McKesson Corporation (NYSE:MCK) Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia reduced its stake in McKesson Corporation by 36.6%, selling 7,594 shares, now holding 13,140 shares valued at approximately $8.84 million.
• Analysts have set new price targets for McKesson, with Morgan Stanley raising its target from $770.00 to $810.00, while UBS Group increased its target to $805.00, reflecting strong buy sentiment.
• McKesson's quarterly dividend increased from $0.71 to $0.82 per share, with a dividend yield of 0.5% and the next payment scheduled for October 1st.

Bank of Nova Scotia decreased its position in McKesson Corporation (NYSE:MCK - Free Report) by 36.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,140 shares of the company's stock after selling 7,594 shares during the quarter. Bank of Nova Scotia's holdings in McKesson were worth $8,843,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. CBIZ Investment Advisory Services LLC lifted its holdings in shares of McKesson by 1,366.7% in the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company's stock valued at $30,000 after buying an additional 41 shares during the period. Capital A Wealth Management LLC acquired a new stake in shares of McKesson during the fourth quarter worth $26,000. Bank of Jackson Hole Trust raised its position in shares of McKesson by 64.3% during the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company's stock worth $29,000 after purchasing an additional 18 shares during the period. Cornerstone Planning Group LLC raised its position in shares of McKesson by 1,840.0% during the first quarter. Cornerstone Planning Group LLC now owns 97 shares of the company's stock worth $67,000 after purchasing an additional 92 shares during the period. Finally, Johnson Financial Group Inc. acquired a new stake in shares of McKesson during the fourth quarter worth $76,000. Institutional investors and hedge funds own 85.07% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on MCK. Morgan Stanley reaffirmed an "overweight" rating and set a $810.00 target price (up from $770.00) on shares of McKesson in a research report on Wednesday, July 16th. Bank of America boosted their target price on McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Wells Fargo & Company set a $766.00 target price on McKesson and gave the stock an "equal weight" rating in a research report on Tuesday, June 3rd. UBS Group boosted their target price on McKesson from $708.00 to $805.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Finally, Evercore ISI upped their price target on McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a research report on Wednesday, July 9th. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $710.17.

Insider Activity at McKesson

In other news, EVP Leann B. Smith sold 341 shares of the company's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $717.91, for a total transaction of $244,807.31. Following the completion of the sale, the executive vice president owned 2,800 shares in the company, valued at approximately $2,010,148. This represents a 10.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Britt J. Vitalone sold 1,878 shares of the company's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $717.91, for a total value of $1,348,234.98. Following the sale, the chief financial officer owned 14,028 shares of the company's stock, valued at approximately $10,070,841.48. This trade represents a 11.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 52,488 shares of company stock worth $37,242,862 in the last 90 days. Insiders own 0.08% of the company's stock.

McKesson Price Performance

Shares of MCK stock opened at $710.63 on Tuesday. McKesson Corporation has a fifty-two week low of $464.42 and a fifty-two week high of $737.89. The stock's 50-day moving average is $716.48 and its two-hundred day moving average is $677.63. The firm has a market cap of $88.91 billion, a P/E ratio of 27.51, a PEG ratio of 1.41 and a beta of 0.50.

McKesson (NYSE:MCK - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $10.12 earnings per share for the quarter, topping the consensus estimate of $9.83 by $0.29. The company had revenue of $90.82 billion for the quarter, compared to analyst estimates of $94 billion. McKesson had a negative return on equity of 201.12% and a net margin of 0.92%. The business's revenue was up 18.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $6.18 EPS. As a group, research analysts expect that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

The business also recently declared 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. 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 dividend yield of 0.5%. McKesson's dividend payout ratio is currently 10.99%.

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.

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.