Interchange Capital Partners LLC Trims Stock Position in McKesson Corporation $MCK

Key Points

• Interchange Capital Partners LLC reduced its stake in McKesson Corporation by 76.0%, now owning only 211 shares valued at $155,000 as of the latest SEC filing.
• Several institutional investors have increased their positions in McKesson, with Northern Trust Corp raising its stake by 0.7% and McKesson now having 85.07% of its stock owned by institutional investors.
• McKesson recently increased its quarterly dividend from $0.71 to $0.82 per share, translating to an annualized dividend of $3.28 and a yield of 0.4%.

Interchange Capital Partners LLC trimmed its stake in McKesson Corporation (NYSE:MCK - Free Report) by 76.0% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 211 shares of the company's stock after selling 668 shares during the period. Interchange Capital Partners LLC's holdings in McKesson were worth $155,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Northern Trust Corp raised its stake in shares of McKesson by 0.7% in the 1st quarter. Northern Trust Corp now owns 1,542,382 shares of the company's stock valued at $1,038,008,000 after acquiring an additional 10,179 shares during the period. Boston Partners raised its stake in shares of McKesson by 33.3% in the 1st quarter. Boston Partners now owns 1,461,785 shares of the company's stock valued at $984,927,000 after acquiring an additional 365,484 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of McKesson by 9.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,290,116 shares of the company's stock valued at $868,237,000 after acquiring an additional 107,638 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of McKesson by 16.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,284,881 shares of the company's stock valued at $864,712,000 after acquiring an additional 181,831 shares during the period. Finally, Invesco Ltd. raised its stake in shares of McKesson by 0.7% in the 1st quarter. Invesco Ltd. now owns 1,061,744 shares of the company's stock valued at $714,543,000 after acquiring an additional 7,108 shares during the period. 85.07% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MCK has been the topic of several recent research reports. Evercore ISI upped their target price on shares of McKesson from $800.00 to $825.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 24th. Mizuho upped their target price on shares of McKesson from $750.00 to $770.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 24th. Deutsche Bank Aktiengesellschaft upped their target price on shares of McKesson from $775.00 to $856.00 and gave the stock a "buy" rating in a research note on Wednesday, September 24th. Wall Street Zen raised shares of McKesson from a "hold" rating to a "buy" rating in a research note on Sunday, September 28th. Finally, Wells Fargo & Company upped their target price on shares of McKesson from $772.00 to $816.00 and gave the stock an "equal weight" rating in a research note on Wednesday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $834.54.

McKesson Stock Up 1.6%

MCK opened at $782.07 on Wednesday. The business has a 50 day moving average price of $710.10 and a two-hundred day moving average price of $707.89. McKesson Corporation has a 52 week low of $492.39 and a 52 week high of $783.89. The company has a market cap of $97.27 billion, a PE ratio of 31.18, a P/E/G ratio of 1.39 and a beta of 0.52.

McKesson (NYSE:MCK - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $8.33 by ($0.07). McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The business had revenue of $97.83 billion for the quarter, compared to analysts' expectations of $95.93 billion. During the same period last year, the company posted $7.88 earnings per share. The business's quarterly revenue was up 23.4% on a year-over-year basis. As a group, sell-side analysts expect that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were paid a dividend of $0.82 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. 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 0.4%. McKesson's dividend payout ratio is 13.08%.

Insiders Place Their Bets

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction on Friday, August 8th. The stock was sold at an average price of $663.67, for a total transaction of $218,347.43. Following the sale, the chief accounting officer owned 657 shares of the company's stock, valued at $436,031.19. This trade represents a 33.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Brian S. Tyler sold 11,930 shares of the firm's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $705.63, for a total value of $8,418,165.90. Following the completion of the sale, the chief executive officer directly owned 4,012 shares in the company, valued at approximately $2,830,987.56. The trade was a 74.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 24,189 shares of company stock worth $16,722,190. Corporate insiders own 0.08% of the company's stock.

About McKesson

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.

Want to see what other hedge funds are holding MCK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for McKesson Corporation (NYSE:MCK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.