Longbow Finance SA Sells 1,746 Shares of McKesson Corporation (NYSE:MCK)

Key Points

• Longbow Finance SA reduced its holdings in McKesson Corporation by 17.7%, selling 1,746 shares and now owning a total of 8,131 shares valued at approximately $5.47 million.
• Insider transactions included Thomas L. Rodgers selling 2,891 shares and Leann B. Smith selling 1,248 shares, both significantly reducing their respective ownership stakes.
• McKesson's latest quarterly earnings report beat estimates, showing an EPS of $10.12 and an 18.9% year-over-year revenue increase, although revenue fell short of analyst expectations.

Longbow Finance SA reduced its position in McKesson Corporation (NYSE:MCK - Free Report) by 17.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,131 shares of the company's stock after selling 1,746 shares during the quarter. Longbow Finance SA's holdings in McKesson were worth $5,472,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MCK. Westover Capital Advisors LLC acquired a new stake in shares of McKesson in the 1st quarter valued at $249,000. Assetmark Inc. raised its holdings in shares of McKesson by 20.8% in the first quarter. Assetmark Inc. now owns 13,829 shares of the company's stock valued at $9,307,000 after buying an additional 2,379 shares during the last quarter. Cetera Investment Advisers raised its holdings in shares of McKesson by 11.4% in the first quarter. Cetera Investment Advisers now owns 37,515 shares of the company's stock valued at $25,247,000 after buying an additional 3,847 shares during the last quarter. Avantax Advisory Services Inc. raised its holdings in shares of McKesson by 19.1% in the first quarter. Avantax Advisory Services Inc. now owns 4,236 shares of the company's stock valued at $2,851,000 after buying an additional 679 shares during the last quarter. Finally, Hamilton Point Investment Advisors LLC acquired a new position in McKesson in the first quarter valued at approximately $203,000. 85.07% of the stock is owned by institutional investors.

Insider Activity at McKesson

In other news, EVP Leann B. Smith sold 341 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $717.91, for a total transaction of $244,807.31. Following the sale, the executive vice president owned 2,800 shares in the company, valued at $2,010,148. This represents a 10.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the company's stock in a transaction that occurred 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 owned 1,972 shares in the company, valued at approximately $1,432,677.72. This represents a 21.59% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,488 shares of company stock worth $37,242,862. Insiders own 0.08% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MCK. Wells Fargo & Company set a $766.00 price objective on shares of McKesson and gave the company an "equal weight" rating in a research note on Tuesday, June 3rd. Mizuho increased their price target on shares of McKesson from $630.00 to $690.00 and gave the company a "neutral" rating in a research report on Thursday, April 3rd. Wall Street Zen downgraded shares of McKesson from a "strong-buy" rating to a "buy" rating in a research report on Sunday, July 13th. Cfra Research downgraded shares of McKesson from a "moderate buy" rating to a "hold" rating in a research report on Friday, April 4th. Finally, Morgan Stanley increased their price target on shares of McKesson from $770.00 to $810.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. Three investment 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's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $710.17.

McKesson Price Performance

NYSE:MCK traded up $1.61 during trading hours on Friday, reaching $711.80. 431,229 shares of the stock were exchanged, compared to its average volume of 586,523. McKesson Corporation has a twelve month low of $464.42 and a twelve month high of $737.89. The firm has a 50 day moving average of $717.86 and a 200 day moving average of $672.13. The stock has a market cap of $89.05 billion, a PE ratio of 27.56, a PEG ratio of 1.44 and a beta of 0.48.

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

McKesson Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd were paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date of this dividend was Monday, June 2nd. McKesson's dividend payout ratio is currently 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.