First Hawaiian Bank Has $2.17 Million Holdings in McKesson Co. (NYSE:MCK)

First Hawaiian Bank cut its holdings in shares of McKesson Co. (NYSE:MCK) by 13.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,709 shares of the company’s stock after selling 592 shares during the quarter. First Hawaiian Bank’s holdings in McKesson were worth $2,166,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Intrust Bank NA purchased a new stake in shares of McKesson during the 4th quarter worth about $206,000. Allspring Global Investments Holdings LLC raised its stake in shares of McKesson by 6.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 85,779 shares of the company’s stock worth $39,714,000 after purchasing an additional 5,425 shares in the last quarter. Heritage Wealth Management LLC purchased a new stake in shares of McKesson during the 4th quarter worth about $1,538,000. Councilmark Asset Management LLC bought a new position in shares of McKesson in the 1st quarter valued at approximately $5,160,000. Finally, Atlantic Edge Private Wealth Management LLC bought a new position in shares of McKesson in the 4th quarter valued at approximately $2,487,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

McKesson Stock Down 2.8 %

NYSE MCK traded down $17.43 on Monday, reaching $612.95. The company had a trading volume of 1,153,061 shares, compared to its average volume of 706,172. The stock’s 50 day moving average is $588.74 and its 200-day moving average is $547.53. The stock has a market cap of $79.65 billion, a price-to-earnings ratio of 28.17, a PEG ratio of 1.46 and a beta of 0.45. McKesson Co. has a 52 week low of $404.72 and a 52 week high of $637.51.

McKesson (NYSE:MCK) last posted its earnings results on Tuesday, May 7th. The company reported $6.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.34 by ($0.16). McKesson had a net margin of 0.97% and a negative return on equity of 245.88%. The business had revenue of $76.36 billion during the quarter, compared to analyst estimates of $79.32 billion. During the same period in the previous year, the firm posted $7.19 earnings per share. The firm’s revenue was up 10.8% on a year-over-year basis. As a group, analysts forecast that McKesson Co. will post 31.68 EPS for the current year.

McKesson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be given a dividend of $0.71 per share. This is a boost from McKesson’s previous quarterly dividend of $0.62. This represents a $2.84 annualized dividend and a dividend yield of 0.46%. The ex-dividend date of this dividend is Friday, August 30th. McKesson’s dividend payout ratio is currently 11.08%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. UBS Group raised their price objective on McKesson from $620.00 to $630.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. StockNews.com raised McKesson from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, July 23rd. TD Cowen lifted their price target on McKesson from $563.00 to $652.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Bank of America lifted their price target on McKesson from $590.00 to $670.00 and gave the stock a “buy” rating in a research report on Tuesday, June 25th. Finally, Barclays lifted their price target on McKesson from $571.00 to $596.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $599.33.

Insider Transactions at McKesson

In related news, EVP Leann B. Smith sold 704 shares of the stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $558.09, for a total transaction of $392,895.36. Following the completion of the transaction, the executive vice president now directly owns 2,215 shares of the company’s stock, valued at $1,236,169.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other McKesson news, EVP Leann B. Smith sold 704 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $558.09, for a total value of $392,895.36. Following the sale, the executive vice president now owns 2,215 shares in the company, valued at $1,236,169.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Maria Martinez sold 483 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $585.88, for a total value of $282,980.04. The disclosure for this sale can be found here. Insiders sold 29,567 shares of company stock valued at $16,691,841 over the last three months. Company insiders own 0.11% of the company’s stock.

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.