Te Ahumairangi Investment Management Ltd Has $4.45 Million Holdings in McKesson Corporation $MCK

Key Points

• Te Ahumairangi Investment Management Ltd reduced its stake in McKesson Corporation by 22.2% during the first quarter, holding 6,614 shares valued at approximately $4.45 million.
• CEO Brian S. Tyler sold 11,930 shares of McKesson stock in August, representing a 74.83% decrease in his position, while insiders collectively sold over 62,930 shares in the last 90 days.
• McKesson announced an increase in its quarterly dividend from $0.71 to $0.82 per share, reflecting a commitment to returning value to shareholders.

Te Ahumairangi Investment Management Ltd decreased its holdings in shares of McKesson Corporation (NYSE:MCK - Free Report) by 22.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,614 shares of the company's stock after selling 1,890 shares during the quarter. Te Ahumairangi Investment Management Ltd's holdings in McKesson were worth $4,451,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. GAMMA Investing LLC boosted its position in shares of McKesson by 75,632.7% during the 1st quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company's stock valued at $1,610,567,000 after acquiring an additional 2,389,992 shares in the last quarter. Nuveen LLC acquired a new position in McKesson during the first quarter worth $475,235,000. Farallon Capital Management LLC bought a new stake in McKesson during the fourth quarter worth $348,044,000. Wellington Management Group LLP lifted its stake in shares of McKesson by 4,559.6% during the 1st quarter. Wellington Management Group LLP now owns 427,703 shares of the company's stock worth $287,840,000 after buying an additional 418,524 shares during the last quarter. Finally, Boston Partners lifted 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 worth $984,927,000 after buying an additional 365,484 shares during the last quarter. 85.07% of the stock is currently owned by institutional investors and hedge funds.

McKesson Stock Up 0.8%

MCK stock traded up $5.50 during mid-day trading on Tuesday, reaching $691.32. 785,240 shares of the stock traded hands, compared to its average volume of 889,696. The firm has a market capitalization of $85.99 billion, a PE ratio of 27.56, a P/E/G ratio of 1.37 and a beta of 0.51. McKesson Corporation has a 52 week low of $464.42 and a 52 week high of $737.89. The business has a 50-day moving average of $701.72 and a two-hundred day moving average of $689.22.

McKesson (NYSE:MCK - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $8.26 EPS for the quarter, missing the consensus estimate of $8.33 by ($0.07). The business had revenue of $97.83 billion for the quarter, compared to the consensus estimate of $95.93 billion. McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The company's quarterly revenue was up 23.4% compared to the same quarter last year. During the same period last year, the firm earned $7.88 earnings per share. 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 disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be issued a $0.82 dividend. This is a boost from McKesson's previous quarterly dividend of $0.71. The ex-dividend date is Tuesday, September 2nd. This represents a $3.28 annualized dividend and a yield of 0.5%. McKesson's dividend payout ratio (DPR) is currently 11.32%.

Insider Activity

In other news, CEO Brian S. Tyler sold 11,930 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the sale, the chief executive officer owned 4,012 shares of the company's stock, valued at $2,830,987.56. This trade represents a 74.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available 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 transaction of $218,347.43. Following the transaction, the chief accounting officer directly owned 657 shares of the company's stock, 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 have sold a total of 62,930 shares of company stock worth $44,112,466 over the last three months. 0.08% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MCK. Wells Fargo & Company boosted their target price 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. Morgan Stanley reissued an "overweight" rating and set a $810.00 price objective (up previously from $770.00) on shares of McKesson in a research report on Wednesday, July 16th. Evercore ISI boosted their price target on McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Cowen restated a "buy" rating on shares of McKesson in a report on Thursday, August 7th. Finally, Wall Street Zen cut McKesson from a "strong-buy" rating to a "buy" rating in a research report on Sunday, July 13th. One 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 stock. According to MarketBeat, McKesson has an average rating of "Moderate Buy" and an average price target of $725.10.

McKesson 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.