Connor Clark & Lunn Investment Management Ltd. Sells 1,482 Shares of McKesson Corporation $MCK

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in McKesson Corporation by 75.0%, selling 1,482 shares and now owning a total of 493 shares, valued at $332,000.
• McKesson raised its quarterly dividend from $0.71 to $0.82, representing a 0.5% annualized dividend yield and a dividend payout ratio of 11.32%.
• Analysts have upgraded McKesson’s target prices, with UBS Group raising it to $805.00, reflecting strong analyst confidence in the stock's performance.

Connor Clark & Lunn Investment Management Ltd. trimmed its stake in McKesson Corporation (NYSE:MCK - Free Report) by 75.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 493 shares of the company's stock after selling 1,482 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in McKesson were worth $332,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Brighton Jones LLC lifted its holdings in shares of McKesson by 46.3% during the fourth 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 in the last quarter. First Trust Advisors LP lifted its holdings in shares of McKesson by 47.7% during the fourth quarter. First Trust Advisors LP now owns 50,743 shares of the company's stock valued at $28,919,000 after purchasing an additional 16,392 shares in the last quarter. Ossiam lifted its holdings in shares of McKesson by 13.5% during the fourth quarter. Ossiam now owns 1,332 shares of the company's stock valued at $759,000 after purchasing an additional 158 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in shares of McKesson by 5.6% during the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 14,106 shares of the company's stock valued at $8,040,000 after purchasing an additional 747 shares in the last quarter. Finally, Hsbc Holdings PLC lifted its holdings in shares of McKesson by 0.8% during the fourth quarter. Hsbc Holdings PLC now owns 288,470 shares of the company's stock valued at $164,378,000 after purchasing an additional 2,336 shares in the last quarter. 85.07% of the stock is owned by institutional investors.

McKesson Stock Down 2.6%

MCK traded down $18.2950 during midday trading on Friday, reaching $687.7050. The company had a trading volume of 1,217,333 shares, compared to its average volume of 950,293. The business has a 50-day moving average of $707.48 and a two-hundred day moving average of $684.02. The company has a market cap of $85.54 billion, a P/E ratio of 27.42, a P/E/G ratio of 1.40 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 results on Wednesday, August 6th. The company reported $8.26 EPS for the quarter, missing analysts' consensus estimates of $8.33 by ($0.07). The company had revenue of $97.83 billion during the quarter, compared to analysts' expectations of $95.93 billion. McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The business's quarterly revenue was up 23.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $7.88 EPS. On average, equities research analysts predict that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders 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 yield of 0.5%. McKesson's dividend payout ratio (DPR) is currently 11.32%.

Insider Activity

In related news, CFO Britt J. Vitalone sold 1,878 shares of the stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $717.91, for a total transaction 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. This trade represents a 11.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $663.67, for a total value of $218,347.43. Following the sale, the chief accounting officer owned 657 shares of the company's stock, valued at $436,031.19. This represents a 33.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 56,620 shares of company stock valued at $39,712,388 in the last three months. 0.08% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. UBS Group upped their price target on McKesson from $708.00 to $805.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Morgan Stanley reiterated an "overweight" rating and set a $810.00 price objective (up previously from $770.00) on shares of McKesson in a research report on Wednesday, July 16th. Bank of America upped their price objective on McKesson from $755.00 to $800.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Wells Fargo & Company upped their price objective on McKesson from $766.00 to $772.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 13th. Finally, Wall Street Zen cut McKesson from a "strong-buy" rating to a "buy" rating in a research report on Sunday, July 13th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $725.10.

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.