a $0.82 dividend. The ex-dividend date is Monday, December 1st. This represents a $3.28 annualized dividend and a yield of 0.4%. McKesson’s dividend payout ratio (DPR) is 10.21%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on MCK shares. Jefferies Financial Group boosted their target price on McKesson from $820.00 to $900.00 and gave the stock a “buy” rating in a research report on Monday, October 13th. JPMorgan Chase & Co. upped their price objective on shares of McKesson from $821.00 to $853.00 and gave the company an “overweight” rating in a research note on Friday, September 26th. Bank of America increased their target price on shares of McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of McKesson in a research note on Wednesday, December 10th. Finally, Weiss Ratings restated a “buy (a-)” rating on shares of McKesson in a research report on Monday. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $892.86.

Insider Buying and Selling at McKesson

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business’s stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $861.63, for a total transaction of $283,476.27. Following the transaction, the chief accounting officer directly owned 328 shares of the company’s stock, valued at approximately $282,614.64. The trade was a 50.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.08% of the company’s stock.

McKesson Company Profile

McKesson Corporation (NYSE: MCK) is a global healthcare services and distribution company that supplies pharmaceuticals, medical-surgical products and health care technology solutions. Founded in 1833 and headquartered in Irving, Texas, McKesson operates across the drug distribution and healthcare services value chain, connecting manufacturers, pharmacies, hospitals and health systems to help manage the movement of medicines and clinical supplies.

The company’s core activities include pharmaceutical wholesale distribution and logistics, specialty pharmacy services, and the provision of medical-surgical supplies to acute and non-acute care providers.