Park National Corp OH Has $11.03 Million Holdings in McKesson Corporation $MCK

Key Points

• Park National Corp OH reduced its holdings in McKesson Corporation by 6.1%, selling 978 shares during the second quarter, leaving it with 15,057 shares valued at approximately $11 million.
• McKesson's stock has seen a significant increase in institutional ownership, with 85.07% of the shares held by institutional investors and hedge funds.
• The company announced a dividend increase to $0.82 per share, up from the previous $0.71, reflecting a strong commitment to returning value to shareholders amidst a quarterly revenue growth of 23.4% year-over-year.

Park National Corp OH lessened its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 6.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,057 shares of the company's stock after selling 978 shares during the quarter. Park National Corp OH's holdings in McKesson were worth $11,033,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of MCK. Capital A Wealth Management LLC bought a new position in shares of McKesson during the 4th quarter worth approximately $26,000. Bank of Jackson Hole Trust increased its stake in McKesson by 64.3% during the 1st quarter. Bank of Jackson Hole Trust now owns 46 shares of the company's stock valued at $29,000 after purchasing an additional 18 shares in the last quarter. CBIZ Investment Advisory Services LLC increased its stake in McKesson by 1,366.7% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company's stock valued at $30,000 after purchasing an additional 41 shares in the last quarter. Saudi Central Bank acquired a new position in McKesson during the 1st quarter valued at approximately $34,000. Finally, Flaharty Asset Management LLC acquired a new stake in shares of McKesson in the first quarter worth $39,000. Institutional investors own 85.07% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Cowen reiterated a "buy" rating on shares of McKesson in a research note on Thursday, August 7th. Wells Fargo & Company increased their price target 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. Evercore ISI increased their price target on shares of McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. Morgan Stanley reaffirmed an "overweight" rating and set a $810.00 price objective (up 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 investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, McKesson presently has an average rating of "Moderate Buy" and an average price target of $725.10.

McKesson Stock Down 0.3%

Shares of MCK traded down $1.81 during trading on Thursday, reaching $690.43. 189,729 shares of the company traded hands, compared to its average volume of 867,556. The stock has a 50-day simple moving average of $695.83 and a 200-day simple moving average of $695.37. McKesson Corporation has a twelve month low of $464.42 and a twelve month high of $737.89. The stock has a market cap of $85.88 billion, a PE ratio of 27.52, a price-to-earnings-growth ratio of 1.38 and a beta of 0.51.

McKesson (NYSE:MCK - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 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 in the previous year, the business posted $7.88 EPS. The company's revenue for the quarter was up 23.4% compared to the same quarter last year. On average, equities research analysts predict that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

The business 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 dividend of $0.82 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.5%. This is an increase from McKesson's previous quarterly dividend of $0.71. McKesson's dividend payout ratio is currently 13.08%.

Insider Buying and Selling

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the firm's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $663.67, for a total transaction of $218,347.43. Following the transaction, the chief accounting officer directly owned 657 shares in the company, valued at $436,031.19. This trade represents a 33.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Brian S. Tyler sold 11,930 shares of the firm's stock in a transaction 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 owned 4,012 shares in the company, valued at $2,830,987.56. The trade was a 74.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 43,560 shares of company stock valued at $30,438,602. Corporate 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.