CIBC Private Wealth Group LLC Cuts Stock Position in McKesson Co. (NYSE:MCK)

CIBC Private Wealth Group LLC lowered its holdings in McKesson Co. (NYSE:MCK - Free Report) by 9.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,451 shares of the company's stock after selling 1,052 shares during the period. CIBC Private Wealth Group LLC's holdings in McKesson were worth $6,169,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of McKesson by 20.4% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 554 shares of the company's stock worth $274,000 after purchasing an additional 94 shares during the last quarter. Public Sector Pension Investment Board increased its position in McKesson by 18.8% in the third quarter. Public Sector Pension Investment Board now owns 5,678 shares of the company's stock worth $2,807,000 after buying an additional 900 shares during the last quarter. Erste Asset Management GmbH bought a new stake in shares of McKesson in the third quarter valued at $764,000. Benjamin Edwards Inc. raised its stake in shares of McKesson by 58.9% in the third quarter. Benjamin Edwards Inc. now owns 5,917 shares of the company's stock valued at $2,930,000 after buying an additional 2,194 shares during the period. Finally, Concentric Capital Strategies LP purchased a new position in shares of McKesson during the 3rd quarter valued at $2,158,000. Hedge funds and other institutional investors own 85.07% of the company's stock.

McKesson Stock Up 3.3 %

MCK stock traded up $23.18 during midday trading on Thursday, hitting $716.71. The company's stock had a trading volume of 2,211,539 shares, compared to its average volume of 847,796. The firm has a market capitalization of $89.82 billion, a price-to-earnings ratio of 32.82, a price-to-earnings-growth ratio of 1.29 and a beta of 0.49. The company has a 50 day moving average of $631.55 and a two-hundred day moving average of $583.78. McKesson Co. has a 12 month low of $464.42 and a 12 month high of $733.50.

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McKesson (NYSE:MCK - Get Free Report) last announced its earnings results on Wednesday, February 5th. The company reported $8.03 EPS for the quarter, missing analysts' consensus estimates of $8.60 by ($0.57). McKesson had a negative return on equity of 181.26% and a net margin of 0.82%. On average, analysts anticipate that McKesson Co. will post 32.77 earnings per share for the current fiscal year.

McKesson Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Monday, March 3rd were paid a $0.71 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $2.84 dividend on an annualized basis and a yield of 0.40%. McKesson's dividend payout ratio is currently 13.00%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on MCK shares. Evercore ISI lifted their price objective on McKesson from $650.00 to $675.00 and gave the stock an "outperform" rating in a report on Thursday, February 6th. Citigroup lowered their price target on shares of McKesson from $713.00 to $677.00 and set a "buy" rating on the stock in a research report on Friday, January 10th. Mizuho upped their price target on shares of McKesson from $630.00 to $690.00 and gave the company a "neutral" rating in a research note on Thursday. Bank of America reduced their price objective on shares of McKesson from $680.00 to $650.00 and set a "buy" rating for the company in a research note on Monday, January 6th. Finally, StockNews.com downgraded McKesson from a "strong-buy" rating to a "buy" rating in a research report on Friday, February 14th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $661.00.

Insiders Place Their Bets

In other news, CEO Brian S. Tyler sold 8,961 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $597.99, for a total value of $5,358,588.39. Following the sale, the chief executive officer now owns 60,664 shares in the company, valued at $36,276,465.36. This represents a 12.87 % 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. Also, EVP Leann B. Smith sold 188 shares of the business's stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $609.59, for a total transaction of $114,602.92. Following the transaction, the executive vice president now owns 1,051 shares of the company's stock, valued at $640,679.09. This represents a 15.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,110 shares of company stock worth $10,855,706 in the last ninety days. 0.11% of the stock is owned by company 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.