Synovus Financial Corp Decreases Stake in McKesson Co. (NYSE:MCK)

Synovus Financial Corp decreased its holdings in McKesson Co. (NYSE:MCK) by 50.2% during the 4th quarter, according to its most recent disclosure with the SEC. The firm 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 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Geode Capital Management LLC raised its stake in shares of McKesson by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 2,663,303 shares of the company’s stock valued at $1,513,195,000 after acquiring an additional 10,015 shares during the period. Franklin Resources Inc. raised its position in McKesson by 4.6% in the fourth quarter. Franklin Resources Inc. now owns 2,620,948 shares of the company’s stock valued at $1,493,704,000 after purchasing an additional 114,396 shares during the period. Norges Bank acquired a new position in shares of McKesson during the fourth quarter worth about $1,200,361,000. Boston Partners boosted its position in shares of McKesson by 24.6% in the fourth quarter. Boston Partners now owns 1,096,301 shares of the company’s stock worth $625,501,000 after buying an additional 216,432 shares during the period. Finally, Nordea Investment Management AB grew its stake in shares of McKesson by 20.0% in the fourth quarter. Nordea Investment Management AB now owns 975,935 shares of the company’s stock valued at $558,606,000 after buying an additional 162,688 shares in the last quarter. 85.07% of the stock is owned by institutional investors and hedge funds.

Insider Activity

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

Analyst Upgrades and Downgrades

Several research firms recently commented on MCK. Evercore ISI boosted their price target on McKesson from $650.00 to $675.00 and gave the stock an “outperform” rating in a research report on Thursday, February 6th. Mizuho raised their price target on shares of McKesson from $630.00 to $690.00 and gave the company a “neutral” rating in a report on Thursday, April 3rd. Cfra Research downgraded shares of McKesson from a “moderate buy” rating to a “hold” rating in a research note on Friday, April 4th. Wells Fargo & Company upped their price objective on shares of McKesson from $641.00 to $691.00 and gave the company an “equal weight” rating in a research report on Friday, March 14th. Finally, Citigroup dropped their target price on McKesson from $713.00 to $677.00 and set a “buy” rating on the stock in a research report on Friday, January 10th. Three research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, McKesson has a consensus rating of “Moderate Buy” and a consensus price target of $668.50.

McKesson Trading Down 0.0 %

MCK stock opened at $692.54 on Thursday. The stock’s 50 day simple moving average is $648.28 and its 200 day simple moving average is $596.64. McKesson Co. has a 12-month low of $464.42 and a 12-month high of $728.32. The firm has a market cap of $86.79 billion, a P/E ratio of 31.71, a P/E/G ratio of 1.29 and a beta of 0.49.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Wednesday, February 5th. The company reported $8.03 earnings per share (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, research analysts forecast that McKesson Co. will post 32.77 EPS for the current fiscal year.

McKesson Dividend Announcement

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 0.41%. McKesson’s payout ratio is currently 13.00%.

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.