Synovus Financial Corp Sells 1,701 Shares of McKesson Co. (NYSE:MCK)

Synovus Financial Corp decreased its holdings in McKesson Co. (NYSE:MCK - Free Report) by 50.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 1,690 shares of the company's stock after selling 1,701 shares during the period. Synovus Financial Corp's holdings in McKesson were worth $965,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of MCK. Millstone Evans Group LLC bought a new position in McKesson in the fourth quarter valued at about $28,000. Synergy Asset Management LLC bought a new stake in shares of McKesson during the 4th quarter valued at approximately $32,000. Crews Bank & Trust bought a new stake in shares of McKesson during the 4th quarter valued at approximately $33,000. Atala Financial Inc acquired a new position in McKesson during the 4th quarter worth approximately $34,000. Finally, Graney & King LLC bought a new position in McKesson in the 4th quarter valued at approximately $38,000. Institutional investors own 85.07% of the company's stock.

McKesson Trading Up 1.9 %

NYSE MCK traded up $13.12 during trading hours on Tuesday, hitting $695.61. 893,252 shares of the company's stock were exchanged, compared to its average volume of 889,208. The firm has a market cap of $87.18 billion, a price-to-earnings ratio of 31.85, a PEG ratio of 1.29 and a beta of 0.49. The stock has a 50-day simple moving average of $655.50 and a 200 day simple moving average of $603.03. McKesson Co. has a 1-year low of $464.42 and a 1-year high of $728.32.

McKesson (NYSE:MCK - Get Free Report) last announced its quarterly earnings data on Wednesday, February 5th. The company reported $8.03 EPS for the quarter, missing the consensus estimate 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, sell-side analysts anticipate that McKesson Co. will post 32.77 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 3rd were paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date of this dividend was Monday, March 3rd. McKesson's dividend payout ratio (DPR) is currently 13.00%.

Analyst Upgrades and Downgrades

MCK has been the subject of several research analyst reports. Wells Fargo & Company upped their price target on shares of McKesson from $641.00 to $691.00 and gave the stock an "equal weight" rating in a report on Friday, March 14th. Bank of America increased their target price on McKesson from $665.00 to $755.00 and gave the company a "buy" rating in a research report on Friday, April 11th. StockNews.com cut McKesson from a "strong-buy" rating to a "buy" rating in a report on Friday, February 14th. Mizuho raised their price objective on shares of McKesson from $630.00 to $690.00 and gave the company a "neutral" rating in a report on Thursday, April 3rd. Finally, Cfra Research lowered shares of McKesson from a "moderate buy" rating to a "hold" rating in a report on Friday, April 4th. Three investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, McKesson presently has an average rating of "Moderate Buy" and a consensus target price of $668.50.

Insiders Place Their Bets

In other news, CEO Brian S. Tyler sold 8,961 shares of McKesson stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $600.66, for a total transaction of $5,382,514.26. Following the completion of the transaction, the chief executive officer now directly owns 69,625 shares in the company, valued at $41,820,952.50. This trade represents a 11.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Leann B. Smith sold 188 shares of the company's stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $609.59, for a total transaction of $114,602.92. Following the completion of the sale, the executive vice president now owns 1,051 shares in the company, valued at $640,679.09. This represents a 15.17 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,110 shares of company stock worth $10,855,706. Corporate insiders own 0.11% of the company's stock.

McKesson Company 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.