US Bancorp DE Sells 1,999 Shares of McKesson Corporation $MCK

Key Points

• US Bancorp DE reduced its stake in McKesson Corporation by 2.3%, selling 1,999 shares, and now owns approximately 83,760 shares worth $61.38 million.
• Several institutional investors increased their holdings in McKesson, with Oppenheimer Asset Management boosting its stake by 54% during the first quarter.
• McKesson recently increased its quarterly dividend to $0.82 per share, reflecting a 15.5% increase from the previous dividend, with an annualized yield of 0.4%.

US Bancorp DE decreased its stake in shares of McKesson Corporation (NYSE:MCK - Free Report) by 2.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 83,760 shares of the company's stock after selling 1,999 shares during the quarter. US Bancorp DE owned approximately 0.07% of McKesson worth $61,379,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. lifted its holdings in McKesson by 54.0% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 4,541 shares of the company's stock valued at $3,056,000 after buying an additional 1,592 shares in the last quarter. Dynamic Advisor Solutions LLC increased its position in McKesson by 16.6% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 778 shares of the company's stock valued at $524,000 after purchasing an additional 111 shares during the period. Cambridge Investment Research Advisors Inc. increased its position in McKesson by 18.9% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 23,033 shares of the company's stock valued at $15,501,000 after purchasing an additional 3,659 shares during the period. Acadian Asset Management LLC increased its position in McKesson by 22.0% during the 1st quarter. Acadian Asset Management LLC now owns 378,926 shares of the company's stock valued at $254,979,000 after purchasing an additional 68,294 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its position in McKesson by 4.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 183,258 shares of the company's stock valued at $123,332,000 after purchasing an additional 7,556 shares during the period. Institutional investors own 85.07% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on MCK. Wall Street Zen raised shares of McKesson from a "hold" rating to a "buy" rating in a research report on Sunday, September 28th. TD Cowen raised their target price on shares of McKesson from $830.00 to $864.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. Leerink Partners raised their target price on shares of McKesson from $785.00 to $850.00 and gave the company an "outperform" rating in a research report on Wednesday, September 24th. UBS Group raised their target price on shares of McKesson from $820.00 to $860.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. Finally, Evercore ISI raised their target price on shares of McKesson from $800.00 to $825.00 and gave the company an "outperform" rating in a research report on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, McKesson currently has an average rating of "Moderate Buy" and a consensus target price of $829.08.

Insider Activity at McKesson

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business's stock in a transaction that occurred 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 sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Brian S. Tyler sold 11,930 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the sale, the chief executive officer directly owned 4,012 shares in the company, valued at approximately $2,830,987.56. This represents a 74.83% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,189 shares of company stock worth $16,722,190. 0.08% of the stock is owned by insiders.

McKesson Stock Up 0.3%

Shares of McKesson stock opened at $758.07 on Friday. The firm's 50 day moving average price is $706.17 and its 200-day moving average price is $705.39. McKesson Corporation has a 52-week low of $492.39 and a 52-week high of $776.14. The company has a market cap of $94.29 billion, a P/E ratio of 30.23, a PEG ratio of 1.36 and a beta of 0.52.

McKesson (NYSE:MCK - Get Free Report) last issued 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 during 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%.The firm's quarterly revenue was up 23.4% on a year-over-year basis. During the same period in the previous year, the firm earned $7.88 EPS. As a group, equities research analysts forecast that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd were given a dividend of $0.82 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $3.28 annualized dividend and a yield of 0.4%. This is a boost from McKesson's previous quarterly dividend of $0.71. McKesson's 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.

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