Mackenzie Financial Corp Sells 21,064 Shares of McKesson Corporation (NYSE:MCK)

Key Points

• Mackenzie Financial Corp reduced its stake in McKesson Corporation by 5.6%, owning 358,258 shares worth approximately $241 million after selling 21,064 shares.
• Several institutional investors made significant moves, with GAMMA Investing LLC increasing its position by an astonishing 75,632.7%, owning over 2.39 million shares valued at approximately $1.61 billion.
• Analysts have varied ratings for McKesson, with a consensus rating of "Moderate Buy" and price targets ranging from $710.17 to $805.00, indicating bullish sentiment from multiple equity analysts.

Mackenzie Financial Corp lowered its holdings in McKesson Corporation (NYSE:MCK - Free Report) by 5.6% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 358,258 shares of the company's stock after selling 21,064 shares during the period. Mackenzie Financial Corp owned about 0.29% of McKesson worth $241,104,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. T. Rowe Price Investment Management Inc. grew its stake in McKesson by 8.5% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,847,385 shares of the company's stock worth $1,622,754,000 after buying an additional 222,496 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of McKesson by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 2,663,303 shares of the company's stock worth $1,513,195,000 after acquiring an additional 10,015 shares during the period. Franklin Resources Inc. lifted its position in McKesson by 4.6% in the 4th quarter. Franklin Resources Inc. now owns 2,620,948 shares of the company's stock valued at $1,493,704,000 after purchasing an additional 114,396 shares during the last quarter. GAMMA Investing LLC boosted its stake in McKesson by 75,632.7% during the 1st quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company's stock valued at $1,610,567,000 after purchasing an additional 2,389,992 shares during the period. Finally, Northern Trust Corp grew its position in McKesson by 9.0% in the 4th quarter. Northern Trust Corp now owns 1,532,203 shares of the company's stock worth $873,218,000 after purchasing an additional 126,940 shares during the last quarter. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Leann B. Smith sold 341 shares of the company's stock in a transaction 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 transaction, the executive vice president directly owned 2,800 shares of the company's stock, valued at approximately $2,010,148. The trade was a 10.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Britt J. Vitalone sold 1,878 shares of McKesson stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $717.91, for a total value of $1,348,234.98. Following the transaction, the chief financial officer directly owned 14,028 shares in the company, valued at approximately $10,070,841.48. This trade represents a 11.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 52,488 shares of company stock valued at $37,242,862 over the last quarter. 0.08% of the stock is owned by insiders.

McKesson Trading Down 2.1%

Shares of McKesson stock traded down $15.34 on Thursday, reaching $699.59. 503,790 shares of the company were exchanged, compared to its average volume of 873,093. McKesson Corporation has a fifty-two week low of $464.42 and a fifty-two week high of $737.89. The firm has a market capitalization of $87.53 billion, a price-to-earnings ratio of 27.04, a price-to-earnings-growth ratio of 1.44 and a beta of 0.48. The stock has a fifty day moving average price of $717.25 and a 200-day moving average price of $674.13.

McKesson (NYSE:MCK - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $10.12 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $94 billion. During the same quarter in the previous year, the company earned $6.18 EPS. The business's revenue for the quarter was up 18.9% compared to the same quarter last year. On average, equities analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current fiscal 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 issued a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.47%. This is a positive change from McKesson's previous quarterly dividend of $0.71. McKesson's dividend payout ratio is presently 10.99%.

Analyst Upgrades and Downgrades

MCK has been the topic of a number of recent analyst reports. Morgan Stanley reaffirmed an "overweight" rating and set a $810.00 price target (up previously from $770.00) on shares of McKesson in a report on Wednesday, July 16th. Mizuho lifted their target price on McKesson from $630.00 to $690.00 and gave the company a "neutral" rating in a research note on Thursday, April 3rd. Evercore ISI increased their price target on McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. Wall Street Zen cut shares of McKesson from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 13th. Finally, UBS Group upped their price objective on shares of McKesson from $708.00 to $805.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Three analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $710.17.

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.