McKesson Corporation $MCK Shares Sold by Great Lakes Advisors LLC

Key Points

• Great Lakes Advisors LLC has reduced its stake in McKesson Corporation by 3.0%, now holding approximately 69,798 shares valued at $46.97 million.
• McKesson plans to increase its quarterly dividend to $0.82 per share, up from $0.71, with the ex-dividend date set for September 2nd.
• Despite a strong revenue growth of 23.4% year-over-year, McKesson's latest earnings per share of $8.26 fell short of analysts' estimates by $0.07.

Great Lakes Advisors LLC lessened its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 3.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 69,798 shares of the company's stock after selling 2,149 shares during the quarter. Great Lakes Advisors LLC owned about 0.06% of McKesson worth $46,973,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in MCK. Brighton Jones LLC grew its stake in McKesson by 46.3% during the 4th quarter. Brighton Jones LLC now owns 2,523 shares of the company's stock worth $1,438,000 after buying an additional 798 shares during the last quarter. Cary Street Partners Financial LLC purchased a new position in McKesson during the 4th quarter worth approximately $108,000. Ethic Inc. grew its stake in McKesson by 43.0% during the 4th quarter. Ethic Inc. now owns 5,042 shares of the company's stock worth $2,874,000 after buying an additional 1,516 shares during the last quarter. Graham Capital Management L.P. grew its stake in McKesson by 57.9% during the 4th quarter. Graham Capital Management L.P. now owns 3,971 shares of the company's stock worth $2,263,000 after buying an additional 1,456 shares during the last quarter. Finally, Gotham Asset Management LLC grew its stake in McKesson by 1.8% during the 4th quarter. Gotham Asset Management LLC now owns 30,346 shares of the company's stock worth $17,294,000 after buying an additional 537 shares during the last quarter. Hedge funds and other institutional investors own 85.07% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on MCK shares. Cowen reiterated a "buy" rating on shares of McKesson in a research note on Thursday, August 7th. Morgan Stanley reiterated an "overweight" rating and issued a $810.00 target price (up from $770.00) on shares of McKesson in a research note on Wednesday, July 16th. Wall Street Zen downgraded McKesson from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 13th. 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. Finally, Evercore ISI lifted their target price on McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. One equities 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 company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $725.10.

Insider Buying and Selling at McKesson

In related news, CEO Brian S. Tyler sold 19,371 shares of McKesson stock in a transaction on Friday, July 11th. The stock was sold at an average price of $708.09, for a total transaction of $13,716,411.39. Following the completion of the transaction, the chief executive officer directly owned 27,872 shares of the company's stock, valued at approximately $19,735,884.48. The trade was a 41.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction on 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 of the company's stock, valued at approximately $436,031.19. This represents a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 43,560 shares of company stock valued at $30,438,602. 0.08% of the stock is currently owned by insiders.

McKesson Price Performance

Shares of MCK stock opened at $687.03 on Monday. The business's fifty day moving average price is $699.12 and its 200 day moving average price is $691.74. McKesson Corporation has a 1-year low of $464.42 and a 1-year high of $737.89. The firm has a market capitalization of $85.45 billion, a PE ratio of 27.39, a P/E/G ratio of 1.37 and a beta of 0.51.

McKesson (NYSE:MCK - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 earnings per share for the quarter, missing analysts' consensus estimates of $8.33 by ($0.07). McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The business had revenue of $97.83 billion for 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 company's revenue was up 23.4% on a year-over-year basis. Equities research analysts expect that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The company also recently disclosed 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. This is a boost from McKesson's previous quarterly dividend of $0.71. This represents a $3.28 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 2nd. McKesson's payout ratio is presently 13.08%.

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.

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