McKesson Corporation (NYSE:MCK) Shares Sold by Westpac Banking Corp

Key Points

• Westpac Banking Corp has reduced its stake in McKesson Corporation by 12.5%, selling 1,627 shares and bringing their total holdings to 11,363 shares valued at approximately $7.65 million.
• Despite Westpac's decrease, other investors like T. Rowe Price and GAMMA Investing have significantly increased their stakes, with GAMMA raising holdings by 75,632.7% in the first quarter.
• McKesson's recently reported earnings for the quarter indicated a revenue increase of 23.4% year-over-year, although it missed analysts' EPS estimates by $0.07.

Westpac Banking Corp trimmed its holdings in shares of McKesson Corporation (NYSE:MCK - Free Report) by 12.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,363 shares of the company's stock after selling 1,627 shares during the period. Westpac Banking Corp's holdings in McKesson were worth $7,647,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of MCK. CBIZ Investment Advisory Services LLC increased its position in McKesson by 1,366.7% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company's stock worth $30,000 after purchasing an additional 41 shares during the period. Capital A Wealth Management LLC acquired a new position in McKesson during the 4th quarter worth approximately $26,000. Bank of Jackson Hole Trust increased its position in McKesson by 64.3% during the 1st quarter. Bank of Jackson Hole Trust now owns 46 shares of the company's stock worth $29,000 after purchasing an additional 18 shares during the period. Pandora Wealth Inc. acquired a new position in McKesson during the 1st quarter worth approximately $40,000. Finally, Cornerstone Planning Group LLC increased its position in McKesson by 1,840.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 97 shares of the company's stock worth $67,000 after purchasing an additional 92 shares during the period. 85.07% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Leann B. Smith sold 1,248 shares of the stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $717.30, for a total value of $895,190.40. Following the completion of the sale, the executive vice president directly owned 2,621 shares in the company, valued at approximately $1,880,043.30. This represents a 32.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Britt J. Vitalone sold 6,336 shares of the stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $717.30, for a total value of $4,544,812.80. Following the completion of the sale, the chief financial officer owned 14,760 shares of the company's stock, valued at approximately $10,587,348. This represents a 30.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 52,817 shares of company stock worth $37,461,210. Corporate insiders own 0.08% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on MCK shares. Wall Street Zen cut McKesson from a "strong-buy" rating to a "buy" rating in a research report on Sunday, July 13th. Wells Fargo & Company set a $772.00 price target on McKesson and gave the stock an "equal weight" rating in a research note on Wednesday. Cowen reissued a "buy" rating on shares of McKesson in a research note on Thursday, August 7th. UBS Group boosted their price target on McKesson from $708.00 to $805.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Finally, Bank of America boosted their price target on McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $719.27.

McKesson Trading Down 0.1%

Shares of McKesson stock traded down $0.96 during trading hours on Friday, reaching $672.86. 630,702 shares of the company's stock were exchanged, compared to its average volume of 894,094. McKesson Corporation has a 52-week low of $464.42 and a 52-week high of $737.89. The firm has a market capitalization of $83.69 billion, a price-to-earnings ratio of 26.83, a price-to-earnings-growth ratio of 1.32 and a beta of 0.50. The company has a fifty day moving average of $710.37 and a 200-day moving average of $681.11.

McKesson (NYSE:MCK - Get Free Report) last issued its earnings results 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). 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 company's quarterly revenue was up 23.4% compared to the same quarter last year. During the same period last year, the business posted $7.88 earnings per share. On average, equities research analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be given a $0.82 dividend. This is an increase 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 11.32%.

About McKesson

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.