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Skandinaviska Enskilda Banken AB publ Sells 16,563 Shares of McKesson Corporation (NYSE:MCK)

McKesson logo with Medical background

Key Points

  • Skandinaviska Enskilda Banken AB publ reduced its stake in McKesson Corporation by 15.5%, selling 16,563 shares, and now owns 90,065 shares valued at $60.6 million.
  • Recent earnings report showed McKesson had $10.12 earnings per share, exceeding estimates, with a revenue of $90.82 billion for the quarter.
  • McKesson's recent quarterly dividend declared was $0.71 per share, translating to an annualized yield of 0.40%.
  • MarketBeat previews top five stocks to own in August.
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Skandinaviska Enskilda Banken AB publ reduced its position in McKesson Corporation (NYSE:MCK - Free Report) by 15.5% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 90,065 shares of the company's stock after selling 16,563 shares during the period. Skandinaviska Enskilda Banken AB publ owned 0.07% of McKesson worth $60,613,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CBIZ Investment Advisory Services LLC grew its stake in shares of 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 purchasing an additional 41 shares during the period. Capital A Wealth Management LLC acquired a new stake in shares of McKesson during the fourth quarter worth $26,000. Graney & King LLC acquired a new stake in shares of McKesson during the fourth quarter worth $38,000. Cornerstone Planning Group LLC grew its stake in shares of McKesson by 1,840.0% during the first quarter. Cornerstone Planning Group LLC now owns 97 shares of the company's stock worth $67,000 after purchasing an additional 92 shares during the period. Finally, Johnson Financial Group Inc. acquired a new stake in shares of McKesson during the fourth quarter worth $76,000. 85.07% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other McKesson news, EVP Leann B. Smith sold 1,248 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $717.30, for a total transaction of $895,190.40. Following the transaction, the executive vice president owned 2,621 shares of the company's stock, valued at $1,880,043.30. The trade was a 32.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Thomas L. Rodgers sold 2,891 shares of the company's stock in a transaction that occurred on Friday, May 30th. The shares were 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 $1,811,785.92. The trade was a 53.19% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,488 shares of company stock valued at $37,242,862. 0.08% of the stock is owned by insiders.

McKesson Stock Performance

MCK opened at $710.55 on Friday. McKesson Corporation has a 52-week low of $464.42 and a 52-week high of $737.89. The firm has a market capitalization of $88.90 billion, a PE ratio of 27.51, a PEG ratio of 1.44 and a beta of 0.48. The business's 50-day simple moving average is $718.09 and its 200 day simple moving average is $670.69.

McKesson (NYSE:MCK - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $10.12 earnings per share for the quarter, topping analysts' consensus estimates of $9.83 by $0.29. The firm had revenue of $90.82 billion for the quarter, compared to the consensus estimate of $94 billion. McKesson had a negative return on equity of 201.12% and a net margin of 0.92%. The business's revenue was up 18.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $6.18 earnings per share. On average, research analysts forecast that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd were given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date of this dividend was Monday, June 2nd. McKesson's dividend payout ratio (DPR) is presently 10.99%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on MCK. Mizuho boosted their target price on McKesson from $630.00 to $690.00 and gave the company a "neutral" rating in a research note on Thursday, April 3rd. UBS Group boosted their target price on McKesson from $708.00 to $805.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Bank of America boosted their target price on McKesson from $755.00 to $800.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Wells Fargo & Company set a $766.00 target price on McKesson and gave the company an "equal weight" rating in a research note on Tuesday, June 3rd. Finally, Evercore ISI boosted their target price on McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, McKesson presently has an average rating of "Moderate Buy" and an average price target of $710.17.

Read Our Latest Report on McKesson

McKesson Profile

(Free Report)

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.

Read More

Want to see what other hedge funds are holding MCK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for McKesson Corporation (NYSE:MCK - Free Report).

Institutional Ownership by Quarter for McKesson (NYSE:MCK)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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