McKesson Corporation (NYSE:MCK) Shares Sold by Cypress Capital Group

Key Points

• Cypress Capital Group reduced its stake in McKesson Corporation by 87.8%, leaving it with only 357 shares worth approximately $240,000.
• Several large investors increased their positions in McKesson, with SouthState Corp leading the way with a 48.4% increase in shares owned.
• McKesson will pay a quarterly dividend of $0.82 per share, which is an increase from the previous dividend of $0.71, effective for shareholders on record by September 2nd.

Cypress Capital Group lessened its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 87.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 357 shares of the company's stock after selling 2,572 shares during the period. Cypress Capital Group's holdings in McKesson were worth $240,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CBIZ Investment Advisory Services LLC lifted its position in shares of McKesson by 1,366.7% during the 1st 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. Capital A Wealth Management LLC purchased a new stake in shares of McKesson during the 4th quarter worth approximately $26,000. Bank of Jackson Hole Trust lifted its position in shares of McKesson by 64.3% during the 1st 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. Pandora Wealth Inc. purchased a new stake in shares of McKesson during the 1st quarter worth approximately $40,000. Finally, Cornerstone Planning Group LLC lifted its position in shares of McKesson by 1,840.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 97 shares of the company's stock worth $67,000 after buying an additional 92 shares during the last quarter. Institutional investors and hedge funds own 85.07% of the company's stock.

McKesson Stock Performance

McKesson stock traded up $11.36 during trading hours on Thursday, reaching $674.53. 669,749 shares of the stock were exchanged, compared to its average volume of 895,801. The stock has a market cap of $83.90 billion, a P/E ratio of 26.90, a P/E/G ratio of 1.31 and a beta of 0.50. McKesson Corporation has a 52-week low of $464.42 and a 52-week high of $737.89. The firm's 50 day moving average is $711.09 and its 200 day moving average is $680.62.

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

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be paid a dividend of $0.82 per share. This is a boost from McKesson's previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.5%. McKesson's dividend payout ratio is currently 11.32%.

Insider Buying and Selling at McKesson

In other news, CFO Britt J. Vitalone sold 6,336 shares of the company's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $717.30, for a total transaction of $4,544,812.80. Following the transaction, the chief financial officer directly owned 14,760 shares of the company's stock, valued at $10,587,348. This represents a 30.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Leann B. Smith sold 1,248 shares of the company's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $717.30, for a total transaction of $895,190.40. Following the transaction, the executive vice president directly owned 2,621 shares in the company, valued at approximately $1,880,043.30. This trade represents a 32.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 52,817 shares of company stock worth $37,461,210. Company insiders own 0.08% of the company's stock.

Analyst Ratings Changes

MCK has been the subject of several recent analyst reports. Wells Fargo & Company set a $772.00 price objective on shares of McKesson and gave the stock an "equal weight" rating in a research report on Wednesday. Morgan Stanley reiterated an "overweight" rating and set a $810.00 price target (up previously from $770.00) on shares of McKesson in a research note on Wednesday, July 16th. Bank of America increased their price target on shares of McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Evercore ISI increased their price target on shares of McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. Finally, Wall Street Zen cut shares of McKesson from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 13th. Three investment 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. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $719.27.

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.