CX Institutional Sells 1,733 Shares of McKesson Corporation $MCK

Key Points

• CX Institutional reduced its stake in McKesson Corporation by 26.9%, owning 4,702 shares valued at approximately $3.45 million as of the latest quarter.
• Analysts have positive forecasts for McKesson, with price targets increasing; Wells Fargo raised its target from $766.00 to $772.00, while Morgan Stanley set a new target of $810.00.
• McKesson announced an increase in its quarterly dividend to $0.82 per share, representing a 0.5% dividend yield, up from the previous $0.71 payout.

CX Institutional decreased its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 26.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,702 shares of the company's stock after selling 1,733 shares during the quarter. CX Institutional's holdings in McKesson were worth $3,446,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. CBIZ Investment Advisory Services LLC increased its holdings in McKesson by 1,366.7% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company's stock worth $30,000 after purchasing an additional 41 shares during the period. Capital A Wealth Management LLC acquired a new stake in McKesson during the 4th quarter valued at $26,000. Bank of Jackson Hole Trust boosted its holdings in McKesson by 64.3% in the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company's stock worth $29,000 after purchasing an additional 18 shares in the last quarter. Saudi Central Bank acquired a new position in shares of McKesson during the first quarter valued at about $34,000. Finally, Flaharty Asset Management LLC acquired a new stake in shares of McKesson during the first quarter worth approximately $39,000. 85.07% of the stock is owned by institutional investors and hedge funds.

McKesson Stock Up 1.2%

Shares of MCK traded up $7.94 during mid-day trading on Friday, hitting $698.07. The stock had a trading volume of 1,445,591 shares, compared to its average volume of 678,052. The company's fifty day simple moving average is $695.15 and its two-hundred day simple moving average is $696.81. The company has a market cap of $86.83 billion, a PE ratio of 27.83, a PEG ratio of 1.39 and a beta of 0.51. McKesson Corporation has a fifty-two week low of $464.42 and a fifty-two week high of $737.89.

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

McKesson Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be issued a dividend of $0.82 per share. The ex-dividend date is 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 yield of 0.5%. McKesson's dividend payout ratio is 13.08%.

Insider Buying and Selling

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $663.67, for a total value of $218,347.43. Following the transaction, the chief accounting officer directly 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Brian S. Tyler sold 11,930 shares of the business's 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 completion of the sale, the chief executive officer directly owned 4,012 shares in the company, valued at approximately $2,830,987.56. This represents a 74.83% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 43,560 shares of company stock valued at $30,438,602. 0.08% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on MCK shares. Evercore ISI lifted their price target on shares of McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Cowen reiterated a "buy" rating on shares of McKesson in a report on Thursday, August 7th. Wall Street Zen lowered shares of McKesson from a "buy" rating to a "hold" rating in a research report on Saturday. Wells Fargo & Company boosted their price target on shares of McKesson from $766.00 to $772.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 13th. Finally, 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. 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, the company has an average rating of "Moderate Buy" and an average target price of $725.10.

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.