Gulf International Bank UK Ltd reduced its stake in shares of McKesson Corporation (NYSE:MCK - Free Report) by 31.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,248 shares of the company's stock after selling 3,348 shares during the period. Gulf International Bank UK Ltd's holdings in McKesson were worth $4,877,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of the stock. Capital A Wealth Management LLC acquired a new stake in shares of McKesson in the 4th quarter valued at $26,000. Bank of Jackson Hole Trust lifted its stake 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 purchasing an additional 18 shares during the last quarter. CBIZ Investment Advisory Services LLC lifted its stake 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 purchasing an additional 41 shares during the last quarter. Pandora Wealth Inc. acquired a new position in McKesson during the 1st quarter worth $40,000. Finally, Dagco Inc. acquired a new position in shares of McKesson during the first quarter valued at about $47,000. 85.07% of the stock is currently owned by hedge funds and other institutional investors.
McKesson Trading Down 0.1%
Shares of MCK stock traded down $0.96 during trading hours on Friday, reaching $672.86. 630,704 shares of the company's stock were exchanged, compared to its average volume of 883,823. McKesson Corporation has a 1 year low of $464.42 and a 1 year high of $737.89. The stock has a market cap of $83.69 billion, a PE ratio of 26.83, a PEG ratio of 1.34 and a beta of 0.50. The stock's fifty day moving average price is $710.37 and its two-hundred day moving average price is $681.11.
McKesson (NYSE:MCK - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 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 company had revenue of $97.83 billion during the quarter, compared to analysts' expectations of $95.93 billion. During the same quarter in the prior year, the company posted $7.88 EPS. The company's revenue for the quarter was up 23.4% on a year-over-year basis. On average, equities analysts expect that McKesson Corporation will post 32.77 EPS for the current fiscal year.
McKesson Increases Dividend
The company also recently disclosed 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 is an increase from McKesson's previous quarterly dividend of $0.71. This represents a $3.28 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Tuesday, September 2nd. McKesson's dividend payout ratio (DPR) is presently 11.32%.
Insider Buying and Selling
In related news, CEO Brian S. Tyler sold 19,371 shares of the company's stock in a transaction on Friday, July 11th. The stock was sold at an average price of $708.09, for a total transaction of $13,716,411.39. Following the transaction, the chief executive officer 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Leann B. Smith sold 341 shares of the company's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $717.91, for a total value of $244,807.31. Following the completion of the sale, the executive vice president directly owned 2,800 shares in the company, valued at $2,010,148. This trade represents a 10.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 52,817 shares of company stock valued at $37,461,210 in the last 90 days. Company insiders own 0.08% of the company's stock.
Analysts Set New Price Targets
Several analysts have weighed in on MCK shares. Morgan Stanley reaffirmed an "overweight" rating and set a $810.00 price objective (up from $770.00) on shares of McKesson in a research note on Wednesday, July 16th. Bank of America lifted their price objective on shares of McKesson from $755.00 to $800.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Wells Fargo & Company set a $772.00 price objective on shares of McKesson and gave the company an "equal weight" rating in a report on Wednesday. Evercore ISI upped their price objective on shares of McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. Finally, Wall Street Zen cut shares of McKesson from a "strong-buy" rating to a "buy" rating in a research report on Sunday, July 13th. Three equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $719.27.
View Our Latest Analysis on MCK
McKesson Company Profile
(
Free Report)
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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