Swedbank AB Trims Stake in McKesson Co. (NYSE:MCK)

Swedbank AB cut its holdings in McKesson Co. (NYSE:MCK) by 27.8% in the fourth quarter, Holdings Channel reports. The fund owned 650,670 shares of the company’s stock after selling 250,013 shares during the quarter. Swedbank AB’s holdings in McKesson were worth $370,823,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Wolff Wiese Magana LLC raised its stake in shares of McKesson by 742.9% in the third quarter. Wolff Wiese Magana LLC now owns 59 shares of the company’s stock worth $29,000 after purchasing an additional 52 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in McKesson in the third quarter valued at $29,000. RPg Family Wealth Advisory LLC acquired a new stake in McKesson during the 3rd quarter worth about $31,000. ORG Wealth Partners LLC acquired a new position in shares of McKesson in the 3rd quarter valued at about $40,000. Finally, Bruce G. Allen Investments LLC grew its holdings in McKesson by 51.9% during the fourth quarter. Bruce G. Allen Investments LLC now owns 82 shares of the company’s stock worth $47,000 after acquiring an additional 28 shares during the period. Institutional investors own 85.07% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on MCK. Bank of America dropped their price target on shares of McKesson from $680.00 to $650.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Evercore ISI lifted their price target on McKesson from $560.00 to $680.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Robert W. Baird raised McKesson from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $531.00 to $688.00 in a research note on Thursday, November 7th. Mizuho assumed coverage on shares of McKesson in a research note on Wednesday, December 4th. They set a “neutral” rating and a $630.00 target price on the stock. Finally, Wells Fargo & Company increased their target price on shares of McKesson from $535.00 to $641.00 and gave the company an “equal weight” rating in a research report on Friday, December 13th. Two equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $646.14.

Insider Activity

In other McKesson news, EVP Leann B. Smith sold 579 shares of McKesson stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $602.81, for a total value of $349,026.99. Following the completion of the sale, the executive vice president now owns 1,443 shares in the company, valued at $869,854.83. The trade was a 28.64 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.11% of the company’s stock.

McKesson Stock Performance

NYSE MCK traded down $2.25 during trading hours on Wednesday, hitting $600.70. The company had a trading volume of 50,141 shares, compared to its average volume of 636,320. The business has a 50 day moving average of $592.16 and a 200-day moving average of $561.52. McKesson Co. has a 1-year low of $464.42 and a 1-year high of $637.51. The company has a market cap of $76.25 billion, a PE ratio of 31.10, a price-to-earnings-growth ratio of 1.26 and a beta of 0.52.

McKesson (NYSE:MCK) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $7.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.88 by $0.19. McKesson had a net margin of 0.77% and a negative return on equity of 207.50%. The company had revenue of $93.65 billion for the quarter, compared to analysts’ expectations of $89.33 billion. During the same period in the previous year, the company posted $6.23 EPS. McKesson’s revenue was up 21.3% compared to the same quarter last year. Sell-side analysts expect that McKesson Co. will post 32.73 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd were given a dividend of $0.71 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $2.84 dividend on an annualized basis and a yield of 0.47%. McKesson’s payout ratio is 14.71%.

McKesson Company 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.