Gordian Capital Singapore Pte Ltd Sells 3,560 Shares of McKesson Corporation $MCK

Key Points

• Gordian Capital Singapore Pte Ltd reduced its stake in McKesson Corporation by 78.1%, selling 3,560 shares, leaving them with just 1,000 shares valued at $668,000 as of their recent SEC filing.
• The company recently announced an increase in its quarterly dividend to $0.82 from $0.71, indicating a commitment to returning value to shareholders.
• McKesson reported earnings of $8.26 per share, falling short of the $8.33 expected by analysts, while achieving revenue of $97.83 billion, surpassing estimates.

Gordian Capital Singapore Pte Ltd reduced its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 78.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,000 shares of the company's stock after selling 3,560 shares during the quarter. Gordian Capital Singapore Pte Ltd's holdings in McKesson were worth $668,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. GKV Capital Management Co. Inc. bought a new stake in shares of McKesson in the 1st quarter valued at about $116,000. WPG Advisers LLC bought a new stake in shares of McKesson in the 1st quarter valued at about $275,000. Tema Etfs LLC bought a new stake in shares of McKesson in the 1st quarter valued at about $1,059,000. Tri Locum Partners LP bought a new stake in shares of McKesson in the 1st quarter valued at about $18,133,000. Finally, OMERS ADMINISTRATION Corp increased its stake in shares of McKesson by 2.6% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 7,630 shares of the company's stock valued at $5,135,000 after acquiring an additional 196 shares during the last quarter. 85.07% of the stock is owned by institutional investors.

McKesson Trading Down 0.3%

NYSE:MCK opened at $681.38 on Friday. McKesson Corporation has a 1-year low of $464.42 and a 1-year high of $737.89. The firm has a fifty day simple moving average of $703.12 and a 200 day simple moving average of $686.81. The stock has a market capitalization of $84.75 billion, a PE ratio of 27.17, a P/E/G ratio of 1.36 and a beta of 0.50.

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). 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 the consensus estimate of $95.93 billion. During the same period in the prior year, the business posted $7.88 earnings per share. McKesson's quarterly revenue was up 23.4% compared to the same quarter last year. On average, equities analysts predict that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be paid a $0.82 dividend. This is a boost from McKesson's previous quarterly dividend of $0.71. This represents a $3.28 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 2nd. McKesson's dividend payout ratio (DPR) is 13.08%.

Insider Buying and Selling at McKesson

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the firm's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $663.67, for a total value of $218,347.43. Following the completion of the transaction, the chief accounting officer directly owned 657 shares of the company's stock, valued at approximately $436,031.19. This trade represents a 33.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian S. Tyler sold 19,371 shares of the firm's stock in a transaction on Friday, July 11th. The shares were sold at an average price of $708.09, for a total transaction of $13,716,411.39. Following the completion of the transaction, the chief executive officer directly owned 27,872 shares of the company's stock, valued at $19,735,884.48. This represents a 41.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 62,930 shares of company stock valued at $44,112,466 over the last three months. 0.08% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MCK. Wells Fargo & Company upped their price target on McKesson from $766.00 to $772.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 13th. Cowen reissued a "buy" rating on shares of McKesson in a research note on Thursday, August 7th. Morgan Stanley reissued an "overweight" rating and set a $810.00 target price (up from $770.00) on shares of McKesson in a research note on Wednesday, July 16th. Bank of America increased their target price on McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Finally, Wall Street Zen cut McKesson from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 13th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $725.10.

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.

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