McKesson Co. (NYSE:MCK) Shares Sold by Bank of Hawaii

Bank of Hawaii lowered its holdings in McKesson Co. (NYSE:MCK) by 41.1% in the 3rd quarter, Holdings Channel.com reports. The fund owned 3,680 shares of the company’s stock after selling 2,568 shares during the quarter. Bank of Hawaii’s holdings in McKesson were worth $1,819,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. 1832 Asset Management L.P. acquired a new position in shares of McKesson during the first quarter worth about $102,000. Oxford Wealth Group LLC purchased a new position in McKesson in the 1st quarter worth approximately $1,045,000. Sweeney & Michel LLC acquired a new stake in McKesson in the first quarter valued at approximately $497,000. Dynasty Wealth Management LLC purchased a new stake in shares of McKesson during the first quarter valued at approximately $1,086,000. Finally, B. Riley Wealth Advisors Inc. lifted its position in shares of McKesson by 10.4% during the first quarter. B. Riley Wealth Advisors Inc. now owns 4,747 shares of the company’s stock worth $2,548,000 after purchasing an additional 449 shares in the last quarter. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Stock Performance

Shares of NYSE:MCK opened at $623.19 on Monday. McKesson Co. has a 1-year low of $431.35 and a 1-year high of $637.51. The company’s fifty day moving average is $530.98 and its two-hundred day moving average is $557.55. The stock has a market capitalization of $79.11 billion, a price-to-earnings ratio of 32.27, a price-to-earnings-growth ratio of 1.35 and a beta of 0.44.

McKesson (NYSE:MCK) last issued its earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.88 by $0.19. The firm had revenue of $93.65 billion for the quarter, compared to analysts’ expectations of $89.33 billion. McKesson had a net margin of 0.77% and a negative return on equity of 207.50%. McKesson’s revenue was up 21.3% on a year-over-year basis. During the same quarter last year, the company posted $6.23 earnings per share. Sell-side analysts expect that McKesson Co. will post 32.78 EPS for the current fiscal year.

McKesson Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 2nd will be paid a dividend of $0.71 per share. The ex-dividend date is Monday, December 2nd. This represents a $2.84 dividend on an annualized basis and a yield of 0.46%. McKesson’s payout ratio is currently 14.71%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on MCK. JPMorgan Chase & Co. raised their price target on shares of McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Wells Fargo & Company dropped their target price on McKesson from $576.00 to $535.00 and set an “equal weight” rating on the stock in a research report on Friday, September 13th. Evercore ISI increased their price target on McKesson from $560.00 to $680.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Leerink Partners dropped their price objective on McKesson from $665.00 to $630.00 and set an “outperform” rating on the stock in a report on Monday, October 7th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on McKesson from $623.00 to $579.00 and set a “buy” rating for the company in a research note on Wednesday, September 25th. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $631.57.

Insiders Place Their Bets

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $561.10, for a total value of $2,105,808.30. Following the completion of the transaction, the chief executive officer now owns 78,586 shares in the company, valued at approximately $44,094,604.60. This represents a 4.56 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.11% of the stock is owned by corporate 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.