BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Reduces Stock Position in McKesson Corporation $MCK

Key Points

• BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its stake in McKesson Corporation by 2.2%, holding 24,279 shares valued at $16.34 million after selling 553 shares.
• The company recently declared a quarterly dividend of $0.82, an increase from the previous dividend of $0.71, reflecting a 0.5% yield.
• After recent trading activity, insiders sold a significant amount of shares, with CFO Britt J. Vitalone and CEO Brian S. Tyler reducing their positions by 11.81% and 42.80%, respectively.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its holdings in McKesson Corporation (NYSE:MCK - Free Report) by 2.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,279 shares of the company's stock after selling 553 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in McKesson were worth $16,340,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in MCK. Douglass Winthrop Advisors LLC boosted its stake in shares of McKesson by 4.1% during the 1st quarter. Douglass Winthrop Advisors LLC now owns 1,567 shares of the company's stock worth $1,055,000 after purchasing an additional 62 shares during the period. AlphaQuest LLC boosted its stake in shares of McKesson by 103.7% during the 1st quarter. AlphaQuest LLC now owns 2,566 shares of the company's stock worth $1,727,000 after purchasing an additional 1,306 shares during the period. Allstate Corp boosted its stake in shares of McKesson by 23.5% during the 1st quarter. Allstate Corp now owns 4,819 shares of the company's stock worth $3,243,000 after purchasing an additional 916 shares during the period. Gitterman Wealth Management LLC purchased a new position in shares of McKesson during the 1st quarter worth about $428,000. Finally, Compound Planning Inc. boosted its stake in shares of McKesson by 8.8% during the 1st quarter. Compound Planning Inc. now owns 1,166 shares of the company's stock worth $785,000 after purchasing an additional 94 shares during the period. 85.07% of the stock is owned by hedge funds and other institutional investors.

McKesson Stock Performance

NYSE:MCK opened at $687.7050 on Friday. McKesson Corporation has a one year low of $464.42 and a one year high of $737.89. The firm has a market cap of $85.54 billion, a P/E ratio of 27.42, a P/E/G ratio of 1.37 and a beta of 0.50. The firm has a 50-day simple moving average of $706.69 and a 200-day simple moving average of $685.15.

McKesson (NYSE:MCK - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $8.26 EPS for the quarter, missing the consensus estimate 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 the consensus estimate of $95.93 billion. During the same quarter in the prior year, the firm posted $7.88 EPS. The company's revenue for the quarter was up 23.4% compared to the same quarter last year. On average, research analysts predict that McKesson Corporation will post 32.77 EPS for the current fiscal 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 issued a $0.82 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $3.28 annualized dividend and a dividend yield of 0.5%. This is an increase from McKesson's previous quarterly dividend of $0.71. McKesson's dividend payout ratio (DPR) is presently 11.32%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MCK. Wall Street Zen lowered McKesson from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 13th. Cowen reiterated a "buy" rating on shares of McKesson in a research note on Thursday, August 7th. UBS Group lifted their price objective on shares of McKesson from $708.00 to $805.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Wells Fargo & Company lifted their price objective on shares of McKesson from $766.00 to $772.00 and gave the company an "equal weight" rating in a report on Wednesday, August 13th. Finally, Evercore ISI lifted their price objective on shares of McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $725.10.

Insiders Place Their Bets

In other news, CFO Britt J. Vitalone sold 1,878 shares of the business's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $717.91, for a total value of $1,348,234.98. Following the completion of the sale, the chief financial officer owned 14,028 shares in the company, valued at approximately $10,070,841.48. The trade was a 11.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Brian S. Tyler sold 11,930 shares of the business's stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $677.76, for a total transaction of $8,085,676.80. Following the completion of the sale, the chief executive officer owned 15,942 shares of the company's stock, valued at approximately $10,804,849.92. This represents a 42.80% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 56,620 shares of company stock worth $39,712,388. 0.08% of the stock is owned by corporate insiders.

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.

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