Perpetual Ltd Has $1.06 Million Stake in McKesson Corporation $MCK

Key Points

• Perpetual Ltd reduced its stake in McKesson Corporation by 39.9% during the second quarter, selling 957 shares and now holding 1,444 shares valued at approximately $1,058,000.
• Insider transactions revealed significant sales, with CEO Brian S. Tyler selling 11,930 shares for about $8.4 million, reflecting a 74.83% decrease in his position.
• McKesson is increasing its quarterly dividend from $0.71 to $0.82, representing an annualized yield of 0.5%, with the payment scheduled for October 1st.

Perpetual Ltd lessened its stake in McKesson Corporation (NYSE:MCK - Free Report) by 39.9% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,444 shares of the company's stock after selling 957 shares during the quarter. Perpetual Ltd's holdings in McKesson were worth $1,058,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Livforsakringsbolaget Skandia Omsesidigt grew its holdings in shares of McKesson by 20.5% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 26,432 shares of the company's stock valued at $19,362,000 after purchasing an additional 4,500 shares during the period. Clare Market Investments LLC grew its holdings in shares of McKesson by 17.2% in the second quarter. Clare Market Investments LLC now owns 2,045 shares of the company's stock valued at $1,499,000 after purchasing an additional 300 shares during the period. ARS Wealth Advisors Group LLC purchased a new stake in shares of McKesson in the second quarter valued at about $231,000. Exchange Traded Concepts LLC grew its holdings in shares of McKesson by 44.0% in the second quarter. Exchange Traded Concepts LLC now owns 2,433 shares of the company's stock valued at $1,783,000 after purchasing an additional 744 shares during the period. Finally, NorthCrest Asset Manangement LLC grew its holdings in shares of McKesson by 10.7% in the second quarter. NorthCrest Asset Manangement LLC now owns 805 shares of the company's stock valued at $579,000 after purchasing an additional 78 shares during the period. Hedge funds and other institutional investors own 85.07% of the company's stock.

Insider Transactions at McKesson

In related news, CEO Brian S. Tyler sold 11,930 shares of McKesson stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the transaction, the chief executive officer directly owned 4,012 shares of the company's stock, valued at $2,830,987.56. The trade was a 74.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $663.67, for a total value of $218,347.43. Following the transaction, the chief accounting officer directly owned 657 shares in the company, valued at approximately $436,031.19. The trade was a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,560 shares of company stock worth $30,438,602. Company insiders own 0.08% of the company's stock.

Analyst Ratings Changes

MCK has been the subject of a number of analyst reports. Wells Fargo & Company upped their price objective on shares of McKesson from $766.00 to $772.00 and gave the company an "equal weight" rating in a report on Wednesday, August 13th. Evercore ISI upped their target price on shares of McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a research 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 report on Wednesday, July 16th. Cowen reaffirmed a "buy" rating on shares of McKesson in a research report on Thursday, August 7th. Finally, Wall Street Zen cut shares of McKesson from a "buy" rating to a "hold" rating in a research report on Saturday. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $725.10.

McKesson Stock Up 6.5%

Shares of MCK stock traded up $45.59 during trading hours on Tuesday, hitting $742.59. 523,261 shares of the company were exchanged, compared to its average volume of 868,981. The firm has a market cap of $92.36 billion, a PE ratio of 29.61, a PEG ratio of 1.39 and a beta of 0.51. McKesson Corporation has a 1 year low of $464.42 and a 1 year high of $748.75. The firm has a fifty day moving average of $694.76 and a 200 day moving average of $697.18.

McKesson (NYSE:MCK - Get Free Report) last announced its quarterly earnings data 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). McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The company had revenue of $97.83 billion for the quarter, compared to analysts' expectations of $95.93 billion. During the same quarter in the previous year, the company earned $7.88 earnings per share. The company's revenue was up 23.4% on a year-over-year basis. Analysts expect that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.82 per share. 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 dividend yield of 0.4%. The ex-dividend date is Tuesday, September 2nd. McKesson's dividend payout ratio (DPR) is presently 13.08%.

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.