McKesson Corporation $MCK Shares Sold by Concord Asset Management LLC VA

Key Points

• Concord Asset Management LLC reduced its stake in McKesson Corporation by 20.7%, selling 930 shares and holding a total of 3,569 shares worth approximately $2.62 million by the end of the second quarter.
• CEO Brian S. Tyler sold 11,930 shares at an average price of $705.63, resulting in a significant decrease of 74.83% in his ownership, while company insiders collectively sold 24,189 shares valued at over $16.7 million in the last quarter.
• McKesson announced an increase in its quarterly dividend to $0.82, up from $0.71, representing an annualized rate of $3.28 and a yield of 0.4%.

Concord Asset Management LLC VA decreased its position in McKesson Corporation (NYSE:MCK - Free Report) by 20.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,569 shares of the company's stock after selling 930 shares during the quarter. Concord Asset Management LLC VA's holdings in McKesson were worth $2,615,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Northern Trust Corp boosted its stake in shares of McKesson by 0.7% during the 1st quarter. Northern Trust Corp now owns 1,542,382 shares of the company's stock valued at $1,038,008,000 after buying an additional 10,179 shares during the last quarter. Boston Partners boosted its stake in shares of McKesson by 33.3% during the 1st quarter. Boston Partners now owns 1,461,785 shares of the company's stock valued at $984,927,000 after buying an additional 365,484 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of McKesson by 9.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,290,116 shares of the company's stock valued at $868,237,000 after buying an additional 107,638 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of McKesson by 16.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,284,881 shares of the company's stock valued at $864,712,000 after buying an additional 181,831 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in shares of McKesson by 0.7% during the 1st quarter. Invesco Ltd. now owns 1,061,744 shares of the company's stock valued at $714,543,000 after buying an additional 7,108 shares during the last quarter. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other McKesson news, CEO Brian S. Tyler sold 11,930 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $705.63, for a total value of $8,418,165.90. Following the sale, the chief executive officer directly owned 4,012 shares in the company, valued at approximately $2,830,987.56. This trade represents a 74.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the firm's stock in a transaction 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 completion of the sale, the chief accounting officer owned 657 shares in the company, valued at $436,031.19. The trade was a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,189 shares of company stock worth $16,722,190 over the last quarter. 0.08% of the stock is currently owned by company insiders.

McKesson Price Performance

Shares of MCK opened at $763.89 on Monday. The stock has a market capitalization of $95.01 billion, a PE ratio of 30.46, a price-to-earnings-growth ratio of 1.38 and a beta of 0.52. McKesson Corporation has a 12-month low of $492.39 and a 12-month high of $776.14. The business's fifty day moving average price is $707.48 and its 200 day moving average price is $706.67.

McKesson (NYSE:MCK - Get Free Report) last posted its 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). The company had revenue of $97.83 billion during the quarter, compared to the consensus estimate of $95.93 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The business's quarterly revenue was up 23.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $7.88 earnings per share. As a group, research analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd were paid a $0.82 dividend. The ex-dividend date was Tuesday, September 2nd. This is a positive change from McKesson's previous quarterly dividend of $0.71. This represents a $3.28 dividend on an annualized basis and a yield of 0.4%. McKesson's dividend payout ratio (DPR) is 13.08%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Weiss Ratings reiterated a "buy (b)" rating on shares of McKesson in a research note on Wednesday, October 8th. Cowen reiterated a "buy" rating on shares of McKesson in a research note on Wednesday, September 24th. UBS Group increased their target price on McKesson from $820.00 to $860.00 and gave the company a "buy" rating in a research note on Wednesday, September 24th. TD Cowen increased their target price on McKesson from $830.00 to $864.00 and gave the company a "buy" rating in a research note on Wednesday, September 24th. Finally, Mizuho raised their price objective on McKesson from $750.00 to $770.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $829.08.

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.

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