Mitsubishi UFJ Trust & Banking Corp Reduces Stock Holdings in McKesson Corporation (NYSE:MCK)

Mitsubishi UFJ Trust & Banking Corp lessened its stake in shares of McKesson Corporation (NYSE:MCK) by 3.2% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 115,660 shares of the company’s stock after selling 3,833 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in McKesson were worth $77,838,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of MCK. Oppenheimer Asset Management Inc. boosted 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 acquiring an additional 1,592 shares during the period. Dynamic Advisor Solutions LLC lifted its position in shares of McKesson by 16.6% during the first quarter. Dynamic Advisor Solutions LLC now owns 778 shares of the company’s stock worth $524,000 after purchasing an additional 111 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in shares of McKesson by 18.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 23,033 shares of the company’s stock worth $15,501,000 after purchasing an additional 3,659 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of 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 purchasing an additional 7,556 shares during the period. Finally, LPL Financial LLC grew its holdings in shares of McKesson by 12.8% in the first quarter. LPL Financial LLC now owns 155,946 shares of the company’s stock worth $104,950,000 after purchasing an additional 17,750 shares during the last quarter. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Brian S. Tyler sold 19,371 shares of the business’s stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $708.09, for a total transaction of $13,716,411.39. Following the completion of the transaction, the chief executive officer owned 27,872 shares in the company, valued at $19,735,884.48. The trade was a 41.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Leann B. Smith sold 341 shares of the firm’s stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $717.91, for a total transaction of $244,807.31. Following the completion of the sale, the executive vice president owned 2,800 shares of the company’s stock, valued at approximately $2,010,148. This trade represents a 10.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 52,488 shares of company stock worth $37,242,862. Insiders own 0.08% of the company’s stock.

McKesson Trading Up 0.7%

Shares of NYSE MCK opened at $698.43 on Friday. McKesson Corporation has a 12-month low of $464.42 and a 12-month high of $737.89. The stock’s fifty day simple moving average is $716.58 and its two-hundred day simple moving average is $675.60. The stock has a market capitalization of $87.38 billion, a PE ratio of 27.04, a price-to-earnings-growth ratio of 1.40 and a beta of 0.50.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Thursday, May 8th. The company reported $10.12 earnings per share for the quarter, topping analysts’ consensus estimates of $9.83 by $0.29. McKesson had a negative return on equity of 201.12% and a net margin of 0.92%. The firm had revenue of $90.82 billion during the quarter, compared to analysts’ expectations of $94 billion. During the same period in the prior year, the business posted $6.18 EPS. The firm’s quarterly revenue was up 18.9% on a year-over-year basis. On average, equities analysts predict that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be issued a $0.82 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.5%. This is an increase from McKesson’s previous quarterly dividend of $0.71. McKesson’s dividend payout ratio (DPR) is 10.99%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Wall Street Zen lowered shares of McKesson from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 13th. Wells Fargo & Company set a $766.00 target price on shares of McKesson and gave the stock an “equal weight” rating in a research report on Tuesday, June 3rd. Cfra Research lowered McKesson from a “moderate buy” rating to a “hold” rating in a report on Friday, April 4th. Morgan Stanley reissued an “overweight” rating and issued a $810.00 price objective (up previously from $770.00) on shares of McKesson in a research note on Wednesday, July 16th. Finally, Evercore ISI lifted their target price on McKesson from $760.00 to $800.00 and gave the company an “outperform” rating in a research report on Wednesday, July 9th. Three analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $710.17.

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.