Forsta AP Fonden Sells 2,500 Shares of McKesson Corporation (NYSE:MCK)

Key Points

• Forsta AP Fonden has reduced its stake in McKesson Corporation by 5.8% during Q1, now holding 40,247 shares valued at approximately $27 million.
• CEO Brian S. Tyler sold 19,371 shares at an average price of $708.09, marking a 41% decrease in ownership, while insider sales totaled 52,488 shares valued at $37.2 million in the past three months.
• McKesson announced a quarterly dividend increase from $0.71 to $0.82 per share, with the ex-dividend date set for September 2nd, representing a yield of 0.5% for investors.

Forsta AP Fonden decreased its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 5.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 40,247 shares of the company's stock after selling 2,500 shares during the quarter. Forsta AP Fonden's holdings in McKesson were worth $27,086,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of MCK. Brighton Jones LLC lifted its stake in McKesson by 46.3% during the 4th quarter. Brighton Jones LLC now owns 2,523 shares of the company's stock valued at $1,438,000 after acquiring an additional 798 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of McKesson by 18.2% in the 4th quarter. Wellington Management Group LLP now owns 9,179 shares of the company's stock worth $5,231,000 after acquiring an additional 1,413 shares in the last quarter. Bank of Nova Scotia grew its stake in shares of McKesson by 19.9% in the 4th quarter. Bank of Nova Scotia now owns 20,734 shares of the company's stock worth $11,817,000 after acquiring an additional 3,447 shares in the last quarter. Texas Yale Capital Corp. grew its stake in shares of McKesson by 0.7% in the 4th quarter. Texas Yale Capital Corp. now owns 2,891 shares of the company's stock worth $1,648,000 after acquiring an additional 20 shares in the last quarter. Finally, DRW Securities LLC bought a new stake in shares of McKesson in the 4th quarter worth $786,000. Institutional investors own 85.07% of the company's stock.

Insiders Place Their Bets

In other McKesson news, EVP Leann B. Smith sold 1,248 shares of the firm's stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $717.30, for a total value of $895,190.40. Following the completion of the transaction, the executive vice president owned 2,621 shares in the company, valued at $1,880,043.30. This trade represents a 32.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Brian S. Tyler sold 19,371 shares of the firm's stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $708.09, for a total value of $13,716,411.39. Following the completion of the transaction, the chief executive officer owned 27,872 shares of the company's stock, valued at approximately $19,735,884.48. This represents a 41.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 52,488 shares of company stock worth $37,242,862 over the last quarter. Insiders own 0.08% of the company's stock.

McKesson Trading Up 0.6%

Shares of MCK stock traded up $3.89 on Friday, hitting $667.14. 1,298,642 shares of the stock were exchanged, compared to its average volume of 740,071. The firm has a market capitalization of $82.98 billion, a PE ratio of 26.60, a P/E/G ratio of 1.35 and a beta of 0.50. McKesson Corporation has a one year low of $464.42 and a one year high of $737.89. The firm's 50 day moving average is $714.12 and its two-hundred day moving average is $679.75.

McKesson (NYSE:MCK - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share for the quarter, missing the consensus estimate of $8.33 by ($0.07). The firm 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 firm's revenue was up 23.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $7.88 EPS. On average, sell-side analysts expect that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be paid a $0.82 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $3.28 annualized dividend and a yield of 0.5%. This is an increase from McKesson's previous quarterly dividend of $0.71. McKesson's dividend payout ratio is 10.99%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on MCK shares. Cowen reiterated a "buy" rating on shares of McKesson in a research note on Thursday. Bank of America upped their target price on shares of McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Evercore ISI upped their price objective on McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Wall Street Zen lowered McKesson from a "strong-buy" rating to a "buy" rating in a research report on Sunday, July 13th. Finally, 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. Three investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $718.73.

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.