Sumitomo Mitsui Trust Group Inc. Sells 6,787 Shares of McKesson Corporation (NYSE:MCK)

Sumitomo Mitsui Trust Group Inc. reduced its stake in shares of McKesson Corporation (NYSE:MCK - Free Report) by 2.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 313,920 shares of the company's stock after selling 6,787 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.25% of McKesson worth $211,265,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. raised its stake in McKesson by 20.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,068 shares of the company's stock valued at $14,075,000 after acquiring an additional 3,542 shares during the period. Achmea Investment Management B.V. increased its stake in shares of McKesson by 14.2% in the first quarter. Achmea Investment Management B.V. now owns 56,375 shares of the company's stock worth $37,940,000 after purchasing an additional 6,989 shares in the last quarter. Transcend Capital Advisors LLC increased its stake in shares of McKesson by 19.8% in the first quarter. Transcend Capital Advisors LLC now owns 1,161 shares of the company's stock worth $781,000 after purchasing an additional 192 shares in the last quarter. Perpetual Ltd lifted its stake in shares of McKesson by 24.0% during the 1st quarter. Perpetual Ltd now owns 2,401 shares of the company's stock valued at $1,616,000 after buying an additional 464 shares in the last quarter. Finally, PDS Planning Inc lifted its stake in shares of McKesson by 16.9% during the 1st quarter. PDS Planning Inc now owns 1,107 shares of the company's stock valued at $745,000 after buying an additional 160 shares in the last quarter. Hedge funds and other institutional investors own 85.07% of the company's stock.

McKesson Trading Down 0.3%

Shares of MCK traded down $2.18 during trading hours on Monday, reaching $723.60. 94,522 shares of the company's stock traded hands, compared to its average volume of 920,997. McKesson Corporation has a 12 month low of $464.42 and a 12 month high of $738.40. The stock has a market cap of $90.53 billion, a PE ratio of 28.05, a price-to-earnings-growth ratio of 1.45 and a beta of 0.49. The firm's 50 day simple moving average is $711.19 and its 200-day simple moving average is $653.10.

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

McKesson Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 2nd will be given a $0.71 dividend. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $2.84 annualized dividend and a yield of 0.39%. McKesson's dividend payout ratio (DPR) is presently 10.99%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Wells Fargo & Company set a $766.00 price objective on shares of McKesson and gave the company an "equal weight" rating in a research note on Tuesday, June 3rd. Bank of America lifted their price target on McKesson from $755.00 to $800.00 and gave the company a "buy" rating in a research report on Friday, May 9th. UBS Group boosted their price objective on McKesson from $708.00 to $805.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Wall Street Zen upgraded McKesson from a "buy" rating to a "strong-buy" rating in a research note on Friday. Finally, Cfra Research lowered McKesson from a "moderate buy" rating to a "hold" rating in a report on Friday, April 4th. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $696.42.

Insider Activity at McKesson

In other news, EVP Leann B. Smith sold 341 shares of the company's stock in a transaction 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 sale, the executive vice president now owns 2,800 shares of the company's stock, valued at approximately $2,010,148. This represents a 10.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the stock in a transaction on Monday, May 19th. The shares were sold at an average price of $726.51, for a total transaction of $394,494.93. Following the transaction, the chief accounting officer now directly owns 1,972 shares in the company, valued at approximately $1,432,677.72. This represents a 21.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,117 shares of company stock valued at $23,526,451 over the last 90 days. 0.08% of the stock is owned by insiders.

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.