Pensionfund Sabic Sells 900 Shares of McKesson Corporation $MCK

Key Points

• Pensionfund Sabic has reduced its stake in McKesson Corporation by 24.7%, now holding 2,750 shares valued at approximately $1.85 million.
• Several large investors, including GAMMA Investing LLC and Nuveen LLC, have significantly increased their holdings in McKesson recently, reflecting strong institutional interest in the company.
• McKesson has announced a quarterly dividend increase to $0.82, implementing a positive change from the previous $0.71 dividend, indicating confidence in ongoing financial health.

Pensionfund Sabic decreased its stake in shares of McKesson Corporation (NYSE:MCK - Free Report) by 24.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,750 shares of the company's stock after selling 900 shares during the period. Pensionfund Sabic's holdings in McKesson were worth $1,851,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Capital A Wealth Management LLC bought a new stake in shares of McKesson during the fourth quarter worth $26,000. Bank of Jackson Hole Trust grew its position in McKesson by 64.3% in the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company's stock valued at $29,000 after purchasing an additional 18 shares in the last quarter. CBIZ Investment Advisory Services LLC grew its position in 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 purchasing an additional 41 shares in the last quarter. Saudi Central Bank bought a new position in McKesson in the first quarter valued at $34,000. Finally, Flaharty Asset Management LLC bought a new position in McKesson in the first quarter valued at $39,000. Institutional investors own 85.07% of the company's stock.

McKesson Stock Down 0.2%

MCK traded down $1.56 during trading on Thursday, hitting $690.69. 174,683 shares of the company traded hands, compared to its average volume of 867,523. The firm has a market cap of $85.91 billion, a P/E ratio of 27.53, a price-to-earnings-growth ratio of 1.38 and a beta of 0.51. The stock's fifty day moving average is $695.83 and its 200 day moving average is $695.37. McKesson Corporation has a one year low of $464.42 and a one year high of $737.89.

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 company 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%. McKesson's quarterly 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, equities research analysts forecast that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be given a dividend of $0.82 per share. This is a boost 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 (DPR) is 13.08%.

Insider Transactions at McKesson

In other news, CEO Brian S. Tyler sold 19,371 shares of the firm's stock in a transaction that occurred on Friday, July 11th. The shares were 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 directly owned 27,872 shares in the company, valued at approximately $19,735,884.48. This trade represents a 41.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the firm's stock in a transaction that occurred 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 transaction, the chief accounting officer owned 657 shares of the company's stock, valued at $436,031.19. This trade represents a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 43,560 shares of company stock valued at $30,438,602 in the last quarter. Company insiders own 0.08% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on MCK shares. 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 report on Wednesday, July 16th. Wells Fargo & Company increased their price target 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. Wall Street Zen cut shares of McKesson from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 13th. Cowen reiterated a "buy" rating on shares of McKesson in a research note on Thursday, August 7th. Finally, Evercore ISI increased their price target on shares of McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, McKesson currently has an average rating of "Moderate Buy" and an average target price of $725.10.

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.