McKesson Corporation $MCK Shares Sold by Howe & Rusling Inc.

Key Points

• Howe & Rusling Inc. reduced its holdings in McKesson Corporation by 20.4% during the first quarter, owning 1,616 shares valued at approximately $1,088,000 after selling 415 shares.
• McKesson recently announced a quarterly dividend increase to $0.82 per share, up from $0.71, representing an annual yield of 0.5%.
• Wall Street analysts maintain a consensus rating of "Moderate Buy" for McKesson, with an average price target of $725.10 per share.

Howe & Rusling Inc. cut its holdings in McKesson Corporation (NYSE:MCK - Free Report) by 20.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,616 shares of the company's stock after selling 415 shares during the quarter. Howe & Rusling Inc.'s holdings in McKesson were worth $1,088,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. GAMMA Investing LLC increased its stake in McKesson by 75,632.7% in the first quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company's stock valued at $1,610,567,000 after purchasing an additional 2,389,992 shares during the period. Northern Trust Corp boosted its holdings in shares of McKesson by 0.7% in the first quarter. Northern Trust Corp now owns 1,542,382 shares of the company's stock valued at $1,038,008,000 after acquiring an additional 10,179 shares in the last quarter. Boston Partners boosted its holdings in shares of McKesson by 33.3% in the first quarter. Boston Partners now owns 1,461,785 shares of the company's stock valued at $984,927,000 after acquiring an additional 365,484 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of McKesson by 9.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,290,116 shares of the company's stock valued at $868,237,000 after acquiring an additional 107,638 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of McKesson by 16.5% in the first 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 acquiring an additional 181,831 shares in the last quarter. 85.07% of the stock is currently owned by institutional investors and hedge funds.

McKesson Price Performance

Shares of NYSE MCK opened at $718.72 on Friday. McKesson Corporation has a 12-month low of $464.42 and a 12-month high of $737.89. The company has a market capitalization of $89.39 billion, a PE ratio of 28.66, a price-to-earnings-growth ratio of 1.40 and a beta of 0.51. The firm's 50-day moving average is $697.97 and its two-hundred day moving average is $693.40.

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 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 business had revenue of $97.83 billion during the quarter, compared to analysts' expectations of $95.93 billion. During the same period last year, the company earned $7.88 EPS. The firm's revenue for the quarter was up 23.4% on a year-over-year basis. On average, analysts forecast that McKesson Corporation will post 32.77 EPS for the current fiscal 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 given a $0.82 dividend. This is a boost from McKesson's previous quarterly dividend of $0.71. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 2nd. McKesson's dividend payout ratio (DPR) is presently 13.08%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Evercore ISI lifted their target price on shares of McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Wells Fargo & Company lifted their target price on shares of McKesson from $766.00 to $772.00 and gave the company an "equal weight" rating in a report on Wednesday, August 13th. Cowen reaffirmed a "buy" rating on shares of McKesson in a report on Thursday, August 7th. Morgan Stanley reaffirmed 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. Finally, Wall Street Zen downgraded shares of McKesson from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $725.10.

Insider Buying and Selling

In other news, CEO Brian S. Tyler sold 19,371 shares of the business's stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $708.09, for a total value of $13,716,411.39. Following the completion of the transaction, the chief executive officer owned 27,872 shares of the company's stock, valued at $19,735,884.48. The trade was a 41.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business's 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 completion of 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 position. The disclosure for this sale can be found here. In the last three months, insiders sold 43,560 shares of company stock valued at $30,438,602. Company 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.

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.