Twin Tree Management LP Sells 29,132 Shares of McKesson Corporation $MCK

Key Points

• Twin Tree Management LP has significantly reduced its stake in McKesson Corporation by 92.5%, selling 29,132 shares and lowering its holdings to 2,368 shares valued at approximately $1.7 million.
• Multiple brokerages, including TD Cowen and Deutsche Bank, have upgraded their price targets for McKesson, with the average consensus price target now sitting at $834.54.
• McKesson has announced a quarterly dividend increase to $0.82, reflecting positive growth from the previous quarter's dividend of $0.71, with a current annual yield of 0.4%.

Twin Tree Management LP lowered its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 92.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,368 shares of the company's stock after selling 29,132 shares during the quarter. Twin Tree Management LP's holdings in McKesson were worth $1,735,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MCK. Brighton Jones LLC lifted its position in McKesson by 46.3% during the fourth quarter. Brighton Jones LLC now owns 2,523 shares of the company's stock valued at $1,438,000 after buying an additional 798 shares during the period. GAMMA Investing LLC lifted its position in McKesson by 12.5% during the first quarter. GAMMA Investing LLC now owns 3,556 shares of the company's stock valued at $2,393,000 after buying an additional 396 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in McKesson by 4.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 183,258 shares of the company's stock valued at $123,332,000 after buying an additional 7,556 shares during the period. Dynamic Advisor Solutions LLC lifted its position in McKesson by 16.6% during the first quarter. Dynamic Advisor Solutions LLC now owns 778 shares of the company's stock valued at $524,000 after buying an additional 111 shares during the period. Finally, Robertson Stephens Wealth Management LLC lifted its position in McKesson by 6.5% during the first quarter. Robertson Stephens Wealth Management LLC now owns 738 shares of the company's stock valued at $497,000 after buying an additional 45 shares during the period. Hedge funds and other institutional investors own 85.07% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on MCK. TD Cowen raised their price objective on McKesson from $830.00 to $864.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. Deutsche Bank Aktiengesellschaft raised their price target on McKesson from $775.00 to $856.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. Jefferies Financial Group raised their price target on McKesson from $820.00 to $900.00 and gave the company a "buy" rating in a report on Monday. Leerink Partners raised their price target on McKesson from $785.00 to $850.00 and gave the company an "outperform" rating in a report on Wednesday, September 24th. Finally, JPMorgan Chase & Co. raised their price target on McKesson from $821.00 to $853.00 and gave the company an "overweight" rating in a report on Friday, September 26th. One investment 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 company. According to data from MarketBeat, McKesson has a consensus rating of "Moderate Buy" and an average price target of $834.54.

Insider Activity

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $663.67, for a total value of $218,347.43. Following the completion of the sale, the chief accounting officer directly owned 657 shares in the company, valued at approximately $436,031.19. This trade represents a 33.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian S. Tyler sold 11,930 shares of McKesson stock in a transaction dated Friday, August 22nd. The stock was 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 owned 4,012 shares of the company's stock, valued at $2,830,987.56. The trade was a 74.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 24,189 shares of company stock valued at $16,722,190 over the last quarter. 0.08% of the stock is owned by corporate insiders.

McKesson Stock Performance

NYSE MCK opened at $775.43 on Friday. McKesson Corporation has a one year low of $492.39 and a one year high of $793.97. The stock has a 50-day moving average of $714.06 and a 200 day moving average of $709.17. The company has a market capitalization of $96.45 billion, a price-to-earnings ratio of 30.92, a PEG ratio of 1.43 and a beta of 0.52.

McKesson (NYSE:MCK - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 EPS 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 business had revenue of $97.83 billion during the quarter, compared to the consensus estimate of $95.93 billion. During the same quarter in the previous year, the business posted $7.88 earnings per share. McKesson's quarterly revenue was up 23.4% compared to the same quarter last year. On average, equities analysts predict that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were issued a $0.82 dividend. This represents a $3.28 annualized dividend and a yield of 0.4%. The ex-dividend date was Tuesday, September 2nd. This is a positive change from McKesson's previous quarterly dividend of $0.71. McKesson's dividend payout ratio is 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.

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