TD Asset Management Inc Sells 30,533 Shares of McKesson Corporation $MCK

Key Points

• TD Asset Management Inc has reduced its stake in McKesson Corporation by 3.9%, selling 30,533 shares, and now holds 752,872 shares valued at approximately $551.69 million.
• McKesson recently declared an increased quarterly dividend of $0.82, up from $0.71, resulting in an annualized dividend yield of 0.4%.
• Analysts have raised their price targets for McKesson, with recommendations ranging from $785 to $900, reflecting a consensus rating of "Moderate Buy."

TD Asset Management Inc lessened its stake in McKesson Corporation (NYSE:MCK - Free Report) by 3.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 752,872 shares of the company's stock after selling 30,533 shares during the period. TD Asset Management Inc owned 0.60% of McKesson worth $551,690,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Bank of Jackson Hole Trust grew its holdings 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 buying an additional 18 shares during the period. CBIZ Investment Advisory Services LLC lifted 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 acquiring an additional 41 shares in the last quarter. GFG Capital LLC bought a new stake in McKesson during the 2nd quarter worth about $30,000. Saudi Central Bank bought a new stake in McKesson during the 1st quarter worth about $34,000. Finally, Flaharty Asset Management LLC bought a new stake in McKesson during the 1st quarter worth about $39,000. Institutional investors and hedge funds own 85.07% of the company's stock.

McKesson Stock Up 0.7%

MCK opened at $768.79 on Tuesday. McKesson Corporation has a twelve month low of $492.39 and a twelve month high of $776.14. The company has a fifty day moving average of $708.64 and a 200-day moving average of $707.37. The stock has a market cap of $95.62 billion, a PE ratio of 30.65, a price-to-earnings-growth ratio of 1.38 and a beta of 0.52.

McKesson (NYSE:MCK - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 earnings per share for the quarter, missing the consensus estimate of $8.33 by ($0.07). McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The firm had revenue of $97.83 billion for the quarter, compared to analyst estimates of $95.93 billion. During the same quarter last year, the company earned $7.88 earnings per share. The company's quarterly revenue was up 23.4% compared to the same quarter last year. Sell-side analysts anticipate that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd were issued a $0.82 dividend. The ex-dividend date was 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 yield of 0.4%. McKesson's dividend payout ratio is 13.08%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Leerink Partners upped their target price on shares of McKesson from $785.00 to $850.00 and gave the company an "outperform" rating in a report on Wednesday, September 24th. Evercore ISI increased their price objective on shares of McKesson from $800.00 to $825.00 and gave the company an "outperform" rating in a research note on Wednesday, September 24th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of McKesson from $775.00 to $856.00 and gave the company a "buy" rating in a research note on Wednesday, September 24th. JPMorgan Chase & Co. increased their price objective on shares of McKesson from $821.00 to $853.00 and gave the company an "overweight" rating in a research note on Friday, September 26th. Finally, Jefferies Financial Group set a $900.00 price objective on shares of McKesson and gave the company a "buy" rating in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $834.54.

Insiders Place Their Bets

In other McKesson news, CEO Brian S. Tyler sold 11,930 shares of the firm's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $705.63, for a total value of $8,418,165.90. Following the completion of the sale, the chief executive officer directly owned 4,012 shares in the company, valued at approximately $2,830,987.56. This trade represents a 74.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed 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 transaction of $218,347.43. Following the completion of the sale, the chief accounting officer owned 657 shares of the company's stock, valued at $436,031.19. The trade was a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,189 shares of company stock valued at $16,722,190 over the last 90 days. Corporate insiders own 0.08% of the company's stock.

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.

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