OLD National Bancorp IN Trims Holdings in McKesson Co. (NYSE:MCK)

OLD National Bancorp IN reduced its holdings in shares of McKesson Co. (NYSE:MCK) by 4.1% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 7,640 shares of the company’s stock after selling 327 shares during the period. OLD National Bancorp IN’s holdings in McKesson were worth $3,777,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. RFG Advisory LLC lifted its position in McKesson by 16.0% during the 1st quarter. RFG Advisory LLC now owns 1,890 shares of the company’s stock worth $1,015,000 after acquiring an additional 261 shares during the period. Range Financial Group LLC grew its position in McKesson by 6.2% in the 1st quarter. Range Financial Group LLC now owns 673 shares of the company’s stock valued at $361,000 after buying an additional 39 shares during the last quarter. Global Assets Advisory LLC acquired a new position in McKesson in the 1st quarter valued at $7,489,000. Gateway Investment Advisers LLC lifted its stake in shares of McKesson by 13.9% in the 1st quarter. Gateway Investment Advisers LLC now owns 4,284 shares of the company’s stock worth $2,300,000 after acquiring an additional 523 shares during the period. Finally, Riverview Trust Co purchased a new stake in shares of McKesson in the first quarter valued at about $49,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Leerink Partners cut their price target on shares of McKesson from $665.00 to $630.00 and set an “outperform” rating for the company in a report on Monday, October 7th. Deutsche Bank Aktiengesellschaft reduced their price target on McKesson from $623.00 to $579.00 and set a “buy” rating for the company in a report on Wednesday, September 25th. Wells Fargo & Company dropped their price objective on McKesson from $576.00 to $535.00 and set an “equal weight” rating on the stock in a report on Friday, September 13th. Argus raised their target price on McKesson from $570.00 to $670.00 and gave the company a “buy” rating in a report on Monday, June 24th. Finally, Barclays upped their price target on shares of McKesson from $596.00 to $616.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, McKesson has an average rating of “Moderate Buy” and a consensus price target of $610.86.

McKesson Price Performance

Shares of NYSE MCK opened at $509.20 on Monday. The firm’s 50-day moving average is $521.09 and its two-hundred day moving average is $552.14. The company has a market capitalization of $66.16 billion, a PE ratio of 22.75, a price-to-earnings-growth ratio of 1.17 and a beta of 0.44. McKesson Co. has a 12-month low of $431.35 and a 12-month high of $637.51.

McKesson (NYSE:MCK) last posted its earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.21 by $0.67. The firm had revenue of $79.28 billion for the quarter, compared to analyst estimates of $82.53 billion. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. McKesson’s revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $7.27 EPS. On average, analysts forecast that McKesson Co. will post 32.07 EPS for the current fiscal year.

McKesson Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 2nd were paid a $0.71 dividend. This is an increase from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date was Friday, August 30th. This represents a $2.84 annualized dividend and a yield of 0.56%. McKesson’s payout ratio is presently 12.69%.

Insider Buying and Selling at McKesson

In other news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $626.03, for a total transaction of $2,349,490.59. Following the completion of the sale, the chief executive officer now directly owns 82,339 shares in the company, valued at $51,546,684.17. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.11% of the stock is 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.