Allspring Global Investments Holdings LLC Sells 24,960 Shares of McKesson Corporation $MCK

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in McKesson Corporation by 48.5%, selling 24,960 shares during the second quarter, and now holds 26,514 shares valued at $19.295 million.
• Several brokerages have upgraded their price targets for McKesson, with Wells Fargo raising its target from $772 to $816 and UBS increasing its target from $820 to $860, both giving a "buy" rating.
• McKesson announced a quarterly dividend increase to $0.82 per share, up from the previous $0.71, reflecting an annualized yield of 0.4% and a payout ratio of 13.08%.

Allspring Global Investments Holdings LLC lowered its stake in shares of McKesson Corporation (NYSE:MCK - Free Report) by 48.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 26,514 shares of the company's stock after selling 24,960 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in McKesson were worth $19,295,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. MassMutual Private Wealth & Trust FSB increased its stake in shares of McKesson by 1.6% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 863 shares of the company's stock valued at $632,000 after acquiring an additional 14 shares during the last quarter. Palisade Asset Management LLC increased its stake in shares of McKesson by 2.1% in the 1st quarter. Palisade Asset Management LLC now owns 715 shares of the company's stock valued at $481,000 after acquiring an additional 15 shares during the last quarter. SteelPeak Wealth LLC increased its stake in shares of McKesson by 0.5% in the 1st quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company's stock valued at $1,867,000 after acquiring an additional 15 shares during the last quarter. Keystone Financial Services increased its stake in shares of McKesson by 1.2% in the 1st quarter. Keystone Financial Services now owns 1,404 shares of the company's stock valued at $945,000 after acquiring an additional 17 shares during the last quarter. Finally, Valmark Advisers Inc. increased its stake in shares of McKesson by 2.1% in the 2nd quarter. Valmark Advisers Inc. now owns 843 shares of the company's stock valued at $618,000 after acquiring an additional 17 shares during the last quarter. Institutional investors own 85.07% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MCK. Wells Fargo & Company upped their price target on McKesson from $772.00 to $816.00 and gave the company an "equal weight" rating in a research note on Wednesday, September 24th. UBS Group boosted their price objective on McKesson from $820.00 to $860.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. Bank of America boosted their price objective on McKesson from $800.00 to $850.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. Deutsche Bank Aktiengesellschaft boosted their price objective on McKesson from $775.00 to $856.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of McKesson in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $834.54.

McKesson Stock Down 2.1%

NYSE MCK opened at $775.43 on Friday. McKesson Corporation has a 12-month low of $492.39 and a 12-month high of $793.97. The company has a market capitalization of $96.45 billion, a PE ratio of 30.92, a price-to-earnings-growth ratio of 1.43 and a beta of 0.52. The firm's 50 day moving average is $714.06 and its 200-day moving average is $709.17.

McKesson (NYSE:MCK - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $8.33 by ($0.07). McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The business had revenue of $97.83 billion during the quarter, compared to analyst estimates of $95.93 billion. During the same quarter last year, the business earned $7.88 earnings per share. McKesson's revenue for the quarter was up 23.4% on a year-over-year basis. As a group, sell-side analysts expect that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd were issued a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.4%. This is a boost from McKesson's previous quarterly dividend of $0.71. The ex-dividend date was Tuesday, September 2nd. McKesson's dividend payout ratio is 13.08%.

Insider Buying and Selling

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $663.67, for a total value of $218,347.43. Following the sale, the chief accounting officer directly owned 657 shares in the company, valued at $436,031.19. This trade represents a 33.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Brian S. Tyler sold 11,930 shares of McKesson stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the completion of the sale, the chief executive officer owned 4,012 shares in the company, valued at $2,830,987.56. This trade represents a 74.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,189 shares of company stock worth $16,722,190 over the last quarter. 0.08% of the stock is owned by corporate insiders.

McKesson 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.

Want to see what other hedge funds are holding MCK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for McKesson Corporation (NYSE:MCK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.