Mackenzie Financial Corp Trims Stock Position in McKesson Corporation (NYSE:MCK)

Mackenzie Financial Corp decreased its position in McKesson Corporation (NYSE:MCK) by 5.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 358,258 shares of the company’s stock after selling 21,064 shares during the period. Mackenzie Financial Corp owned 0.29% of McKesson worth $241,104,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of MCK. GAMMA Investing LLC increased its stake in shares of McKesson by 75,632.7% during the first quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company’s stock valued at $1,610,567,000 after buying an additional 2,389,992 shares during the period. Farallon Capital Management LLC purchased a new position in McKesson during the 4th quarter valued at about $348,044,000. Marshall Wace LLP raised its holdings in shares of McKesson by 59,720.3% in the 4th quarter. Marshall Wace LLP now owns 358,922 shares of the company’s stock valued at $204,553,000 after purchasing an additional 358,322 shares in the last quarter. Leigh Baldwin & CO. LLC bought a new stake in shares of McKesson in the 4th quarter valued at about $182,861,000. Finally, Deutsche Bank AG boosted its stake in shares of McKesson by 64.0% during the fourth quarter. Deutsche Bank AG now owns 751,283 shares of the company’s stock valued at $428,164,000 after purchasing an additional 293,148 shares in the last quarter. Institutional investors own 85.07% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. UBS Group boosted their price objective on shares of McKesson from $708.00 to $805.00 and gave the stock a “buy” rating in a research note on Tuesday, April 29th. Wall Street Zen lowered shares of McKesson from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 13th. Evercore ISI lifted 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. Cfra Research cut shares of McKesson from a “moderate buy” rating to a “hold” rating in a research report on Friday, April 4th. Finally, Wells Fargo & Company set a $766.00 price target on shares of McKesson and gave the stock an “equal weight” rating in a report on Tuesday, June 3rd. 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. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $710.17.

Insider Activity

In other McKesson news, CFO Britt J. Vitalone sold 6,336 shares of the company’s 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 sale, the chief financial officer directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Leann B. Smith sold 1,248 shares of the stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $717.30, for a total value of $895,190.40. Following the sale, the executive vice president directly owned 2,621 shares in the company, valued at $1,880,043.30. This represents a 32.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 52,488 shares of company stock valued at $37,242,862 over the last quarter. Insiders own 0.08% of the company’s stock.

McKesson Stock Performance

McKesson stock opened at $711.80 on Monday. The business’s 50-day simple moving average is $717.86 and its two-hundred day simple moving average is $672.71. The company has a market cap of $89.05 billion, a PE ratio of 27.56, a PEG ratio of 1.44 and a beta of 0.48. McKesson Corporation has a fifty-two week low of $464.42 and a fifty-two week high of $737.89.

McKesson (NYSE:MCK) last issued its earnings results on Thursday, May 8th. The company reported $10.12 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $94 billion. During the same quarter in the prior year, the firm earned $6.18 earnings per share. McKesson’s revenue for the quarter was up 18.9% on a year-over-year basis. As a group, analysts predict that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd were paid a $0.71 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.40%. McKesson’s payout ratio is currently 10.99%.

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.