BI Asset Management Fondsmaeglerselskab A S Has $3.29 Million Holdings in McKesson Corporation $MCK

Key Points

• BI Asset Management Fondsmaeglerselskab A S has reduced its stake in McKesson Corporation by 25.6%, selling 1,684 shares in the first quarter, leaving it with 4,886 shares valued at approximately $3.29 million.
• McKesson's stock recently increased by 3.7% and the company reported a revenue of $97.83 billion for the latest quarter, exceeding analyst expectations.
• The firm declared a quarterly dividend of $0.82, increasing from the previous $0.71, with an upcoming payment date on October 1st.

BI Asset Management Fondsmaeglerselskab A S decreased its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 25.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,886 shares of the company's stock after selling 1,684 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in McKesson were worth $3,288,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Wellington Management Group LLP lifted its position in McKesson by 4,559.6% during the first quarter. Wellington Management Group LLP now owns 427,703 shares of the company's stock worth $287,840,000 after purchasing an additional 418,524 shares during the period. Korea Investment CORP lifted its position in McKesson by 2.5% during the first quarter. Korea Investment CORP now owns 115,296 shares of the company's stock worth $77,593,000 after purchasing an additional 2,853 shares during the period. Qtron Investments LLC lifted its position in McKesson by 4.3% during the first quarter. Qtron Investments LLC now owns 2,841 shares of the company's stock worth $1,912,000 after purchasing an additional 118 shares during the period. Aptus Capital Advisors LLC lifted its position in McKesson by 9.0% during the first quarter. Aptus Capital Advisors LLC now owns 4,455 shares of the company's stock worth $2,998,000 after purchasing an additional 368 shares during the period. Finally, Northern Trust Corp lifted its position in McKesson by 0.7% during the first quarter. Northern Trust Corp now owns 1,542,382 shares of the company's stock worth $1,038,008,000 after purchasing an additional 10,179 shares during the period. Institutional investors own 85.07% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Cowen reaffirmed a "buy" rating on shares of McKesson in a research report on Thursday, August 7th. Wall Street Zen cut shares of McKesson from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 13th. Morgan Stanley reissued an "overweight" rating and issued a $810.00 target price (up previously from $770.00) on shares of McKesson in a report on Wednesday, July 16th. Evercore ISI increased their target price on shares of McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. Finally, Wells Fargo & Company increased their target price on shares of McKesson from $766.00 to $772.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 13th. One research 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 stock. Based on data from MarketBeat, McKesson presently has an average rating of "Moderate Buy" and an average target price of $725.10.

McKesson Stock Performance

Shares of McKesson stock traded down $18.2950 on Friday, hitting $687.7050. The stock had a trading volume of 1,217,333 shares, compared to its average volume of 950,293. The stock has a 50 day moving average of $706.69 and a 200 day moving average of $685.15. McKesson Corporation has a twelve month low of $464.42 and a twelve month high of $737.89. The firm has a market capitalization of $85.54 billion, a P/E ratio of 27.42, a PEG ratio of 1.37 and a beta of 0.50.

McKesson (NYSE:MCK - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 earnings per share (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 firm had revenue of $97.83 billion during the quarter, compared to analyst estimates of $95.93 billion. During the same period in the prior year, the company earned $7.88 EPS. The business's quarterly revenue was up 23.4% compared to the same quarter last year. Equities analysts expect that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

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

Insider Buying and Selling

In other McKesson news, CFO Britt J. Vitalone sold 1,878 shares of the stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $717.91, for a total transaction of $1,348,234.98. Following the completion of the sale, the chief financial officer owned 14,028 shares of the company's stock, valued at approximately $10,070,841.48. This represents a 11.81% 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 that occurred on Friday, August 8th. The shares were sold at an average price of $663.67, for a total transaction of $218,347.43. Following the sale, the chief accounting officer directly owned 657 shares of the company's stock, valued at $436,031.19. This represents a 33.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 56,620 shares of company stock valued at $39,712,388 over the last three months. Insiders own 0.08% of the company's stock.

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.