Signature Estate & Investment Advisors LLC Sells 48,517 Shares of McKesson Corporation $MCK

Key Points

• Signature Estate & Investment Advisors LLC reduced its holdings in McKesson Corporation by 47%, selling 48,517 shares and retaining 54,736 shares, which are now valued at approximately $36.8 million.
• In recent insider activity, McKesson's CEO, Brian S. Tyler, sold 11,930 shares at an average price of $705.63, indicating a significant decrease of 74.83% in his position.
• McKesson announced an increase in its quarterly dividend to $0.82 per share, up from $0.71, representing a $3.28 annualized dividend with a yield of 0.5%.

Signature Estate & Investment Advisors LLC lessened its holdings in McKesson Corporation (NYSE:MCK - Free Report) by 47.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 54,736 shares of the company's stock after selling 48,517 shares during the quarter. McKesson accounts for approximately 1.0% of Signature Estate & Investment Advisors LLC's holdings, making the stock its 24th biggest holding. Signature Estate & Investment Advisors LLC's holdings in McKesson were worth $36,837,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of MCK. Capital A Wealth Management LLC bought a new stake in McKesson in the 4th quarter valued at $26,000. Bank of Jackson Hole Trust boosted its stake in shares of McKesson by 64.3% in the 1st 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 boosted its stake in shares of 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 in the last quarter. Saudi Central Bank acquired a new stake in shares of McKesson in the 1st quarter valued at $34,000. Finally, Pandora Wealth Inc. acquired a new stake in shares of McKesson in the 1st quarter valued at $40,000. Institutional investors own 85.07% of the company's stock.

McKesson Trading Down 1.2%

NYSE MCK traded down $8.48 on Friday, hitting $711.32. 522,385 shares of the company were exchanged, compared to its average volume of 704,488. The firm has a 50 day moving average of $697.81 and a two-hundred day moving average of $693.98. The company has a market cap of $88.48 billion, a P/E ratio of 28.36, a P/E/G ratio of 1.43 and a beta of 0.51. McKesson Corporation has a 1-year low of $464.42 and a 1-year high of $737.89.

McKesson (NYSE:MCK - Get Free Report) last issued its quarterly earnings results 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 analyst estimates of $95.93 billion. McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The firm's quarterly revenue was up 23.4% on a year-over-year basis. During the same quarter last year, the company earned $7.88 EPS. Research analysts anticipate that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The firm 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 dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Tuesday, September 2nd. This is a boost from McKesson's previous quarterly dividend of $0.71. McKesson's dividend payout ratio is currently 13.08%.

Insider Transactions at McKesson

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $663.67, for a total transaction of $218,347.43. Following the transaction, the chief accounting officer directly owned 657 shares in the company, valued at approximately $436,031.19. This represents 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 19,371 shares of the company's stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $708.09, for a total transaction of $13,716,411.39. Following the transaction, the chief executive officer owned 27,872 shares in the company, valued at approximately $19,735,884.48. The trade was a 41.00% 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. Corporate insiders own 0.08% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on MCK shares. Cowen restated a "buy" rating on shares of McKesson in a research note on Thursday, August 7th. Evercore ISI boosted their target price on shares of McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Morgan Stanley restated an "overweight" rating and issued a $810.00 target price (up previously from $770.00) on shares of McKesson in a research note on Wednesday, July 16th. Wells Fargo & Company boosted their target price on shares of McKesson from $766.00 to $772.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 13th. Finally, Wall Street Zen downgraded shares of McKesson from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, McKesson currently has a consensus rating of "Moderate Buy" and an average target price of $725.10.

McKesson Company 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.