Toronto Dominion Bank cut its position in McKesson Co. (NYSE:MCK) by 7.6% in the second quarter, HoldingsChannel reports. The institutional investor owned 140,128 shares of the company’s stock after selling 11,573 shares during the period. Toronto Dominion Bank’s holdings in McKesson were worth $18,827,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of MCK. RWC Asset Management LLP grew its stake in McKesson by 0.3% during the 2nd quarter. RWC Asset Management LLP now owns 373,387 shares of the company’s stock worth $50,179,000 after purchasing an additional 1,269 shares in the last quarter. Bogle Investment Management L P DE acquired a new position in McKesson during the 2nd quarter worth $3,997,000. D.A. Davidson & CO. grew its stake in McKesson by 26.0% during the 2nd quarter. D.A. Davidson & CO. now owns 2,998 shares of the company’s stock worth $403,000 after purchasing an additional 618 shares in the last quarter. Meadow Creek Investment Management LLC grew its stake in McKesson by 37.6% during the 2nd quarter. Meadow Creek Investment Management LLC now owns 7,024 shares of the company’s stock worth $944,000 after purchasing an additional 1,920 shares in the last quarter. Finally, Tyers Asset Management LLC grew its stake in McKesson by 37.6% during the 2nd quarter. Tyers Asset Management LLC now owns 12,292 shares of the company’s stock worth $1,652,000 after purchasing an additional 3,360 shares in the last quarter. 86.44% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE:MCK traded down $1.09 on Friday, hitting $145.01. 1,009,678 shares of the company’s stock were exchanged, compared to its average volume of 1,550,759. McKesson Co. has a 1-year low of $106.11 and a 1-year high of $150.82. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.58 and a current ratio of 1.01. The company has a market capitalization of $26.90 billion, a PE ratio of 10.69, a P/E/G ratio of 1.44 and a beta of 1.13. The firm’s 50-day moving average is $142.48 and its 200 day moving average is $130.02.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 3rd will be issued a $0.41 dividend. This is an increase from McKesson’s previous quarterly dividend of $0.39. This represents a $1.64 annualized dividend and a dividend yield of 1.13%. The ex-dividend date is Friday, August 30th. McKesson’s payout ratio is presently 12.09%.
Several research firms recently commented on MCK. Bank of America set a $160.00 target price on McKesson and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Wolfe Research cut McKesson from an “outperform” rating to a “peer perform” rating in a research note on Monday, August 5th. ValuEngine cut McKesson from a “sell” rating to a “strong sell” rating in a research note on Friday, August 30th. JPMorgan Chase & Co. began coverage on McKesson in a research report on Monday, July 22nd. They set an “overweight” rating and a $164.00 price objective for the company. Finally, Cleveland Research reaffirmed a “hold” rating on shares of McKesson in a research report on Thursday, September 5th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $147.20.
In other McKesson news, SVP Sundeep G. Reddy sold 422 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $143.79, for a total transaction of $60,679.38. Following the completion of the sale, the senior vice president now directly owns 1,268 shares of the company’s stock, valued at approximately $182,325.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director M Christine Jacobs sold 1,296 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $146.65, for a total value of $190,058.40. The disclosure for this sale can be found here. Insiders sold a total of 4,218 shares of company stock valued at $611,738 over the last three months. Company insiders own 0.88% of the company’s stock.
McKesson Corporation provides pharmaceuticals and medical supplies in the United States and internationally. It operates in three segments: U.S. Pharmaceutical and Specialty Solutions, European Pharmaceutical Solutions, and Medical-Surgical Solutions. The company distributes branded, generic, specialty, biosimilar, and over-the-counter pharmaceutical drugs, as well as other healthcare-related products; and offers practice management, technology, clinical support, and business solutions to community-based oncology and other specialty practices.
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