Citizens Financial Group Inc. RI Has $1.09 Million Stock Position in McKesson Co. (NYSE:MCK)

Citizens Financial Group Inc. RI grew its holdings in McKesson Co. (NYSE:MCK) by 88.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,858 shares of the company’s stock after acquiring an additional 873 shares during the quarter. Citizens Financial Group Inc. RI’s holdings in McKesson were worth $1,086,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. boosted its holdings in McKesson by 1.1% in the 1st quarter. JPMorgan Chase & Co. now owns 4,362,837 shares of the company’s stock valued at $2,342,190,000 after purchasing an additional 46,659 shares during the period. Putnam Investments LLC grew its position in McKesson by 3.2% during the fourth quarter. Putnam Investments LLC now owns 1,997,963 shares of the company’s stock worth $925,017,000 after buying an additional 62,242 shares in the last quarter. Swedbank AB acquired a new position in McKesson in the 1st quarter valued at approximately $669,326,000. Boston Partners lifted its position in shares of McKesson by 4.1% in the 1st quarter. Boston Partners now owns 1,183,829 shares of the company’s stock worth $635,763,000 after acquiring an additional 47,140 shares during the period. Finally, WCM Investment Management LLC grew its holdings in shares of McKesson by 2.3% during the 1st quarter. WCM Investment Management LLC now owns 1,118,029 shares of the company’s stock worth $600,214,000 after purchasing an additional 24,840 shares in the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.

McKesson Trading Down 1.1 %

MCK opened at $513.91 on Wednesday. McKesson Co. has a 1-year low of $422.15 and a 1-year high of $637.51. The stock has a market capitalization of $66.64 billion, a PE ratio of 22.96, a PEG ratio of 1.18 and a beta of 0.44. The firm has a 50-day moving average price of $564.48 and a two-hundred day moving average price of $557.67.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $7.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.21 by $0.67. The firm had revenue of $79.28 billion for the quarter, compared to the consensus estimate of $82.53 billion. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The business’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $7.27 EPS. On average, research analysts predict that McKesson Co. will post 32.11 EPS for the current year.

McKesson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 2nd will be issued a dividend of $0.71 per share. This is a boost from McKesson’s previous quarterly dividend of $0.62. This represents a $2.84 annualized dividend and a yield of 0.55%. The ex-dividend date is Friday, August 30th. McKesson’s payout ratio is currently 12.69%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Leerink Partners reduced their target price on McKesson from $670.00 to $665.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th. Wells Fargo & Company decreased their target price on shares of McKesson from $576.00 to $535.00 and set an “equal weight” rating on the stock in a research report on Friday, September 13th. Argus increased their price target on shares of McKesson from $570.00 to $670.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Bank of America lifted their price objective on McKesson from $590.00 to $670.00 and gave the company a “buy” rating in a report on Tuesday, June 25th. Finally, Evercore ISI dropped their target price on McKesson from $660.00 to $630.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.93.

Insider Activity

In related news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 78,586 shares of the company’s stock, valued at $44,094,604.60. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In the last quarter, insiders have sold 11,259 shares of company stock valued at $6,635,492. 0.11% of the stock is currently owned by insiders.

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.