McKesson Co. (NYSE:MCK) Shares Sold by Truist Financial Corp

Truist Financial Corp lowered its position in shares of McKesson Co. (NYSE:MCK) by 7.1% during the second quarter, Holdings Channel reports. The fund owned 96,716 shares of the company’s stock after selling 7,358 shares during the quarter. Truist Financial Corp’s holdings in McKesson were worth $56,486,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of MCK. LRI Investments LLC acquired a new stake in McKesson during the first quarter worth approximately $28,000. Register Financial Advisors LLC purchased a new position in McKesson during the first quarter worth approximately $29,000. Richardson Financial Services Inc. purchased a new position in McKesson during the fourth quarter worth approximately $31,000. Rise Advisors LLC purchased a new position in McKesson during the first quarter worth approximately $40,000. Finally, ZRC Wealth Management LLC purchased a new position in McKesson during the first quarter worth approximately $48,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MCK. Barclays increased their price target on shares of McKesson from $596.00 to $616.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. Evercore ISI cut their price target on shares of McKesson from $660.00 to $630.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Baird R W downgraded shares of McKesson from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Robert W. Baird reaffirmed a “neutral” rating and set a $531.00 price target (down previously from $603.00) on shares of McKesson in a research note on Tuesday, September 24th. Finally, Wells Fargo & Company cut their price target on shares of McKesson from $576.00 to $535.00 and set an “equal weight” rating on the stock in a research note on Friday, September 13th. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, McKesson presently has an average rating of “Moderate Buy” and a consensus price target of $613.36.

McKesson Trading Up 0.8 %

MCK opened at $498.48 on Wednesday. The company has a fifty day simple moving average of $547.33 and a 200 day simple moving average of $555.33. The firm has a market cap of $64.77 billion, a price-to-earnings ratio of 22.27, a PEG ratio of 1.18 and a beta of 0.44. McKesson Co. has a twelve month low of $431.35 and a twelve month high of $637.51.

McKesson (NYSE:MCK) last released its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, beating analysts’ consensus estimates of $7.21 by $0.67. The business had revenue of $79.28 billion during the quarter, compared to analyst estimates of $82.53 billion. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The business’s revenue was up 6.4% on a year-over-year basis. During the same period last year, the business earned $7.27 EPS. On average, analysts forecast that McKesson Co. will post 32.07 earnings per share for the current fiscal year.

McKesson Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 2nd were issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 0.57%. This is a positive change from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend was Friday, August 30th. McKesson’s dividend payout ratio (DPR) is presently 12.69%.

Insider Activity at McKesson

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the firm’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $561.10, for a total transaction of $2,105,808.30. Following the completion of the transaction, the chief executive officer now directly owns 78,586 shares of the company’s stock, valued at approximately $44,094,604.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.11% of the company’s stock.

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.