Federation des caisses Desjardins du Quebec Sells 3,580 Shares of McKesson Corporation $MCK

Key Points

• The Federation des caisses Desjardins du Quebec reduced its stake in McKesson Corporation by 5.5%, selling 3,580 shares and bringing its total ownership to 61,752 shares valued at approximately $41.56 million.
• McKesson recently announced an increase in its quarterly dividend from $0.71 to $0.82, representing a yield of 0.5% with a dividend payout ratio of 11.32%.
• The company's latest earnings report revealed $8.26 earnings per share for the quarter, falling short of analysts' expectations of $8.33, despite revenue growing 23.4% year-over-year.

Federation des caisses Desjardins du Quebec trimmed its position in McKesson Corporation (NYSE:MCK - Free Report) by 5.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 61,752 shares of the company's stock after selling 3,580 shares during the quarter. Federation des caisses Desjardins du Quebec's holdings in McKesson were worth $41,559,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. CBIZ Investment Advisory Services LLC increased its holdings in shares of McKesson by 1,366.7% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company's stock valued at $30,000 after acquiring an additional 41 shares during the last quarter. Capital A Wealth Management LLC bought a new stake in shares of McKesson in the 4th quarter valued at 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 last quarter. Saudi Central Bank bought a new stake in shares of McKesson in the 1st quarter valued at approximately $34,000. Finally, Pandora Wealth Inc. bought a new stake in shares of McKesson in the 1st quarter valued at approximately $40,000. 85.07% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Transactions at McKesson

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business's 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 transaction, the chief accounting officer owned 657 shares in the company, valued at $436,031.19. The trade was a 33.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Brian S. Tyler sold 19,371 shares of the company's stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $708.09, for a total value of $13,716,411.39. Following the sale, the chief executive officer owned 27,872 shares of the company's stock, valued at approximately $19,735,884.48. This trade represents a 41.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold 43,560 shares of company stock worth $30,438,602 in the last 90 days. Corporate insiders own 0.08% of the company's stock.

McKesson Stock Performance

NYSE:MCK traded down $4.42 during trading hours on Friday, hitting $687.03. 472,767 shares of the company's stock traded hands, compared to its average volume of 808,316. The stock's fifty day moving average price is $699.12 and its two-hundred day moving average price is $691.13. McKesson Corporation has a twelve month low of $464.42 and a twelve month high of $737.89. The firm has a market cap of $85.46 billion, a P/E ratio of 27.39, a P/E/G ratio of 1.37 and a beta of 0.51.

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

McKesson Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be paid a $0.82 dividend. 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 presently 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.