McKesson Corporation $MCK Shares Sold by OFI Invest Asset Management

Key Points

• OFI Invest Asset Management reduced its stake in McKesson Corporation by 46.9%, holding 1,155 shares worth approximately $846,000 after the sale.
• CEO Brian S. Tyler sold over 11,900 shares of McKesson, decreasing his ownership by 74.83%, with the total transaction valued at around $8.4 million.
• McKesson has increased its quarterly dividend from $0.71 to $0.82, reflecting a commitment to returning value to shareholders.

OFI Invest Asset Management trimmed its stake in shares of McKesson Corporation (NYSE:MCK - Free Report) by 46.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,155 shares of the company's stock after selling 1,019 shares during the period. OFI Invest Asset Management's holdings in McKesson were worth $846,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Oppenheimer Asset Management Inc. grew its holdings in McKesson by 54.0% during the first quarter. Oppenheimer Asset Management Inc. now owns 4,541 shares of the company's stock worth $3,056,000 after acquiring an additional 1,592 shares during the period. Dynamic Advisor Solutions LLC grew its holdings in McKesson by 16.6% during the first quarter. Dynamic Advisor Solutions LLC now owns 778 shares of the company's stock worth $524,000 after acquiring an additional 111 shares during the period. Cambridge Investment Research Advisors Inc. grew its holdings in McKesson by 18.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 23,033 shares of the company's stock worth $15,501,000 after acquiring an additional 3,659 shares during the period. Acadian Asset Management LLC boosted its position in McKesson by 22.0% during the first quarter. Acadian Asset Management LLC now owns 378,926 shares of the company's stock worth $254,979,000 after purchasing an additional 68,294 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its position in McKesson by 4.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 183,258 shares of the company's stock worth $123,332,000 after purchasing an additional 7,556 shares in the last quarter. 85.07% of the stock is owned by institutional investors and hedge funds.

Insider Activity at McKesson

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction that occurred 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 completion of the sale, the chief accounting officer owned 657 shares of the company's stock, valued at approximately $436,031.19. This trade represents a 33.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Brian S. Tyler sold 11,930 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $705.63, for a total value of $8,418,165.90. Following the completion of the sale, the chief executive officer directly owned 4,012 shares of the company's stock, valued at approximately $2,830,987.56. This represents a 74.83% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 24,189 shares of company stock valued at $16,722,190. Insiders own 0.08% of the company's stock.

McKesson Price Performance

NYSE MCK opened at $763.89 on Monday. The company has a market cap 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. The stock's 50 day simple moving average is $707.48 and its 200-day simple moving average is $706.67. McKesson Corporation has a 1-year low of $492.39 and a 1-year high of $776.14.

McKesson (NYSE:MCK - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share for the quarter, missing the consensus estimate of $8.33 by ($0.07). The firm had revenue of $97.83 billion during the quarter, compared to analysts' expectations of $95.93 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The business's revenue was up 23.4% compared to the same quarter last year. During the same quarter last year, the business earned $7.88 EPS. On average, equities research analysts anticipate that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were issued a $0.82 dividend. This is a boost from McKesson's previous quarterly dividend of $0.71. This represents a $3.28 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Tuesday, September 2nd. McKesson's payout ratio is 13.08%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Weiss Ratings reiterated a "buy (b)" rating on shares of McKesson in a research report on Wednesday, October 8th. UBS Group increased their price target on McKesson from $820.00 to $860.00 and gave the stock a "buy" rating in a research report on Wednesday, September 24th. Cowen reiterated a "buy" rating on shares of McKesson in a research report on Wednesday, September 24th. TD Cowen increased their price target on McKesson from $830.00 to $864.00 and gave the stock a "buy" rating in a research report on Wednesday, September 24th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on McKesson from $775.00 to $856.00 and gave the stock a "buy" rating in a research report on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $829.08.

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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