Argent Trust Co Has $4.35 Million Stock Position in McKesson Corporation (NYSE:MCK)

Key Points

• Argent Trust Co has increased its holdings in McKesson Corporation by 10.1%, acquiring an additional 593 shares during the first quarter, bringing its total to 6,465 shares worth approximately $4.35 million.
• Despite high institutional ownership at 85.07%, several executives, including CEO Brian S. Tyler, sold significant shares recently, indicating a 41% decrease in Tyler's ownership.
• McKesson announced a quarterly dividend increase from $0.71 to $0.82 per share, with the next payment scheduled for October 1st, reflecting an annualized yield of 0.5%.

Argent Trust Co grew its stake in McKesson Corporation (NYSE:MCK - Free Report) by 10.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,465 shares of the company's stock after purchasing an additional 593 shares during the quarter. Argent Trust Co's holdings in McKesson were worth $4,351,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in MCK. Brighton Jones LLC lifted its stake in shares of McKesson by 46.3% in the 4th quarter. Brighton Jones LLC now owns 2,523 shares of the company's stock valued at $1,438,000 after purchasing an additional 798 shares during the period. Wellington Management Group LLP increased its holdings in McKesson by 18.2% during the 4th quarter. Wellington Management Group LLP now owns 9,179 shares of the company's stock worth $5,231,000 after purchasing an additional 1,413 shares in the last quarter. World Investment Advisors increased its holdings in McKesson by 5.6% during the 4th quarter. World Investment Advisors now owns 4,762 shares of the company's stock worth $2,714,000 after purchasing an additional 253 shares in the last quarter. Thoroughbred Financial Services LLC increased its holdings in McKesson by 1.0% during the 4th quarter. Thoroughbred Financial Services LLC now owns 4,273 shares of the company's stock worth $2,435,000 after purchasing an additional 44 shares in the last quarter. Finally, Smith Moore & CO. bought a new position in McKesson during the 4th quarter worth about $209,000. Institutional investors and hedge funds own 85.07% of the company's stock.

McKesson Trading Down 0.5%

MCK stock traded down $3.35 during mid-day trading on Tuesday, hitting $707.59. 170,780 shares of the company were exchanged, compared to its average volume of 874,037. The business has a 50 day simple moving average of $716.48 and a 200-day simple moving average of $677.63. The stock has a market capitalization of $88.53 billion, a PE ratio of 27.42, a price-to-earnings-growth ratio of 1.41 and a beta of 0.50. McKesson Corporation has a 1-year low of $464.42 and a 1-year high of $737.89.

McKesson (NYSE:MCK - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $10.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.83 by $0.29. The firm had revenue of $90.82 billion during the quarter, compared to the consensus estimate of $94 billion. McKesson had a net margin of 0.92% and a negative return on equity of 201.12%. The business's revenue for the quarter was up 18.9% compared to the same quarter last year. During the same period last year, the business posted $6.18 earnings per share. Equities research analysts expect that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be given a $0.82 dividend. The ex-dividend date is Tuesday, September 2nd. This is a positive change from McKesson's previous quarterly dividend of $0.71. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.5%. McKesson's dividend payout ratio (DPR) is presently 10.99%.

Insider Buying and Selling

In other news, EVP Thomas L. Rodgers sold 2,891 shares of McKesson stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $712.18, for a total value of $2,058,912.38. Following the completion of the sale, the executive vice president directly owned 2,544 shares in the company, valued at approximately $1,811,785.92. The trade was a 53.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 543 shares of McKesson stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $726.51, for a total transaction of $394,494.93. Following the completion of the sale, the chief accounting officer owned 1,972 shares of the company's stock, valued at approximately $1,432,677.72. The trade was a 21.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 52,488 shares of company stock valued at $37,242,862 in the last quarter. Corporate insiders own 0.08% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on MCK. Wall Street Zen cut McKesson from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 13th. Evercore ISI raised their price objective on McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Morgan Stanley restated an "overweight" rating and issued a $810.00 price objective (up previously from $770.00) on shares of McKesson in a report on Wednesday, July 16th. UBS Group raised their price objective on McKesson from $708.00 to $805.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Finally, Bank of America raised their price objective on McKesson from $755.00 to $800.00 and gave the company a "buy" rating in a report on Friday, May 9th. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $710.17.

About McKesson

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.