Bank of Montreal Can Sells 185,192 Shares of McKesson Co. (NYSE:MCK)

Bank of Montreal Can cut its stake in shares of McKesson Co. (NYSE:MCK) by 28.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 474,204 shares of the company’s stock after selling 185,192 shares during the quarter. Bank of Montreal Can’s holdings in McKesson were worth $289,478,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Swedbank AB bought a new position in shares of McKesson in the first quarter worth approximately $669,326,000. TD Asset Management Inc grew its holdings in McKesson by 202.8% in the 4th quarter. TD Asset Management Inc now owns 602,138 shares of the company’s stock worth $278,778,000 after acquiring an additional 403,312 shares during the last quarter. Bessemer Group Inc. increased its position in shares of McKesson by 3,621.7% in the first quarter. Bessemer Group Inc. now owns 349,395 shares of the company’s stock valued at $187,572,000 after acquiring an additional 340,007 shares during the period. Bristol Gate Capital Partners Inc. purchased a new stake in shares of McKesson during the first quarter worth about $97,510,000. Finally, Third Point LLC bought a new stake in shares of McKesson in the fourth quarter worth about $76,392,000. 85.07% of the stock is currently owned by institutional investors.

McKesson Stock Down 0.0 %

Shares of MCK opened at $508.00 on Monday. The stock has a market cap of $66.01 billion, a P/E ratio of 22.70, a P/E/G ratio of 1.18 and a beta of 0.44. The business’s 50 day moving average price is $560.25 and its 200-day moving average price is $557.24. McKesson Co. has a 52 week low of $431.35 and a 52 week high of $637.51.

McKesson (NYSE:MCK) last released its earnings results on Wednesday, August 7th. The company reported $7.88 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 for the quarter, compared to the consensus estimate of $82.53 billion. During the same period in the previous year, the company posted $7.27 earnings per share. The company’s revenue for the quarter was up 6.4% compared to the same quarter last year. On average, equities analysts anticipate 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 paid a dividend of $0.71 per share. This is a positive change 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 is Friday, August 30th. McKesson’s dividend payout ratio (DPR) is currently 12.69%.

Insiders Place Their Bets

In other news, CEO Brian S. Tyler sold 3,753 shares of the 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 sale, the chief executive officer now owns 78,586 shares in the company, valued at $44,094,604.60. The transaction was disclosed in a filing with the SEC, which is available at this link. Over the last ninety days, insiders sold 11,259 shares of company stock valued at $6,635,492. Insiders own 0.11% of the company’s stock.

Wall Street Analysts Forecast Growth

MCK has been the subject of several research analyst reports. Bank of America increased their price objective on McKesson from $590.00 to $670.00 and gave the stock a “buy” rating in a report on Tuesday, June 25th. JPMorgan Chase & Co. boosted their price objective on shares of McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. StockNews.com cut shares of McKesson from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 9th. Citigroup cut their target price on shares of McKesson from $670.00 to $630.00 and set a “buy” rating on the stock in a research note on Tuesday, September 10th. Finally, Mizuho raised their price objective on shares of McKesson from $540.00 to $570.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $620.93.

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.