Ieq Capital LLC Increases Stake in McKesson Corporation $MCK

Key Points

• Ieq Capital LLC increased its stake in McKesson Corporation by 37.9%, owning 28,791 shares worth approximately $19.4 million after acquiring an additional 7,912 shares during the first quarter.
• McKesson's quarterly dividend has been increased to $0.82, up from the previous dividend of $0.71, with an ex-dividend date set for September 2nd.
• McKesson reported a revenue of $97.83 billion for the quarter, surpassing estimates, but missed EPS expectations by $0.07.

Ieq Capital LLC increased its stake in shares of McKesson Corporation (NYSE:MCK - Free Report) by 37.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 28,791 shares of the company's stock after acquiring an additional 7,912 shares during the quarter. Ieq Capital LLC's holdings in McKesson were worth $19,377,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. Brighton Jones LLC grew its stake in shares of McKesson by 46.3% in the 4th quarter. Brighton Jones LLC now owns 2,523 shares of the company's stock valued at $1,438,000 after buying an additional 798 shares during the period. Capital Analysts LLC increased its holdings in shares of McKesson by 38.0% during the fourth quarter. Capital Analysts LLC now owns 392 shares of the company's stock valued at $224,000 after acquiring an additional 108 shares in the last quarter. Johnson Financial Group Inc. bought a new stake in shares of McKesson during the fourth quarter valued at approximately $76,000. Prosperity Consulting Group LLC raised its position in shares of McKesson by 6.2% during the fourth quarter. Prosperity Consulting Group LLC now owns 478 shares of the company's stock worth $272,000 after purchasing an additional 28 shares during the period. Finally, Berger Financial Group Inc raised its position in shares of McKesson by 7.3% during the fourth quarter. Berger Financial Group Inc now owns 591 shares of the company's stock worth $337,000 after purchasing an additional 40 shares during the period. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MCK has been the topic of a number of recent research reports. Bank of America increased their target price on McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Cowen reiterated a "buy" rating on shares of McKesson in a report on Thursday, August 7th. Wells Fargo & Company increased their target price on McKesson from $766.00 to $772.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 13th. Wall Street Zen cut McKesson from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 13th. Finally, Evercore ISI increased their target price on McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. One 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's stock. Based on data from MarketBeat, McKesson currently has a consensus rating of "Moderate Buy" and a consensus target price of $725.10.

Insiders Place Their Bets

In other news, CEO Brian S. Tyler sold 11,930 shares of McKesson 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 sale, the chief executive officer directly owned 4,012 shares in the company, valued at $2,830,987.56. The trade was a 74.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 value of $218,347.43. Following the sale, 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 disclosure for this sale can be found here. Insiders have sold a total of 62,930 shares of company stock worth $44,112,466 over the last quarter. Company insiders own 0.08% of the company's stock.

McKesson Stock Up 0.8%

NYSE:MCK traded up $5.42 during trading hours on Friday, hitting $686.44. 880,317 shares of the company traded hands, compared to its average volume of 984,242. The firm's 50-day simple moving average is $702.44 and its 200-day simple moving average is $687.34. McKesson Corporation has a one year low of $464.42 and a one year high of $737.89. The company has a market cap of $85.38 billion, a PE ratio of 27.37, a PEG ratio of 1.35 and a beta of 0.50.

McKesson (NYSE:MCK - Get Free Report) last issued its quarterly earnings data 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). The company had revenue of $97.83 billion for the quarter, compared to the consensus estimate of $95.93 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. McKesson's revenue was up 23.4% on a year-over-year basis. During the same quarter last year, the business posted $7.88 earnings per share. As a group, equities research analysts expect that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be paid a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Tuesday, September 2nd. This is a positive change from McKesson's previous quarterly dividend of $0.71. McKesson's dividend payout ratio (DPR) is presently 11.32%.

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.