Chevy Chase Trust Holdings LLC Purchases 443 Shares of McKesson Corporation $MCK

Key Points

• Chevy Chase Trust Holdings LLC increased its stake in McKesson Corporation by 0.7%, acquiring 443 additional shares in the second quarter, bringing its total ownership to 66,660 shares valued at approximately $48.8 million.
• CEO Brian S. Tyler sold 11,930 shares of McKesson for over $8.4 million, representing a 74.83% reduction in his position, while insider transactions totaled approximately $16.7 million in shares sold over the last 90 days.
• McKesson recently announced a quarterly dividend increase to $0.82 per share, and multiple analysts have raised their target prices for the stock, reflecting strong market sentiment and expected performance improvements.

Chevy Chase Trust Holdings LLC lifted its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 0.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 66,660 shares of the company's stock after buying an additional 443 shares during the quarter. Chevy Chase Trust Holdings LLC owned about 0.05% of McKesson worth $48,847,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of MCK. Bank of Jackson Hole Trust raised its stake in McKesson by 64.3% during the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company's stock worth $29,000 after buying an additional 18 shares during the last quarter. CBIZ Investment Advisory Services LLC raised its stake in McKesson by 1,366.7% during the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company's stock worth $30,000 after buying an additional 41 shares during the last quarter. GFG Capital LLC bought a new position in McKesson during the second quarter worth $30,000. Saudi Central Bank bought a new position in McKesson during the first quarter worth $34,000. Finally, Flaharty Asset Management LLC bought a new position in McKesson during the first quarter worth $39,000. Institutional investors own 85.07% of the company's stock.

Insider Transactions at McKesson

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

McKesson Price Performance

NYSE:MCK opened at $788.27 on Friday. The firm has a 50-day moving average of $716.48 and a 200-day moving average of $709.96. The company has a market cap of $98.05 billion, a PE ratio of 31.43, a PEG ratio of 1.40 and a beta of 0.52. McKesson Corporation has a one year low of $492.39 and a one year high of $793.97.

McKesson (NYSE:MCK - Get Free Report) last posted its 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). The business had revenue of $97.83 billion for the quarter, compared to the consensus estimate of $95.93 billion. McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The company's revenue was up 23.4% on a year-over-year basis. During the same period in the previous year, the firm earned $7.88 earnings per share. On average, equities research analysts expect that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. UBS Group lifted their target price on shares of McKesson from $820.00 to $860.00 and gave the stock a "buy" rating in a research note on Wednesday, September 24th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of McKesson in a research note on Wednesday, October 8th. TD Cowen lifted their price target on shares of McKesson from $830.00 to $864.00 and gave the company a "buy" rating in a research note on Wednesday, September 24th. Leerink Partners lifted their price target on shares of McKesson from $785.00 to $850.00 and gave the company an "outperform" rating in a research note on Wednesday, September 24th. Finally, Citigroup lifted their price target on shares of McKesson from $820.00 to $860.00 and gave the company a "buy" rating in a research note on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, McKesson has an average rating of "Moderate Buy" and a consensus target price of $834.54.

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.

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.