Raiffeisen Bank International AG Sells 1,234 Shares of McKesson Corporation (NYSE:MCK)

Key Points

• Raiffeisen Bank International AG reduced its stake in McKesson Corporation by 5.2%, selling 1,234 shares, while its total holdings are now valued at $15,012,000.
• McKesson announced a quarterly dividend increase to $0.82 per share, reflecting a positive change from the previous dividend of $0.71, with an ex-dividend date on September 2nd.
• Analysts have a consensus rating of "Moderate Buy" for McKesson, with an average price target of $710.17 and several major firms recently upgraded their ratings on the stock.

Raiffeisen Bank International AG trimmed its holdings in McKesson Corporation (NYSE:MCK - Free Report) by 5.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,471 shares of the company's stock after selling 1,234 shares during the period. Raiffeisen Bank International AG's holdings in McKesson were worth $15,012,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Capital A Wealth Management LLC purchased a new stake in shares of McKesson during the 4th quarter worth approximately $26,000. Bank of Jackson Hole Trust raised its stake in McKesson by 64.3% during 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 lifted 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 valued at $30,000 after purchasing an additional 41 shares during the last quarter. Cornerstone Planning Group LLC increased its holdings in shares of McKesson by 1,840.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 97 shares of the company's stock worth $67,000 after buying an additional 92 shares during the last quarter. Finally, Johnson Financial Group Inc. bought a new stake in shares of McKesson in the 4th quarter valued at approximately $76,000. Institutional investors own 85.07% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on MCK. Morgan Stanley reissued an "overweight" rating and issued a $810.00 price objective (up from $770.00) on shares of McKesson in a research report on Wednesday, July 16th. Bank of America increased 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. Wells Fargo & Company set a $766.00 price target on shares of McKesson and gave the company an "equal weight" rating in a research report on Tuesday, June 3rd. Wall Street Zen cut McKesson from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 13th. Finally, UBS Group increased their price objective on McKesson from $708.00 to $805.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Three equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $710.17.

McKesson Trading Up 0.7%

Shares of NYSE:MCK opened at $698.43 on Friday. McKesson Corporation has a 12-month low of $464.42 and a 12-month high of $737.89. The company has a market capitalization of $87.38 billion, a price-to-earnings ratio of 27.04, a PEG ratio of 1.41 and a beta of 0.50. The business has a 50-day moving average price of $716.58 and a 200 day moving average price of $676.24.

McKesson (NYSE:MCK - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $10.12 EPS for the quarter, beating analysts' consensus estimates of $9.83 by $0.29. McKesson had a negative return on equity of 201.12% and a net margin of 0.92%. The company had revenue of $90.82 billion during the quarter, compared to analysts' expectations of $94 billion. During the same period last year, the business posted $6.18 EPS. McKesson's revenue for the quarter was up 18.9% on a year-over-year basis. As a group, equities research analysts predict that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The company also recently announced 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. The ex-dividend date is Tuesday, September 2nd. This is a positive change from McKesson's previous quarterly dividend of $0.71. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.5%. McKesson's payout ratio is currently 10.99%.

Insider Activity

In related news, EVP Leann B. Smith sold 341 shares of McKesson stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $717.91, for a total value of $244,807.31. Following the completion of the transaction, the executive vice president owned 2,800 shares in the company, valued at $2,010,148. The trade was a 10.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Britt J. Vitalone sold 1,878 shares of the business'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 transaction of $1,348,234.98. Following the transaction, the chief financial officer owned 14,028 shares of the company's stock, valued at $10,070,841.48. This trade represents a 11.81% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 52,488 shares of company stock valued at $37,242,862. 0.08% of the stock is owned by corporate insiders.

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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