McKesson Corporation $MCK Shares Bought by Exchange Traded Concepts LLC

Key Points

• Exchange Traded Concepts LLC has increased its holdings in McKesson Corporation by 44.0% in the second quarter, now owning 2,433 shares valued at approximately $1.78 million.
• McKesson reported $8.26 earnings per share for the last quarter, which fell short of expectations, alongside a revenue of $97.83 billion, exceeding analyst estimates.
• The company announced a quarterly dividend of $0.82 per share, marking an increase from the previous dividend of $0.71, and set to be paid on October 1st.

Exchange Traded Concepts LLC increased its holdings in shares of McKesson Corporation (NYSE:MCK - Free Report) by 44.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,433 shares of the company's stock after acquiring an additional 744 shares during the period. Exchange Traded Concepts LLC's holdings in McKesson were worth $1,783,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Capital A Wealth Management LLC bought a new position in McKesson in the fourth quarter worth approximately $26,000. Bank of Jackson Hole Trust increased its holdings in shares of McKesson by 64.3% in the 1st quarter. Bank of Jackson Hole Trust now owns 46 shares of the company's stock valued at $29,000 after acquiring an additional 18 shares during the period. CBIZ Investment Advisory Services LLC grew its stake in shares of 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 acquiring an additional 41 shares during the last quarter. Saudi Central Bank purchased a new position in shares of McKesson during the 1st quarter valued at about $34,000. Finally, Flaharty Asset Management LLC purchased a new position in shares of McKesson in the 1st quarter valued at about $39,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on MCK. Cowen reaffirmed a "buy" rating on shares of McKesson in a research report on Thursday, August 7th. Wall Street Zen downgraded shares of McKesson from a "buy" rating to a "hold" rating in a report on Saturday. Wells Fargo & Company boosted their price target on McKesson from $766.00 to $772.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 13th. Evercore ISI upped their target price on shares of McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Finally, Morgan Stanley reissued an "overweight" rating and issued a $810.00 price objective (up from $770.00) on shares of McKesson in a report on Wednesday, July 16th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, McKesson currently has a consensus rating of "Moderate Buy" and an average price target of $725.10.

McKesson Stock Performance

McKesson stock traded down $1.26 during midday trading on Monday, reaching $697.05. The stock had a trading volume of 583,806 shares, compared to its average volume of 678,052. The firm's fifty day simple moving average is $695.15 and its 200-day simple moving average is $696.81. The stock has a market capitalization of $86.70 billion, a P/E ratio of 27.79, a price-to-earnings-growth ratio of 1.39 and a beta of 0.51. 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 posted its quarterly earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analyst estimates of $95.93 billion. During the same quarter in the prior year, the business posted $7.88 EPS. The business's revenue was up 23.4% on a year-over-year basis. On average, sell-side analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be issued a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a yield of 0.5%. This is an increase from McKesson's previous quarterly dividend of $0.71. The ex-dividend date is Tuesday, September 2nd. McKesson's dividend payout ratio is 13.08%.

Insiders Place Their Bets

In other news, CEO Brian S. Tyler sold 11,930 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the transaction, the chief executive officer owned 4,012 shares in the company, valued at approximately $2,830,987.56. This trade represents a 74.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction on Friday, August 8th. The stock was sold at an average price of $663.67, for a total transaction of $218,347.43. Following the sale, the chief accounting officer 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 43,560 shares of company stock valued at $30,438,602 over the last three months. Company insiders own 0.08% of the company's stock.

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.