McKesson Co. (NYSE:MCK) Stock Position Lessened by CIBC Asset Management Inc

CIBC Asset Management Inc trimmed its holdings in shares of McKesson Co. (NYSE:MCK - Free Report) by 8.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 97,537 shares of the company's stock after selling 9,330 shares during the quarter. CIBC Asset Management Inc owned 0.08% of McKesson worth $48,154,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in MCK. LRI Investments LLC purchased a new stake in shares of McKesson in the 1st quarter worth approximately $28,000. Wolff Wiese Magana LLC grew its holdings in McKesson by 742.9% in the third quarter. Wolff Wiese Magana LLC now owns 59 shares of the company's stock worth $29,000 after purchasing an additional 52 shares during the last quarter. ORG Wealth Partners LLC acquired a new position in shares of McKesson during the third quarter worth $40,000. Carmichael Hill & Associates Inc. purchased a new position in McKesson during the 2nd quarter worth $52,000. Finally, Centennial Bank AR purchased a new stake in shares of McKesson during the second quarter worth about $53,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

McKesson Price Performance

Shares of NYSE MCK traded down $3.27 during trading on Friday, hitting $606.89. 510,036 shares of the company were exchanged, compared to its average volume of 822,460. The firm's fifty day moving average price is $517.97 and its 200 day moving average price is $553.80. The company has a market cap of $77.04 billion, a price-to-earnings ratio of 31.65, a PEG ratio of 1.35 and a beta of 0.44. McKesson Co. has a 1 year low of $431.35 and a 1 year high of $637.51.

McKesson (NYSE:MCK - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share for the quarter, beating analysts' consensus estimates of $6.88 by $0.19. The business had revenue of $93.65 billion during the quarter, compared to analysts' expectations of $89.33 billion. McKesson had a negative return on equity of 207.50% and a net margin of 0.77%. The business's revenue for the quarter was up 21.3% on a year-over-year basis. During the same quarter last year, the business posted $6.23 earnings per share. On average, research analysts forecast that McKesson Co. will post 32.81 earnings per share for the current year.

McKesson Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 2nd will be given a dividend of $0.71 per share. The ex-dividend date is Monday, December 2nd. This represents a $2.84 dividend on an annualized basis and a yield of 0.47%. McKesson's dividend payout ratio (DPR) is currently 14.71%.

Insider Buying and Selling

In related news, CEO Brian S. Tyler sold 3,753 shares of the company's stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $561.10, for a total value 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 represents a 4.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.11% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have weighed in on MCK. Evercore ISI boosted their target price on shares of McKesson from $560.00 to $680.00 and gave the stock an "outperform" rating in a research report on Thursday, November 7th. Wells Fargo & Company reduced their target price on McKesson from $576.00 to $535.00 and set an "equal weight" rating for the company in a research note on Friday, September 13th. Barclays boosted their price target on McKesson from $596.00 to $616.00 and gave the company an "overweight" rating in a research note on Thursday, August 8th. Leerink Partners reduced their price objective on McKesson from $665.00 to $630.00 and set an "outperform" rating for the company in a research note on Monday, October 7th. Finally, Citigroup increased their price target on shares of McKesson from $630.00 to $713.00 and gave the stock a "buy" rating in a report on Wednesday. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $631.57.

McKesson 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.