McKesson Corporation $MCK Shares Sold by Swedbank AB

Key Points

• Swedbank AB has reduced its stake in McKesson Corporation by 6.9%, selling 44,093 shares, leaving them with approximately 595,315 shares valued at $436.2 million.
• McKesson's recent earnings report showed a quarterly EPS of $8.26, which missed analyst estimates but noted a 23.4% year-over-year revenue increase, totalling $97.83 billion.
• The company has announced an increase in its quarterly dividend, now at $0.82 per share, up from $0.71, with a yield of 0.5% and a payout ratio of 13.08%.

Swedbank AB cut its holdings in shares of McKesson Corporation (NYSE:MCK - Free Report) by 6.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 595,315 shares of the company's stock after selling 44,093 shares during the period. Swedbank AB owned 0.48% of McKesson worth $436,235,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MCK. Capital A Wealth Management LLC purchased a new position in McKesson in the 4th quarter valued at $26,000. Bank of Jackson Hole Trust grew its position in 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 buying an additional 18 shares during the last quarter. CBIZ Investment Advisory Services LLC grew its position 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 buying an additional 41 shares during the last quarter. Saudi Central Bank purchased a new position in McKesson in the 1st quarter valued at $34,000. Finally, Flaharty Asset Management LLC purchased a new position in McKesson in the 1st quarter valued at $39,000. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business's stock in a transaction dated Friday, August 8th. The shares were 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 owned 657 shares of the company's stock, valued at approximately $436,031.19. The trade was a 33.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Brian S. Tyler sold 19,371 shares of the business'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 completion of the transaction, the chief executive officer directly owned 27,872 shares of the company's stock, valued at $19,735,884.48. The trade was a 41.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 43,560 shares of company stock valued at $30,438,602 in the last three months. 0.08% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Morgan Stanley reiterated 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. Wall Street Zen downgraded McKesson from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 13th. Evercore ISI boosted their target price 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. Wells Fargo & Company boosted their target price on shares of McKesson from $766.00 to $772.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 13th. Finally, Cowen restated a "buy" rating on shares of McKesson in a research report on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $725.10.

McKesson Trading Up 1.2%

Shares of NYSE:MCK traded up $7.94 during midday trading on Friday, hitting $698.07. 1,445,591 shares of the stock were exchanged, compared to its average volume of 666,644. The stock has a market cap of $86.83 billion, a P/E ratio of 27.83, a PEG ratio of 1.37 and a beta of 0.51. McKesson Corporation has a twelve month low of $464.42 and a twelve month high of $737.89. The company has a 50 day moving average price of $695.15 and a 200-day moving average price of $696.05.

McKesson (NYSE:MCK - Get Free Report) last released 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 firm 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 company's quarterly revenue was up 23.4% compared to the same quarter last year. During the same period last year, the firm earned $7.88 EPS. On average, equities research analysts expect that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

The company 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 is a boost from McKesson's previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $3.28 annualized dividend and a dividend yield of 0.5%. McKesson's dividend payout ratio is presently 13.08%.

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.