CIBC Asset Management Inc Reduces Holdings in McKesson Co. (NYSE:MCK)

CIBC Asset Management Inc cut its position in McKesson Co. (NYSE:MCK) by 27.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 70,784 shares of the company’s stock after selling 26,753 shares during the quarter. CIBC Asset Management Inc owned approximately 0.06% of McKesson worth $40,284,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. MidAtlantic Capital Management Inc. purchased a new stake in McKesson in the 3rd quarter valued at $29,000. RPg Family Wealth Advisory LLC purchased a new stake in shares of McKesson in the third quarter valued at about $31,000. Synergy Asset Management LLC acquired a new stake in shares of McKesson during the fourth quarter worth about $32,000. Crews Bank & Trust purchased a new position in shares of McKesson during the fourth quarter worth about $33,000. Finally, Bruce G. Allen Investments LLC raised its stake in McKesson by 51.9% during the 4th quarter. Bruce G. Allen Investments LLC now owns 82 shares of the company’s stock valued at $47,000 after acquiring an additional 28 shares during the last quarter. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Stock Performance

Shares of MCK stock opened at $593.82 on Monday. The firm has a market capitalization of $75.38 billion, a price-to-earnings ratio of 27.19, a price-to-earnings-growth ratio of 1.30 and a beta of 0.52. The company has a 50 day moving average price of $587.26 and a 200 day moving average price of $562.38. McKesson Co. has a one year low of $464.42 and a one year high of $637.51.

McKesson (NYSE:MCK) last released its quarterly earnings data on Wednesday, February 5th. The company reported $8.03 earnings per share for the quarter, missing the consensus estimate of $8.60 by ($0.57). McKesson had a net margin of 0.82% and a negative return on equity of 181.26%. As a group, equities analysts forecast that McKesson Co. will post 32.69 EPS for the current fiscal year.

McKesson Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 3rd will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 0.48%. The ex-dividend date of this dividend is Monday, March 3rd. McKesson’s dividend payout ratio (DPR) is presently 13.00%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MCK. Baird R W raised shares of McKesson from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 7th. Morgan Stanley boosted their target price on McKesson from $612.00 to $642.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 17th. Citigroup reduced their price target on McKesson from $713.00 to $677.00 and set a “buy” rating for the company in a report on Friday, January 10th. Bank of America cut their price objective on McKesson from $680.00 to $650.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Finally, Mizuho began coverage on shares of McKesson in a research report on Wednesday, December 4th. They set a “neutral” rating and a $630.00 target price on the stock. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $645.79.

Insider Activity at McKesson

In other news, EVP Leann B. Smith sold 579 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $602.81, for a total value of $349,026.99. Following the completion of the transaction, the executive vice president now directly owns 1,443 shares in the company, valued at approximately $869,854.83. This represents a 28.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last ninety days, insiders have sold 1,346 shares of company stock worth $795,275. 0.11% of the stock is currently owned by company 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.