Sumitomo Mitsui Trust Holdings Inc. Lowers Stock Holdings in McKesson Co. (NYSE:MCK)

Sumitomo Mitsui Trust Holdings Inc. lessened its stake in shares of McKesson Co. (NYSE:MCK) by 1.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 353,220 shares of the company’s stock after selling 5,057 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in McKesson were worth $163,534,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the stock. Covestor Ltd boosted its stake in McKesson by 72.3% during the 1st quarter. Covestor Ltd now owns 81 shares of the company’s stock valued at $25,000 after purchasing an additional 34 shares during the last quarter. OFI Invest Asset Management bought a new position in shares of McKesson during the third quarter valued at $26,000. Legacy Financial Group LLC purchased a new stake in shares of McKesson during the third quarter valued at $27,000. Live Oak Investment Partners bought a new stake in McKesson in the 4th quarter worth about $30,000. Finally, BKM Wealth Management LLC bought a new stake in McKesson in the 4th quarter worth about $31,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Brian S. Tyler sold 3,473 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $524.55, for a total value of $1,821,762.15. Following the sale, the chief executive officer now directly owns 43,445 shares in the company, valued at $22,789,074.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, EVP Leann B. Smith sold 186 shares of McKesson stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $496.00, for a total value of $92,256.00. Following the completion of the transaction, the executive vice president now owns 1,511 shares in the company, valued at $749,456. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Brian S. Tyler sold 3,473 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $524.55, for a total value of $1,821,762.15. Following the completion of the sale, the chief executive officer now directly owns 43,445 shares of the company’s stock, valued at $22,789,074.75. The disclosure for this sale can be found here. Corporate insiders own 0.21% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MCK. Leerink Partnrs reaffirmed an “outperform” rating on shares of McKesson in a report on Monday, February 26th. SVB Leerink initiated coverage on shares of McKesson in a research report on Monday, February 26th. They issued an “outperform” rating and a $600.00 target price for the company. Mizuho increased their price target on McKesson from $450.00 to $505.00 and gave the company a “neutral” rating in a report on Friday, February 9th. Morgan Stanley lifted their price objective on McKesson from $522.00 to $548.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Argus raised their target price on McKesson from $510.00 to $570.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $533.50.

McKesson Stock Down 0.1 %

NYSE:MCK opened at $522.68 on Tuesday. The business’s 50-day simple moving average is $523.34 and its two-hundred day simple moving average is $484.53. McKesson Co. has a 52 week low of $352.34 and a 52 week high of $543.00. The stock has a market cap of $68.69 billion, a PE ratio of 23.68, a P/E/G ratio of 1.42 and a beta of 0.45.

McKesson (NYSE:MCK) last issued its earnings results on Wednesday, February 7th. The company reported $7.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.05 by $0.69. McKesson had a negative return on equity of 262.63% and a net margin of 0.99%. The company had revenue of $80.90 billion for the quarter, compared to the consensus estimate of $77.93 billion. During the same quarter last year, the company earned $6.90 EPS. The firm’s quarterly revenue was up 14.8% on a year-over-year basis. Sell-side analysts anticipate that McKesson Co. will post 27.59 earnings per share for the current fiscal year.

McKesson Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 1st were issued a $0.62 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $2.48 dividend on an annualized basis and a yield of 0.47%. McKesson’s dividend payout ratio is currently 11.24%.

About McKesson

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.