OVERSEA CHINESE BANKING Corp Ltd Cuts Stake in McKesson Co. (NYSE:MCK)

OVERSEA CHINESE BANKING Corp Ltd lessened its holdings in McKesson Co. (NYSE:MCK - Free Report) by 39.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,888 shares of the company's stock after selling 1,868 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in McKesson were worth $1,421,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. LRI Investments LLC bought a new position in McKesson during the 1st quarter valued at approximately $28,000. Wolff Wiese Magana LLC increased its holdings in shares of McKesson by 742.9% during the third quarter. Wolff Wiese Magana LLC now owns 59 shares of the company's stock valued at $29,000 after acquiring an additional 52 shares in the last quarter. ORG Wealth Partners LLC purchased a new position in shares of McKesson in the 3rd quarter worth about $40,000. Carmichael Hill & Associates Inc. bought a new position in McKesson in the 2nd quarter worth about $52,000. Finally, Centennial Bank AR purchased a new stake in McKesson during the 2nd quarter valued at about $53,000. Institutional investors own 85.07% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Wells Fargo & Company dropped their target price on shares of McKesson from $576.00 to $535.00 and set an "equal weight" rating on the stock in a research note on Friday, September 13th. Robert W. Baird raised McKesson from a "neutral" rating to an "outperform" rating and upped their price objective for the company from $531.00 to $688.00 in a research report on Thursday, November 7th. JPMorgan Chase & Co. lifted their target price on McKesson from $656.00 to $661.00 and gave the stock an "overweight" rating in a report on Wednesday, August 21st. StockNews.com raised McKesson from a "hold" rating to a "buy" rating in a report on Wednesday, November 6th. Finally, Leerink Partners reduced their price objective on McKesson from $665.00 to $630.00 and set an "outperform" rating for the company in a report on Monday, October 7th. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $631.57.

McKesson Trading Up 1.1 %

MCK stock traded up $6.95 during midday trading on Wednesday, reaching $624.61. 636,008 shares of the company's stock traded hands, compared to its average volume of 824,294. McKesson Co. has a 52-week low of $431.35 and a 52-week high of $637.51. The stock has a market cap of $79.29 billion, a P/E ratio of 32.47, a PEG ratio of 1.33 and a beta of 0.44. The stock's 50-day moving average is $515.00 and its 200 day moving average is $552.91.

McKesson (NYSE:MCK - Get Free Report) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $7.07 EPS for the quarter, topping the consensus estimate of $6.88 by $0.19. McKesson had a negative return on equity of 207.50% and a net margin of 0.77%. The firm had revenue of $93.65 billion during the quarter, compared to analyst estimates of $89.33 billion. During the same period in the prior year, the business posted $6.23 EPS. McKesson's revenue was up 21.3% on a year-over-year basis. As a group, research analysts expect that McKesson Co. will post 32.81 EPS for the current fiscal year.

McKesson Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 2nd will be paid 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 dividend yield of 0.45%. McKesson's dividend payout ratio (DPR) is presently 14.71%.

Insider Buying and Selling

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of McKesson 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 transaction, the chief executive officer now owns 78,586 shares of the company's stock, valued at $44,094,604.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.11% of the stock is currently owned by insiders.

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.