McKesson Corporation $MCK Shares Sold by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. reduced its stake in McKesson Corporation by 4.4% during Q1, holding 30,380 shares valued at $20.45 million after selling 1,407 shares.
• McKesson recently announced an increase in its quarterly dividend from $0.71 to $0.82 per share, with a payout date set for October 1st.
• Despite reporting quarterly revenues of $97.83 billion, McKesson's earnings per share fell short of expectations, coming in at $8.26 against estimates of $8.33.

Corebridge Financial Inc. cut its stake in shares of McKesson Corporation (NYSE:MCK - Free Report) by 4.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 30,380 shares of the company's stock after selling 1,407 shares during the quarter. Corebridge Financial Inc.'s holdings in McKesson were worth $20,445,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. CBIZ Investment Advisory Services LLC lifted its holdings in McKesson by 1,366.7% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company's stock worth $30,000 after purchasing an additional 41 shares in the last quarter. Capital A Wealth Management LLC purchased a new position in McKesson in the 4th quarter worth approximately $26,000. Bank of Jackson Hole Trust lifted its holdings in McKesson by 64.3% in the 1st quarter. Bank of Jackson Hole Trust now owns 46 shares of the company's stock worth $29,000 after purchasing an additional 18 shares in the last quarter. Pandora Wealth Inc. purchased a new position in McKesson in the 1st quarter worth approximately $40,000. Finally, Dagco Inc. purchased a new position in McKesson in the 1st quarter worth approximately $47,000. 85.07% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Brian S. Tyler sold 19,371 shares of the stock in a transaction on Friday, July 11th. The stock was sold at an average price of $708.09, for a total transaction of $13,716,411.39. Following the transaction, the chief executive officer owned 27,872 shares of the company's stock, valued at approximately $19,735,884.48. This represents a 41.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company's stock in a transaction on 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 trade represents a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 62,930 shares of company stock worth $44,112,466 in the last three months. Corporate insiders own 0.08% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MCK. Wall Street Zen cut McKesson from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 13th. Cowen reissued a "buy" rating on shares of McKesson in a report on Thursday, August 7th. Morgan Stanley reaffirmed an "overweight" rating and set a $810.00 price objective (up from $770.00) on shares of McKesson in a report on Wednesday, July 16th. Bank of America upped their price objective on McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Finally, Evercore ISI upped their price objective on McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $725.10.

McKesson Trading Up 0.8%

Shares of NYSE MCK traded up $5.42 during trading hours on Friday, hitting $686.44. 880,317 shares of the company traded hands, compared to its average volume of 891,772. The stock has a market capitalization of $85.38 billion, a price-to-earnings ratio of 27.37, a price-to-earnings-growth ratio of 1.36 and a beta of 0.50. The company's 50 day moving average price is $703.12 and its 200 day moving average price is $686.81. McKesson Corporation has a 12 month low of $464.42 and a 12 month high of $737.89.

McKesson (NYSE:MCK - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share for the quarter, missing the consensus estimate of $8.33 by ($0.07). The company had revenue of $97.83 billion for the quarter, compared to the consensus estimate of $95.93 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The business's revenue for the quarter was up 23.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $7.88 EPS. Equities analysts anticipate that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

The company 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 dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a positive change from McKesson's previous quarterly dividend of $0.71. McKesson's dividend payout ratio is currently 13.08%.

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.