APG Asset Management N.V. Reduces Position in McKesson Corporation $MCK

Key Points

• APG Asset Management N.V. reduced its stake in McKesson Corporation by 9.0%, ending the quarter with approximately 132,644 shares valued at $82.64 million.
• McKesson recently announced a quarterly dividend increase from $0.71 to $0.82 per share, with a record date of September 2nd and payment on October 1st.
• The company's recent financial performance showed a 23.4% year-over-year revenue increase, despite reporting earnings per share of $8.26, slightly below analysts' expectations.

APG Asset Management N.V. lowered its stake in shares of McKesson Corporation (NYSE:MCK - Free Report) by 9.0% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 132,644 shares of the company's stock after selling 13,062 shares during the period. APG Asset Management N.V. owned approximately 0.11% of McKesson worth $82,640,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in MCK. Capital A Wealth Management LLC bought a new position in shares of McKesson in the 4th quarter worth approximately $26,000. Bank of Jackson Hole Trust boosted its position 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 acquiring an additional 18 shares during the last quarter. CBIZ Investment Advisory Services LLC boosted its position 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 acquiring an additional 41 shares during the last quarter. Pandora Wealth Inc. bought a new stake in McKesson in the first quarter worth $40,000. Finally, Dagco Inc. bought a new stake in McKesson in the first quarter worth $47,000. Institutional investors own 85.07% of the company's stock.

Insider Buying and Selling at McKesson

In other news, EVP Thomas L. Rodgers sold 2,891 shares of the 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 completion of the transaction, the executive vice president directly owned 2,544 shares in the company, valued at approximately $1,811,785.92. This represents a 53.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction dated Friday, August 8th. The stock was 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 in the company, valued at approximately $436,031.19. The trade was a 33.37% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 65,821 shares of company stock worth $46,171,378 in the last three months. 0.08% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on MCK shares. Morgan Stanley reiterated an "overweight" rating and set a $810.00 target price (up from $770.00) on shares of McKesson in a research report on Wednesday, July 16th. Wall Street Zen lowered McKesson from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 13th. Evercore ISI raised their price target on McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Bank of America raised their price target on McKesson from $755.00 to $800.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Finally, Wells Fargo & Company lifted their target price on McKesson from $766.00 to $772.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 13th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $725.10.

McKesson Trading Up 0.4%

Shares of MCK stock traded up $2.94 during trading hours on Wednesday, reaching $683.46. 1,031,985 shares of the company's stock were exchanged, compared to its average volume of 891,420. McKesson Corporation has a 1 year low of $464.42 and a 1 year high of $737.89. The stock has a market cap of $85.01 billion, a PE ratio of 27.25, a PEG ratio of 1.35 and a beta of 0.50. The stock's fifty day moving average price is $705.00 and its two-hundred day moving average price is $686.29.

McKesson (NYSE:MCK - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $95.93 billion. During the same period in the previous year, the firm posted $7.88 earnings per share. The company's revenue was up 23.4% compared to the same quarter last year. On average, equities analysts expect that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be issued a $0.82 dividend. This represents a $3.28 annualized dividend and a yield of 0.5%. The ex-dividend date is Tuesday, September 2nd. This is an increase from McKesson's previous quarterly dividend of $0.71. McKesson's dividend payout ratio (DPR) is currently 11.32%.

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.