Chapin Davis Inc. Reduces Holdings in McKesson Co. (NYSE:MCK)

Chapin Davis Inc. lowered its position in McKesson Co. (NYSE:MCK) by 3.0% during the first quarter, HoldingsChannel reports. The firm owned 1,838 shares of the company’s stock after selling 57 shares during the period. Chapin Davis Inc.’s holdings in McKesson were worth $987,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Intrust Bank NA acquired a new position in McKesson during the fourth quarter worth about $206,000. Raymond James & Associates boosted its holdings in shares of McKesson by 6.1% during the 4th quarter. Raymond James & Associates now owns 153,180 shares of the company’s stock worth $70,919,000 after purchasing an additional 8,784 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of McKesson by 6.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 85,779 shares of the company’s stock valued at $39,714,000 after purchasing an additional 5,425 shares in the last quarter. Heritage Wealth Management LLC acquired a new stake in shares of McKesson in the fourth quarter valued at approximately $1,538,000. Finally, Insight Wealth Strategies LLC purchased a new position in McKesson during the fourth quarter worth approximately $1,813,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on MCK. Barclays upped their target price on McKesson from $571.00 to $596.00 and gave the company an “overweight” rating in a report on Wednesday, May 8th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of McKesson from $547.00 to $545.00 and set a “buy” rating for the company in a research report on Thursday, May 9th. Bank of America raised their price target on shares of McKesson from $590.00 to $670.00 and gave the stock a “buy” rating in a report on Tuesday, June 25th. Wells Fargo & Company increased their price objective on McKesson from $502.00 to $551.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 9th. Finally, Evercore ISI lifted their target price on McKesson from $590.00 to $600.00 and gave the company an “outperform” rating in a research report on Wednesday, May 8th. Two equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $590.47.

Insider Activity

In related news, CFO Britt J. Vitalone sold 12,752 shares of the stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $558.09, for a total transaction of $7,116,763.68. Following the completion of the sale, the chief financial officer now owns 14,028 shares in the company, valued at approximately $7,828,886.52. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other McKesson news, Director Maria Martinez sold 483 shares of the business’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $585.88, for a total value of $282,980.04. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Britt J. Vitalone sold 12,752 shares of the firm’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $558.09, for a total transaction of $7,116,763.68. Following the completion of the sale, the chief financial officer now owns 14,028 shares of the company’s stock, valued at approximately $7,828,886.52. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 25,814 shares of company stock valued at $14,511,649. 0.11% of the stock is currently owned by company insiders.

McKesson Stock Down 1.5 %

MCK stock opened at $584.04 on Monday. The business has a 50 day moving average price of $565.88 and a 200 day moving average price of $525.49. The stock has a market cap of $75.89 billion, a price-to-earnings ratio of 26.10, a PEG ratio of 1.37 and a beta of 0.45. McKesson Co. has a fifty-two week low of $395.30 and a fifty-two week high of $612.17.

McKesson (NYSE:MCK) last issued its earnings results on Tuesday, May 7th. The company reported $6.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.34 by ($0.16). McKesson had a net margin of 0.97% and a negative return on equity of 245.88%. The company had revenue of $76.36 billion during the quarter, compared to analyst estimates of $79.32 billion. During the same quarter in the previous year, the company posted $7.19 EPS. The company’s quarterly revenue was up 10.8% on a year-over-year basis. As a group, sell-side analysts anticipate that McKesson Co. will post 31.54 EPS for the current year.

McKesson Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 3rd will be paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date of this dividend is Monday, June 3rd. McKesson’s dividend payout ratio is currently 11.08%.

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.