McKesson Corporation $MCK Shares Bought by Comerica Bank

Key Points

• Comerica Bank increased its stake in McKesson Corporation by 3.7% in the first quarter, owning 32,061 shares valued at approximately $21.6 million.
• McKesson recently declared a quarterly dividend of $0.82 per share, up from $0.71, with an annualized yield of 0.5%.
• Despite reporting earnings per share of $8.26, McKesson missed analysts' estimates and had a revenue of $97.83 billion, exceeding expectations.

Comerica Bank boosted its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 3.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 32,061 shares of the company's stock after acquiring an additional 1,147 shares during the period. Comerica Bank's holdings in McKesson were worth $21,576,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CVA Family Office LLC grew its holdings in McKesson by 6.0% during the 1st quarter. CVA Family Office LLC now owns 265 shares of the company's stock worth $178,000 after acquiring an additional 15 shares in the last quarter. Palisade Asset Management LLC lifted its position in shares of McKesson by 2.1% during the 1st quarter. Palisade Asset Management LLC now owns 715 shares of the company's stock worth $481,000 after buying an additional 15 shares during the last quarter. SteelPeak Wealth LLC lifted its position in shares of McKesson by 0.5% during the 1st quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company's stock worth $1,867,000 after buying an additional 15 shares during the last quarter. Parallel Advisors LLC lifted its position in shares of McKesson by 0.6% during the 1st quarter. Parallel Advisors LLC now owns 2,501 shares of the company's stock worth $1,683,000 after buying an additional 16 shares during the last quarter. Finally, Eagle Rock Investment Company LLC lifted its position in shares of McKesson by 0.4% during the 1st quarter. Eagle Rock Investment Company LLC now owns 4,798 shares of the company's stock worth $3,229,000 after buying an additional 17 shares during the last quarter. Institutional investors and hedge funds own 85.07% of the company's stock.

McKesson Stock Performance

Shares of McKesson stock opened at $687.7050 on Monday. The company has a market cap of $85.54 billion, a P/E ratio of 27.42, a PEG ratio of 1.37 and a beta of 0.50. McKesson Corporation has a one year low of $464.42 and a one year high of $737.89. The firm has a fifty day moving average of $706.69 and a two-hundred day moving average of $685.75.

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

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be paid a dividend of $0.82 per share. This is a boost from McKesson's previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.5%. McKesson's dividend payout ratio is currently 11.32%.

Insider Buying and Selling at McKesson

In other news, EVP Leann B. Smith sold 341 shares of the company's stock in a transaction on Wednesday, May 28th. The shares were 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 $2,010,148. This represents a 10.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Thomas L. Rodgers sold 2,891 shares of the company's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $712.18, for a total transaction of $2,058,912.38. Following the transaction, the executive vice president directly owned 2,544 shares in the company, valued at approximately $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. Over the last 90 days, insiders sold 56,620 shares of company stock worth $39,712,388. Company insiders own 0.08% of the company's stock.

Analyst Ratings Changes

Several analysts have recently weighed in on MCK shares. Cowen restated a "buy" rating on shares of McKesson in a research report on Thursday, August 7th. Wall Street Zen downgraded shares of McKesson from a "strong-buy" rating to a "buy" rating in a research report on Sunday, July 13th. Morgan Stanley reiterated an "overweight" rating and issued a $810.00 price target (up previously from $770.00) on shares of McKesson in a research report on Wednesday, July 16th. UBS Group upped their price target on shares of McKesson from $708.00 to $805.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Finally, Evercore ISI upped their price target on shares of McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a research report on Wednesday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $725.10.

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.