McKesson Corporation (NYSE:MCK) Shares Sold by First National Trust Co

Key Points

• First National Trust Co reduced its holdings in McKesson Corporation by 16.4%, now owning 2,201 shares valued at approximately $1.48 million.
• McKesson's recent earnings report showed $10.12 EPS, exceeding analysts' expectations, with quarterly revenue reported at $90.82 billion.
• The company announced an increase in its quarterly dividend to $0.82 per share, up from $0.71, representing an annual yield of 0.46%.

First National Trust Co trimmed its holdings in shares of McKesson Corporation (NYSE:MCK - Free Report) by 16.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,201 shares of the company's stock after selling 432 shares during the quarter. First National Trust Co's holdings in McKesson were worth $1,481,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MCK. Capital A Wealth Management LLC purchased a new position in McKesson during the 4th quarter valued at about $26,000. CBIZ Investment Advisory Services LLC boosted its holdings in McKesson by 1,366.7% during 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 period. Cornerstone Planning Group LLC boosted its holdings in McKesson by 1,840.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 97 shares of the company's stock valued at $67,000 after acquiring an additional 92 shares during the period. Johnson Financial Group Inc. purchased a new position in McKesson during the 4th quarter valued at about $76,000. Finally, Itau Unibanco Holding S.A. boosted its holdings in McKesson by 350.0% during the 4th quarter. Itau Unibanco Holding S.A. now owns 144 shares of the company's stock valued at $82,000 after acquiring an additional 112 shares during the period. 85.07% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Leann B. Smith sold 1,248 shares of McKesson stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $717.30, for a total value of $895,190.40. Following the transaction, the executive vice president directly owned 2,621 shares in the company, valued at $1,880,043.30. This trade represents a 32.26% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Britt J. Vitalone sold 6,336 shares of the stock in a transaction dated Thursday, May 22nd. The stock was 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 ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 52,488 shares of company stock valued at $37,242,862. Insiders own 0.08% of the company's stock.

Wall Street Analysts Forecast Growth

MCK has been the subject of a number of research analyst reports. Wells Fargo & Company set a $766.00 target price on McKesson and gave the company an "equal weight" rating in a report on Tuesday, June 3rd. UBS Group boosted their price objective on McKesson from $708.00 to $805.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Evercore ISI upped their target price 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. Wall Street Zen cut shares of McKesson from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 13th. Finally, Bank of America raised their target price on shares of McKesson from $755.00 to $800.00 and gave the company a "buy" rating in a report on Friday, May 9th. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $710.17.

McKesson Stock Performance

NYSE MCK traded up $8.77 on Monday, reaching $707.57. The stock had a trading volume of 360,828 shares, compared to its average volume of 875,853. McKesson Corporation has a 12-month low of $464.42 and a 12-month high of $737.89. The business's 50-day moving average price is $716.58 and its 200 day moving average price is $676.81. The stock has a market cap of $88.52 billion, a P/E ratio of 27.41, a price-to-earnings-growth ratio of 1.41 and a beta of 0.50.

McKesson (NYSE:MCK - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $10.12 EPS for the quarter, beating analysts' consensus estimates of $9.83 by $0.29. McKesson had a net margin of 0.92% and a negative return on equity of 201.12%. The business had revenue of $90.82 billion for the quarter, compared to analysts' expectations of $94 billion. During the same period in the previous year, the company posted $6.18 EPS. The company's quarterly revenue was up 18.9% on a year-over-year basis. On average, sell-side analysts predict that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

The business 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 is an increase from McKesson's previous quarterly dividend of $0.71. 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. McKesson's dividend payout ratio is 12.70%.

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.