McKesson Corporation $MCK Shares Sold by Quantbot Technologies LP

Key Points

• Quantbot Technologies LP reduced its holdings in McKesson Corporation by 72.9%, selling 14,727 shares and leaving it with 5,474 shares valued at approximately $3.68 million.
• Several institutional investors, including Brighton Jones LLC and First Trust Advisors LP, significantly increased their stakes in McKesson during the fourth quarter, illustrating strong institutional interest in the stock.
• McKesson announced a quarterly dividend increase to $0.82 per share, representing a boost from the previous $0.71, with a current annualized yield of 0.5%.

Quantbot Technologies LP trimmed its holdings in shares of McKesson Corporation (NYSE:MCK - Free Report) by 72.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,474 shares of the company's stock after selling 14,727 shares during the period. Quantbot Technologies LP's holdings in McKesson were worth $3,684,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. CBIZ Investment Advisory Services LLC lifted its stake in McKesson by 1,366.7% in the 1st 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 during the last quarter. Capital A Wealth Management LLC acquired a new stake in McKesson during the fourth quarter worth approximately $26,000. Bank of Jackson Hole Trust lifted its position in McKesson by 64.3% during the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company's stock worth $29,000 after acquiring an additional 18 shares during the last quarter. Pandora Wealth Inc. acquired a new stake in McKesson during the first quarter worth approximately $40,000. Finally, Dagco Inc. acquired a new stake in McKesson during the first quarter worth approximately $47,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at McKesson

In other news, CEO Brian S. Tyler sold 11,930 shares of the company's stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $677.76, for a total transaction of $8,085,676.80. Following the completion of the sale, the chief executive officer owned 15,942 shares in the company, valued at $10,804,849.92. This represents a 42.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Leann B. Smith sold 341 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $717.91, for a total value of $244,807.31. Following the sale, the executive vice president owned 2,800 shares of the company's stock, valued at $2,010,148. This trade represents a 10.86% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,620 shares of company stock valued at $39,712,388. Corporate insiders own 0.08% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on MCK. Evercore ISI raised their price objective on shares of McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. Bank of America raised their target price on shares of McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a report on Friday, May 9th. UBS Group raised their target price on shares of McKesson from $708.00 to $805.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Morgan Stanley reaffirmed 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. Finally, Wells Fargo & Company raised their target price on shares of McKesson from $766.00 to $772.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 13th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $725.10.

McKesson Stock Down 2.6%

MCK traded down $18.2950 on Friday, reaching $687.7050. The company's stock had a trading volume of 1,217,333 shares, compared to its average volume of 950,293. McKesson Corporation has a fifty-two week low of $464.42 and a fifty-two week high of $737.89. The stock has a 50 day moving average of $706.69 and a two-hundred day moving average of $684.60. The company has a market capitalization of $85.54 billion, a price-to-earnings ratio of 27.42, a P/E/G ratio of 1.40 and a beta of 0.50.

McKesson (NYSE:MCK - Get Free Report) last issued its quarterly earnings data 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). McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The firm had revenue of $97.83 billion during the quarter, compared to analysts' expectations of $95.93 billion. During the same quarter in the prior year, the firm posted $7.88 EPS. McKesson's quarterly revenue was up 23.4% compared to the same quarter last year. As a group, analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be paid a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a dividend yield of 0.5%. This is a boost from McKesson's previous quarterly dividend of $0.71. The ex-dividend date is Tuesday, September 2nd. McKesson's dividend payout ratio (DPR) is currently 11.32%.

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.