Rafferty Asset Management LLC Sells 2,791 Shares of McKesson Corporation $MCK

Key Points

• Rafferty Asset Management LLC reduced its stake in McKesson Corporation by 19.4%, selling 2,791 shares and concluding the quarter with 11,605 shares valued at approximately $7.81 million.
• Several institutional investors recently modified their holdings in McKesson, with notable increases in positions from firms like CBIZ Investment Advisory Services, which raised their holdings by 1,366.7%.
• McKesson has declared a quarterly dividend increase to $0.82 per share, up from $0.71, with the payment scheduled for October 1st, reflecting growing investor returns.

Rafferty Asset Management LLC cut its holdings in McKesson Corporation (NYSE:MCK - Free Report) by 19.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,605 shares of the company's stock after selling 2,791 shares during the quarter. Rafferty Asset Management LLC's holdings in McKesson were worth $7,810,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of MCK. Capital A Wealth Management LLC acquired a new stake in shares of McKesson in the 4th quarter valued at $26,000. Bank of Jackson Hole Trust increased 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 buying an additional 18 shares during the last quarter. CBIZ Investment Advisory Services LLC increased its position in McKesson by 1,366.7% during the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company's stock worth $30,000 after buying an additional 41 shares during the last quarter. Pandora Wealth Inc. bought a new position in McKesson during the first quarter valued at about $40,000. Finally, Dagco Inc. acquired a new stake in shares of McKesson in the first quarter worth about $47,000. Institutional investors and hedge funds own 85.07% of the company's stock.

Insider Buying and Selling at McKesson

In related news, EVP Thomas L. Rodgers sold 2,891 shares of the company's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $712.18, for a total value of $2,058,912.38. Following the completion of the transaction, the executive vice president directly owned 2,544 shares in the company, valued at approximately $1,811,785.92. This represents a 53.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the firm's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $663.67, for a total value of $218,347.43. Following the completion of the transaction, the chief accounting officer directly owned 657 shares of the company's stock, valued at approximately $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 sold a total of 65,821 shares of company stock valued at $46,171,378 in the last quarter. Corporate insiders own 0.08% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Wall Street Zen lowered McKesson from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 13th. Evercore ISI increased their price target on McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Wells Fargo & Company boosted their price objective on shares of McKesson from $766.00 to $772.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 13th. Cowen reaffirmed a "buy" rating on shares of McKesson in a report on Thursday, August 7th. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $810.00 target price (up from $770.00) on shares of McKesson in a research note on Wednesday, July 16th. One equities 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. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $725.10.

McKesson Price Performance

NYSE:MCK opened at $683.46 on Thursday. McKesson Corporation has a one year low of $464.42 and a one year high of $737.89. The company has a fifty day moving average price of $704.08 and a 200 day moving average price of $686.28. The stock has a market cap of $85.01 billion, a P/E ratio of 27.25, a PEG ratio of 1.35 and a beta of 0.50.

McKesson (NYSE:MCK - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) 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 negative return on equity of 196.66% and a net margin of 0.84%.The business's revenue for the quarter was up 23.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $7.88 EPS. As a group, equities research analysts anticipate 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. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.82 per share. This is a positive change from McKesson's previous quarterly dividend of $0.71. This represents a $3.28 annualized dividend and a yield of 0.5%. The ex-dividend date is Tuesday, September 2nd. McKesson's dividend payout ratio is presently 11.32%.

McKesson Profile

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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