Eastern Bank Invests $258,000 in McKesson Co. (NYSE:MCK)

Eastern Bank bought a new position in McKesson Co. (NYSE:MCK) in the 3rd quarter, Holdings Channel.com reports. The institutional investor bought 521 shares of the company’s stock, valued at approximately $258,000.

Other institutional investors have also recently made changes to their positions in the company. LRI Investments LLC bought a new position in shares of McKesson in the 1st quarter worth approximately $28,000. Register Financial Advisors LLC purchased a new stake in shares of McKesson in the 1st quarter worth approximately $29,000. Wolff Wiese Magana LLC grew its stake in shares of McKesson by 742.9% in the 3rd quarter. Wolff Wiese Magana LLC now owns 59 shares of the company’s stock worth $29,000 after buying an additional 52 shares during the last quarter. ORG Wealth Partners LLC purchased a new stake in shares of McKesson in the 3rd quarter worth approximately $40,000. Finally, Carmichael Hill & Associates Inc. purchased a new stake in shares of McKesson in the 2nd quarter worth approximately $52,000. Institutional investors own 85.07% of the company’s stock.

McKesson Stock Performance

Shares of McKesson stock opened at $504.96 on Friday. McKesson Co. has a one year low of $431.35 and a one year high of $637.51. The stock’s fifty day moving average is $518.29 and its 200 day moving average is $551.37. The stock has a market cap of $65.61 billion, a P/E ratio of 22.56, a P/E/G ratio of 1.17 and a beta of 0.44.

McKesson (NYSE:MCK) last announced its earnings results on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, topping analysts’ consensus estimates of $7.21 by $0.67. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The company had revenue of $79.28 billion for the quarter, compared to analysts’ expectations of $82.53 billion. During the same period last year, the firm earned $7.27 EPS. McKesson’s revenue for the quarter was up 6.4% compared to the same quarter last year. Analysts predict that McKesson Co. will post 32.07 EPS for the current year.

McKesson Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 2nd were issued a $0.71 dividend. This is a boost from McKesson’s previous quarterly dividend of $0.62. This represents a $2.84 dividend on an annualized basis and a yield of 0.56%. The ex-dividend date of this dividend was Friday, August 30th. McKesson’s dividend payout ratio (DPR) is currently 12.69%.

Analyst Ratings Changes

Several research firms recently weighed in on MCK. Deutsche Bank Aktiengesellschaft cut their price target on McKesson from $623.00 to $579.00 and set a “buy” rating on the stock in a research note on Wednesday, September 25th. Robert W. Baird reiterated a “neutral” rating and set a $531.00 target price (down from $603.00) on shares of McKesson in a research note on Tuesday, September 24th. Citigroup cut their target price on McKesson from $670.00 to $630.00 and set a “buy” rating on the stock in a research note on Tuesday, September 10th. StockNews.com downgraded McKesson from a “buy” rating to a “hold” rating in a research note on Friday, September 27th. Finally, Mizuho increased their target price on McKesson from $540.00 to $570.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, McKesson has an average rating of “Moderate Buy” and an average target price of $610.86.

Insider Buying and Selling

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the firm’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $561.10, for a total transaction of $2,105,808.30. Following the sale, the chief executive officer now directly owns 78,586 shares of the company’s stock, valued at $44,094,604.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.11% of the stock is owned by insiders.

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.