McKesson Corporation $MCK Shares Sold by APG Asset Management N.V.

APG Asset Management N.V. decreased its stake in McKesson Corporation (NYSE:MCK) by 9.0% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 132,644 shares of the company’s stock after selling 13,062 shares during the period. APG Asset Management N.V.’s holdings in McKesson were worth $82,640,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Oppenheimer Asset Management Inc. boosted its holdings in shares of McKesson by 54.0% in 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 raised its position in McKesson by 16.6% in 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 last quarter. Cambridge Investment Research Advisors Inc. raised its position in McKesson by 18.9% in 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 last quarter. Wealth Enhancement Advisory Services LLC raised its position in McKesson by 4.3% in 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 last quarter. Finally, LPL Financial LLC raised its position in McKesson by 12.8% in the 1st quarter. LPL Financial LLC now owns 155,946 shares of the company’s stock valued at $104,950,000 after purchasing an additional 17,750 shares during the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.

Insider Transactions at McKesson

In related news, CEO Brian S. Tyler sold 11,930 shares of the stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $677.76, for a total value of $8,085,676.80. Following the sale, the chief executive officer directly owned 15,942 shares of the company’s stock, valued at approximately $10,804,849.92. This represents a 42.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Thomas L. Rodgers sold 2,891 shares of the firm’s stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $712.18, for a total transaction of $2,058,912.38. Following the sale, the executive vice president directly owned 2,544 shares in the company, valued at $1,811,785.92. This represents a 53.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 56,620 shares of company stock worth $39,712,388 in the last 90 days. Insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on MCK. Morgan Stanley reiterated an “overweight” rating and issued a $810.00 price target (up previously from $770.00) on shares of McKesson in a research report on Wednesday, July 16th. Cowen restated a “buy” rating on shares of McKesson in a research report on Thursday, August 7th. Wells Fargo & Company upped their price objective on shares of McKesson from $766.00 to $772.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 13th. Evercore ISI upped their price objective on shares of McKesson from $760.00 to $800.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 9th. Finally, Wall Street Zen downgraded shares of McKesson from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $725.10.

McKesson Stock Down 2.6%

Shares of MCK opened at $687.7050 on Friday. The company has a market capitalization of $85.54 billion, a PE ratio of 27.42, a P/E/G ratio of 1.40 and a beta of 0.50. McKesson Corporation has a 52-week low of $464.42 and a 52-week high of $737.89. The company has a 50-day simple moving average of $706.69 and a 200-day simple moving average of $684.60.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 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%. McKesson’s revenue was up 23.4% on a year-over-year basis. During the same period in the previous year, the company posted $7.88 earnings per share. On average, research analysts anticipate that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be paid a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a positive change from McKesson’s previous quarterly dividend of $0.71. McKesson’s dividend payout ratio is currently 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.