Peapack Gladstone Financial Corp Has $4.01 Million Holdings in McKesson Co. (NYSE:MCK)

Peapack Gladstone Financial Corp lessened its holdings in McKesson Co. (NYSE:MCK) by 3.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,111 shares of the company’s stock after selling 325 shares during the period. Peapack Gladstone Financial Corp’s holdings in McKesson were worth $4,010,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Raymond James & Associates increased its holdings in McKesson by 4.4% in the 2nd quarter. Raymond James & Associates now owns 164,559 shares of the company’s stock worth $96,109,000 after purchasing an additional 6,944 shares in the last quarter. Apollon Wealth Management LLC increased its stake in shares of McKesson by 12.5% in the second quarter. Apollon Wealth Management LLC now owns 6,905 shares of the company’s stock valued at $4,033,000 after buying an additional 766 shares during the period. Milestone Asset Management LLC bought a new position in McKesson in the 2nd quarter valued at approximately $1,394,000. Raymond James Financial Services Advisors Inc. raised its holdings in McKesson by 22.9% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 44,994 shares of the company’s stock valued at $26,278,000 after buying an additional 8,395 shares during the last quarter. Finally, Bey Douglas LLC grew its holdings in McKesson by 1.2% during the 2nd quarter. Bey Douglas LLC now owns 3,715 shares of the company’s stock worth $2,150,000 after acquiring an additional 44 shares during the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.

Wall Street Analysts Forecast Growth

MCK has been the subject of several analyst reports. Citigroup raised their price target on shares of McKesson from $630.00 to $713.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. JPMorgan Chase & Co. upped their price target on McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Robert W. Baird raised McKesson from a “neutral” rating to an “outperform” rating and increased their price target for the company from $531.00 to $688.00 in a research note on Thursday, November 7th. Leerink Partners reduced their target price on McKesson from $665.00 to $630.00 and set an “outperform” rating on the stock in a report on Monday, October 7th. Finally, StockNews.com upgraded shares of McKesson from a “hold” rating to a “buy” rating in a report on Wednesday, November 6th. Two 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. Based on data from MarketBeat, McKesson has a consensus rating of “Moderate Buy” and an average price target of $643.43.

Insider Activity at McKesson

In other news, EVP Leann B. Smith sold 579 shares of the stock in a transaction that occurred on 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 directly owns 1,443 shares of the company’s stock, valued at $869,854.83. This represents a 28.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.11% of the stock is owned by insiders.

McKesson Stock Performance

Shares of NYSE:MCK opened at $576.24 on Friday. The firm has a market cap of $73.15 billion, a P/E ratio of 29.84, a PEG ratio of 1.25 and a beta of 0.49. McKesson Co. has a 52-week low of $431.35 and a 52-week high of $637.51. The business’s 50 day simple moving average is $564.01 and its two-hundred day simple moving average is $562.74.

McKesson (NYSE:MCK) last posted its quarterly earnings results 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 business had revenue of $93.65 billion during the quarter, compared to the consensus estimate of $89.33 billion. During the same quarter last year, the firm posted $6.23 EPS. McKesson’s revenue was up 21.3% compared to the same quarter last year. On average, equities analysts forecast that McKesson Co. will post 32.73 earnings per share for the current fiscal year.

McKesson Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 2nd will be issued a $0.71 dividend. The ex-dividend date is Monday, December 2nd. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.49%. 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.