McKesson Corporation (NYSE:MCK) Shares Sold by Entropy Technologies LP

Key Points

• Entropy Technologies LP reduced its holdings in McKesson by 71.7%, owning 1,141 shares after selling 2,895, valued at $768,000.
• McKesson announced a quarterly dividend of $0.82, an increase from the previous $0.71, with a yield of 0.5%.
• The company's earnings missed estimates with $8.26 EPS reported, falling short of the $8.33 consensus, despite a 23.4% year-over-year revenue increase of $97.83 billion.

Entropy Technologies LP decreased its holdings in shares of McKesson Corporation (NYSE:MCK - Free Report) by 71.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,141 shares of the company's stock after selling 2,895 shares during the period. Entropy Technologies LP's holdings in McKesson were worth $768,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Invesco Ltd. increased its position in McKesson by 0.7% during the first quarter. Invesco Ltd. now owns 1,061,744 shares of the company's stock worth $714,543,000 after purchasing an additional 7,108 shares during the last quarter. Pandora Wealth Inc. bought a new position in shares of McKesson in the first quarter valued at $40,000. Fiduciary Family Office LLC acquired a new position in shares of McKesson in the first quarter worth $1,631,000. NWK Group Inc. bought a new stake in McKesson during the first quarter valued at about $222,000. Finally, Frank Rimerman Advisors LLC increased its position in McKesson by 19.8% in the 1st quarter. Frank Rimerman Advisors LLC now owns 967 shares of the company's stock worth $651,000 after buying an additional 160 shares during the period. Institutional investors and hedge funds own 85.07% of the company's stock.

Wall Street Analyst Weigh In

MCK has been the subject of several recent analyst reports. Evercore ISI increased their price objective on McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. Morgan Stanley reaffirmed an "overweight" rating and issued a $810.00 price objective (up from $770.00) on shares of McKesson in a research report on Wednesday, July 16th. Wall Street Zen lowered shares of McKesson from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 13th. UBS Group boosted their price objective on shares of McKesson from $708.00 to $805.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Finally, Wells Fargo & Company set a $772.00 price target on shares of McKesson and gave the stock an "equal weight" rating in a report on Wednesday. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $719.27.

Insider Activity

In other news, EVP Thomas L. Rodgers sold 2,891 shares of the business's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $712.18, for a total transaction of $2,058,912.38. Following the transaction, the executive vice president owned 2,544 shares of the company's stock, valued at approximately $1,811,785.92. The trade was a 53.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Leann B. Smith sold 341 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $717.91, for a total value of $244,807.31. Following the completion of the transaction, the executive vice president directly owned 2,800 shares of the company's stock, valued at $2,010,148. This trade represents a 10.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 52,817 shares of company stock worth $37,461,210. 0.08% of the stock is owned by insiders.

McKesson Stock Performance

Shares of MCK traded down $0.96 during trading hours on Friday, hitting $672.86. The company had a trading volume of 630,704 shares, compared to its average volume of 894,105. The firm has a fifty day moving average price of $710.37 and a 200-day moving average price of $681.11. McKesson Corporation has a 52-week low of $464.42 and a 52-week high of $737.89. The stock has a market capitalization of $83.69 billion, a price-to-earnings ratio of 26.83, a P/E/G ratio of 1.32 and a beta of 0.50.

McKesson (NYSE:MCK - Get Free Report) last announced its 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). The business had revenue of $97.83 billion for the quarter, compared to the consensus estimate of $95.93 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The business's quarterly revenue was up 23.4% compared to the same quarter last year. During the same quarter last year, the firm posted $7.88 earnings per share. Research analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be given a dividend of $0.82 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $3.28 annualized dividend and a dividend yield of 0.5%. This is a positive change from McKesson's previous quarterly dividend of $0.71. McKesson's dividend payout ratio is currently 11.32%.

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.