MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Sells 706 Shares of McKesson Corporation $MCK

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. reduced its holdings in McKesson Corporation by 2.9%, now owning 23,253 shares valued at approximately $15.65 million as of its latest SEC filing.
• Multiple institutional investors, including GAMMA Investing LLC, significantly increased their stakes in McKesson, with GAMMA boosting its position by over 75,000% to become a major shareholder.
• McKesson's stock is performing well, currently trading at $718.72, with a recent earnings report indicating a revenue increase of 23.4% year-over-year despite a slight earnings miss.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. trimmed its stake in shares of McKesson Corporation (NYSE:MCK - Free Report) by 2.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 23,253 shares of the company's stock after selling 706 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in McKesson were worth $15,649,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Oppenheimer Asset Management Inc. lifted its position in shares of McKesson by 54.0% during the first quarter. Oppenheimer Asset Management Inc. now owns 4,541 shares of the company's stock worth $3,056,000 after purchasing an additional 1,592 shares in the last quarter. Dynamic Advisor Solutions LLC lifted its holdings in McKesson by 16.6% in the first quarter. Dynamic Advisor Solutions LLC now owns 778 shares of the company's stock valued at $524,000 after buying an additional 111 shares during the period. Cambridge Investment Research Advisors Inc. lifted its holdings in McKesson by 18.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 23,033 shares of the company's stock valued at $15,501,000 after buying an additional 3,659 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in McKesson by 4.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 183,258 shares of the company's stock valued at $123,332,000 after buying an additional 7,556 shares during the period. Finally, LPL Financial LLC lifted its holdings in McKesson by 12.8% in the first quarter. LPL Financial LLC now owns 155,946 shares of the company's stock valued at $104,950,000 after buying an additional 17,750 shares during the period. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

MCK has been the topic of several analyst reports. Evercore ISI increased their price objective on shares of McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Morgan Stanley reaffirmed an "overweight" rating and issued a $810.00 target price (up previously from $770.00) on shares of McKesson in a research note on Wednesday, July 16th. Cowen reaffirmed a "buy" rating on shares of McKesson in a research note on Thursday, August 7th. Wall Street Zen downgraded shares of McKesson from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 13th. Finally, Wells Fargo & Company upped their target price on shares of McKesson from $766.00 to $772.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 13th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $725.10.

McKesson Stock Performance

McKesson stock traded down $8.48 during mid-day trading on Friday, reaching $711.32. The company's stock had a trading volume of 522,385 shares, compared to its average volume of 704,488. The company has a market capitalization of $88.48 billion, a price-to-earnings ratio of 28.36, a price-to-earnings-growth ratio of 1.43 and a beta of 0.51. McKesson Corporation has a 12 month low of $464.42 and a 12 month high of $737.89. The business's 50 day simple moving average is $697.81 and its 200 day simple moving average is $694.47.

McKesson (NYSE:MCK - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share for the quarter, missing analysts' consensus estimates of $8.33 by ($0.07). The business had revenue of $97.83 billion during 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 firm's revenue for the quarter was up 23.4% on a year-over-year basis. During the same period last year, the business posted $7.88 EPS. As a group, sell-side analysts expect that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

The company also recently declared 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. This is an increase from McKesson's previous quarterly dividend of $0.71. This represents a $3.28 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Tuesday, September 2nd. McKesson's dividend payout ratio is 13.08%.

Insiders Place Their Bets

In other McKesson news, CEO Brian S. Tyler sold 11,930 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $705.63, for a total value of $8,418,165.90. Following the completion of the sale, the chief executive officer owned 4,012 shares in the company, valued at $2,830,987.56. This trade represents a 74.83% decrease in their ownership of the stock. 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 the stock in a transaction on Friday, August 8th. The shares were sold at an average price of $663.67, for a total transaction of $218,347.43. Following the completion of the sale, the chief accounting officer owned 657 shares of the company's stock, valued at approximately $436,031.19. This represents a 33.37% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 43,560 shares of company stock valued at $30,438,602. Corporate insiders own 0.08% of the company's stock.

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.