Cadence Bank Has $2.46 Million Holdings in McKesson Co. (NYSE:MCK)

Cadence Bank decreased its position in shares of McKesson Co. (NYSE:MCK) by 0.7% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,971 shares of the company’s stock after selling 34 shares during the quarter. Cadence Bank’s holdings in McKesson were worth $2,458,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the company. LRI Investments LLC acquired a new stake in shares of McKesson during the 1st quarter worth approximately $28,000. Wolff Wiese Magana LLC lifted its holdings in shares of McKesson by 742.9% in the 3rd quarter. Wolff Wiese Magana LLC now owns 59 shares of the company’s stock worth $29,000 after purchasing an additional 52 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in McKesson in the 3rd quarter valued at $29,000. ORG Wealth Partners LLC acquired a new position in shares of McKesson during the third quarter valued at about $40,000. Finally, Carmichael Hill & Associates Inc. acquired a new position in shares of McKesson during the second quarter valued at about $52,000. Institutional investors own 85.07% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Evercore ISI raised their target price on McKesson from $560.00 to $680.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Mizuho upped their price objective on McKesson from $540.00 to $570.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. lifted their price target on shares of McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Baird R W raised McKesson from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 7th. Finally, Citigroup raised their price objective on shares of McKesson from $630.00 to $713.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Two equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $631.57.

Insider Activity at McKesson

In other news, CEO Brian S. Tyler sold 3,753 shares of the stock in a transaction on 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 sale, the chief executive officer now directly owns 78,586 shares of the company’s stock, valued at $44,094,604.60. This represents a 4.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.11% of the stock is owned by company insiders.

McKesson Price Performance

Shares of McKesson stock opened at $625.00 on Wednesday. The firm’s 50-day moving average is $535.14 and its 200 day moving average is $558.45. McKesson Co. has a 1 year low of $431.35 and a 1 year high of $637.51. The stock has a market cap of $79.34 billion, a price-to-earnings ratio of 32.37, a PEG ratio of 1.33 and a beta of 0.44.

McKesson (NYSE:MCK) last released its quarterly earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share for the quarter, beating the consensus estimate 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 negative return on equity of 207.50% and a net margin of 0.77%. The company’s revenue was up 21.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $6.23 EPS. On average, equities analysts expect that McKesson Co. will post 32.78 EPS for the current fiscal year.

McKesson Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 0.45%. The ex-dividend date is Monday, December 2nd. McKesson’s dividend payout ratio is presently 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.