Plato Investment Management Ltd Trims Holdings in McKesson Corporation $MCK

Key Points

• Plato Investment Management Ltd reduced its holdings in McKesson Corporation by 25.4%, owning 3,888 shares valued at approximately $2.65 million after selling 1,324 shares in the 1st quarter.
• Several large investors significantly increased their stakes in McKesson, with GAMMA Investing LLC boosting its position by 75,632.7%, now owning over 2.39 million shares worth approximately $1.61 billion.
• McKesson announced a quarterly dividend increase to $0.82 from the previous $0.71, set to be paid on October 1st, representing an annualized yield of 0.5%.

Plato Investment Management Ltd trimmed its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 25.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,888 shares of the company's stock after selling 1,324 shares during the quarter. Plato Investment Management Ltd's holdings in McKesson were worth $2,645,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. GAMMA Investing LLC boosted its position in McKesson by 75,632.7% during the 1st quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company's stock valued at $1,610,567,000 after acquiring an additional 2,389,992 shares in the last quarter. Northern Trust Corp boosted its position in McKesson by 0.7% during the 1st quarter. Northern Trust Corp now owns 1,542,382 shares of the company's stock valued at $1,038,008,000 after acquiring an additional 10,179 shares in the last quarter. Boston Partners boosted its position in McKesson by 33.3% during the 1st quarter. Boston Partners now owns 1,461,785 shares of the company's stock valued at $984,927,000 after acquiring an additional 365,484 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in McKesson by 9.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,290,116 shares of the company's stock valued at $868,237,000 after acquiring an additional 107,638 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in McKesson by 16.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,284,881 shares of the company's stock valued at $864,712,000 after acquiring an additional 181,831 shares in the last quarter. 85.07% of the stock is owned by institutional investors.

Insider Buying and Selling

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $663.67, for a total value 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. The trade was a 33.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Brian S. Tyler sold 11,930 shares of McKesson stock in a transaction that occurred on 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 completion of the sale, the chief executive officer directly owned 4,012 shares of the company's stock, valued at approximately $2,830,987.56. This trade represents a 74.83% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 43,560 shares of company stock valued at $30,438,602. 0.08% of the stock is currently owned by insiders.

McKesson Stock Up 0.0%

Shares of NYSE MCK opened at $705.88 on Thursday. McKesson Corporation has a twelve month low of $464.42 and a twelve month high of $737.89. The firm has a market cap of $87.80 billion, a P/E ratio of 28.15, a PEG ratio of 1.40 and a beta of 0.51. The company has a 50 day moving average of $697.99 and a 200 day moving average of $692.62.

McKesson (NYSE:MCK - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $8.26 EPS for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $95.93 billion. During the same period last year, the firm posted $7.88 EPS. The company's revenue for the quarter was up 23.4% on a year-over-year basis. As a group, equities analysts expect that McKesson Corporation will post 32.77 earnings per share for the current fiscal 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 given a $0.82 dividend. This is a boost from McKesson's previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $3.28 dividend on an annualized basis and a yield of 0.5%. McKesson's payout ratio is presently 13.08%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Wells Fargo & Company lifted their target price 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. Morgan Stanley reiterated an "overweight" rating and set a $810.00 target price (up from $770.00) on shares of McKesson in a report on Wednesday, July 16th. Evercore ISI lifted their target price on shares of McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Wall Street Zen lowered shares of McKesson from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 13th. Finally, Cowen reiterated a "buy" rating on shares of McKesson in a report on Thursday, August 7th. One equities 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 stock. Based on data from MarketBeat.com, McKesson currently has a consensus rating of "Moderate Buy" and a consensus price target 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.

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