UMB Bank n.a. Cuts Stake in McKesson Corporation $MCK

Key Points

• UMB Bank n.a. reduced its stake in McKesson Corporation by 18.3%, holding $2.55 million in stock after selling 776 shares during the 2nd quarter.
• Several institutional investors increased their holdings in McKesson, with Oppenheimer Asset Management boosting its stake by 54% in the 1st quarter.
• McKesson announced a quarterly dividend increase from $0.71 to $0.82 per share, with a payout ratio of 13.08%, set to be distributed on October 1st.

UMB Bank n.a. trimmed its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 18.3% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,474 shares of the company's stock after selling 776 shares during the period. UMB Bank n.a.'s holdings in McKesson were worth $2,546,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of MCK. Brighton Jones LLC grew its stake in McKesson by 46.3% during the fourth quarter. Brighton Jones LLC now owns 2,523 shares of the company's stock worth $1,438,000 after buying an additional 798 shares in the last quarter. Woodline Partners LP acquired a new stake in shares of McKesson in the 4th quarter valued at approximately $1,891,000. Novem Group acquired a new stake in shares of McKesson in the 4th quarter valued at approximately $205,000. Vise Technologies Inc. boosted its stake in shares of McKesson by 129.7% in the 4th quarter. Vise Technologies Inc. now owns 1,601 shares of the company's stock valued at $912,000 after purchasing an additional 904 shares in the last quarter. Finally, GF Fund Management CO. LTD. acquired a new stake in shares of McKesson in the 4th quarter valued at approximately $1,848,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

McKesson Stock Up 6.6%

MCK stock traded up $46.11 during midday trading on Tuesday, reaching $743.11. 523,261 shares of the company's stock traded hands, compared to its average volume of 868,981. The company has a market cap of $92.43 billion, a price-to-earnings ratio of 29.61, a P/E/G ratio of 1.39 and a beta of 0.51. The firm's fifty day moving average price is $694.76 and its 200-day moving average price is $697.18. McKesson Corporation has a 52 week low of $464.42 and a 52 week high of $748.75.

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

McKesson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.82 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $3.28 dividend on an annualized basis and a yield of 0.4%. This is a positive change from McKesson's previous quarterly dividend of $0.71. McKesson's payout ratio is presently 13.08%.

Analyst Upgrades and Downgrades

MCK has been the topic of a number of research analyst reports. Wells Fargo & Company raised their price target 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. Morgan Stanley reiterated an "overweight" rating and issued a $810.00 price objective (up previously from $770.00) on shares of McKesson in a report on Wednesday, July 16th. Wall Street Zen lowered shares of McKesson from a "buy" rating to a "hold" rating in a report on Saturday. Evercore ISI raised their price objective on shares of McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Finally, Cowen restated a "buy" rating on shares of McKesson in a report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, McKesson currently has an average rating of "Moderate Buy" and an average target price of $725.10.

Insiders Place Their Bets

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction on 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 of the company's stock, valued at $436,031.19. The trade was a 33.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian S. Tyler sold 19,371 shares of McKesson stock in a transaction on Friday, July 11th. The stock was sold at an average price of $708.09, for a total transaction of $13,716,411.39. Following the transaction, the chief executive officer directly owned 27,872 shares in the company, valued at $19,735,884.48. This represents a 41.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 43,560 shares of company stock worth $30,438,602 over the last ninety days. 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.