McKesson Corporation $MCK Stock Position Decreased by Te Ahumairangi Investment Management Ltd

by · The Cerbat Gem

Te Ahumairangi Investment Management Ltd cut its position in shares of McKesson Corporation (NYSE:MCK – Free Report) by 22.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,614 shares of the company’s stock after selling 1,890 shares during the period. Te Ahumairangi Investment Management Ltd’s holdings in McKesson were worth $4,451,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MCK. Capital A Wealth Management LLC purchased a new stake in shares of McKesson during the 4th quarter worth about $26,000. Bank of Jackson Hole Trust raised its stake in shares of 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 in the last quarter. CBIZ Investment Advisory Services LLC raised its stake in shares of 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. Pandora Wealth Inc. bought a new position in shares of McKesson in the 1st quarter valued at approximately $40,000. Finally, Dagco Inc. bought a new position in shares of McKesson in the 1st quarter valued at approximately $47,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Brian S. Tyler sold 11,930 shares of McKesson 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 owned 4,012 shares of the company’s stock, valued at approximately $2,830,987.56. This trade represents a 74.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $663.67, for a total value of $218,347.43. Following the sale, the chief accounting officer directly owned 657 shares in the company, valued at $436,031.19. The trade was a 33.37% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 62,930 shares of company stock worth $44,112,466 in the last ninety days. Insiders own 0.08% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MCK. Wall Street Zen downgraded McKesson from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 13th. Evercore ISI raised their price objective on McKesson from $760.00 to $800.00 and gave the company an “outperform” rating in a research note on Wednesday, July 9th. Cowen reissued a “buy” rating on shares of McKesson in a research note on Thursday, August 7th. Morgan Stanley reissued an “overweight” rating and issued a $810.00 price objective (up from $770.00) on shares of McKesson in a research note on Wednesday, July 16th. Finally, Bank of America raised their price objective on McKesson from $755.00 to $800.00 and gave the company a “buy” rating in a research note on Friday, May 9th. One equities research 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.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $725.10.

Read Our Latest Research Report on McKesson

McKesson Stock Down 0.3%

MCK opened at $681.38 on Friday. The firm has a market capitalization of $84.75 billion, a P/E ratio of 27.17, a price-to-earnings-growth ratio of 1.36 and a beta of 0.50. The stock’s 50 day moving average price is $703.12 and its two-hundred day moving average price is $686.81. McKesson Corporation has a 12-month low of $464.42 and a 12-month high of $737.89.

McKesson (NYSE:MCK – Get Free Report) last released its earnings results 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 business had revenue of $97.83 billion during the quarter, compared to analyst estimates of $95.93 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The business’s quarterly revenue was up 23.4% compared to the same quarter last year. During the same period last year, the business earned $7.88 EPS. As a group, analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be issued 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 dividend on an annualized basis and a yield of 0.5%. McKesson’s payout ratio is 13.08%.

About McKesson

(Free Report)

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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