Jefferies Financial Group Inc. Sells 8,892 Shares of McKesson Corporation (NYSE:MCK)

Key Points

• Jefferies Financial Group Inc. decreased its stake in McKesson Corporation by 70.4%, now holding 3,734 shares valued at approximately $2.51 million.
• McKesson Corporation recently reported an EPS of $10.12 for the quarter, exceeding expectations, alongside revenue of $90.82 billion, which was below the forecast.
• The company has increased its quarterly dividend from $0.71 to $0.82 per share, reflecting a positive change in shareholder returns.

Jefferies Financial Group Inc. cut its holdings in shares of McKesson Corporation (NYSE:MCK - Free Report) by 70.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,734 shares of the company's stock after selling 8,892 shares during the quarter. Jefferies Financial Group Inc.'s holdings in McKesson were worth $2,513,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Capital A Wealth Management LLC acquired a new stake in shares of McKesson during the 4th quarter valued at about $26,000. Bank of Jackson Hole Trust lifted its holdings in shares of McKesson by 64.3% during the 1st quarter. Bank of Jackson Hole Trust now owns 46 shares of the company's stock valued at $29,000 after buying an additional 18 shares during the last quarter. CBIZ Investment Advisory Services LLC lifted its holdings in shares of 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 buying an additional 41 shares during the last quarter. Cornerstone Planning Group LLC lifted its holdings in shares of 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 buying an additional 92 shares during the last quarter. Finally, Johnson Financial Group Inc. acquired a new stake in shares of McKesson during the 4th quarter valued at about $76,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at McKesson

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the company's stock in a transaction on Monday, May 19th. The stock was sold at an average price of $726.51, for a total value of $394,494.93. Following the sale, the chief accounting officer directly owned 1,972 shares in the company, valued at $1,432,677.72. This represents a 21.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Thomas L. Rodgers sold 2,891 shares of the company's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $712.18, for a total value of $2,058,912.38. Following the completion of the sale, the executive vice president owned 2,544 shares in the company, valued at $1,811,785.92. This trade represents a 53.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 52,488 shares of company stock valued at $37,242,862 in the last quarter. 0.08% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MCK. Morgan Stanley reiterated an "overweight" rating and set a $810.00 price target (up from $770.00) on shares of McKesson in a report on Wednesday, July 16th. Wall Street Zen lowered McKesson from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 13th. UBS Group boosted their target price on McKesson from $708.00 to $805.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Bank of America boosted 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. Finally, Wells Fargo & Company set a $766.00 target price on McKesson and gave the stock an "equal weight" rating in a report on Tuesday, June 3rd. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, McKesson has a consensus rating of "Moderate Buy" and a consensus price target of $710.17.

McKesson Stock Down 0.1%

NYSE MCK traded down $0.84 during trading on Tuesday, hitting $710.10. The company's stock had a trading volume of 36,961 shares, compared to its average volume of 873,434. The firm has a 50 day moving average price of $716.48 and a 200 day moving average price of $677.63. The firm has a market cap of $88.84 billion, a P/E ratio of 27.43, a price-to-earnings-growth ratio of 1.41 and a beta of 0.50. McKesson Corporation has a 52 week low of $464.42 and a 52 week high of $737.89.

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

McKesson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be given a dividend of $0.82 per share. This is a boost 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 is Tuesday, September 2nd. McKesson's dividend payout ratio (DPR) is presently 10.99%.

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.