McKesson Co. (NYSE:MCK) Shares Sold by MidWestOne Financial Group Inc.

MidWestOne Financial Group Inc. lessened its holdings in shares of McKesson Co. (NYSE:MCK) by 4.3% in the second quarter, HoldingsChannel reports. The fund owned 6,655 shares of the company’s stock after selling 297 shares during the period. McKesson makes up about 0.7% of MidWestOne Financial Group Inc.’s portfolio, making the stock its 28th largest holding. MidWestOne Financial Group Inc.’s holdings in McKesson were worth $3,887,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. JPMorgan Chase & Co. lifted its position in McKesson by 1.1% in the first quarter. JPMorgan Chase & Co. now owns 4,362,837 shares of the company’s stock worth $2,342,190,000 after purchasing an additional 46,659 shares during the period. Putnam Investments LLC raised its stake in shares of McKesson by 3.2% in the 4th 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. Legal & General Group Plc lifted its holdings in shares of McKesson by 2.9% in the second quarter. Legal & General Group Plc now owns 1,297,620 shares of the company’s stock valued at $757,862,000 after buying an additional 36,583 shares during the period. Swedbank AB bought a new position in McKesson during the first quarter valued at about $669,326,000. Finally, Boston Partners grew its holdings in McKesson by 4.1% during the first 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. Institutional investors own 85.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on MCK shares. StockNews.com lowered shares of McKesson from a “buy” rating to a “hold” rating in a research report on Friday. Robert W. Baird restated a “neutral” rating and set a $531.00 target price (down from $603.00) on shares of McKesson in a report on Tuesday. Argus upped their price target on McKesson from $570.00 to $670.00 and gave the company a “buy” rating in a report on Monday, June 24th. JPMorgan Chase & Co. upped their target price on McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Finally, Mizuho lifted their price target on McKesson from $540.00 to $570.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Five analysts have rated the stock with a hold rating and twelve have assigned 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.

Insiders Place Their Bets

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $626.03, for a total transaction of $2,349,490.59. Following the transaction, the chief executive officer now directly owns 82,339 shares of the company’s stock, valued at $51,546,684.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold 11,259 shares of company stock valued at $6,635,492 over the last three months. 0.11% of the stock is currently owned by insiders.

McKesson Trading Up 1.9 %

Shares of NYSE:MCK opened at $488.35 on Friday. McKesson Co. has a 1 year low of $431.35 and a 1 year high of $637.51. The business has a fifty day simple moving average of $550.84 and a 200 day simple moving average of $555.40. The firm has a market cap of $63.45 billion, a price-to-earnings ratio of 21.82, a P/E/G ratio of 1.18 and a beta of 0.44.

McKesson (NYSE:MCK) last announced 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. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The business had revenue of $79.28 billion during the quarter, compared to analyst estimates of $82.53 billion. During the same period last year, the company earned $7.27 earnings per share. McKesson’s quarterly revenue was up 6.4% compared to the same quarter last year. On average, sell-side analysts forecast that McKesson Co. will post 32.07 EPS for the current year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 2nd will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 0.58%. This is an increase from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date is Friday, August 30th. McKesson’s dividend payout ratio is presently 12.69%.

About McKesson

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.