ING Groep NV Lowers Stock Position in McKesson Corporation (NYSE:MCK)

ING Groep NV lowered its position in McKesson Corporation (NYSE:MCK) by 11.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 88,953 shares of the company’s stock after selling 11,210 shares during the period. ING Groep NV owned about 0.07% of McKesson worth $59,864,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. increased its stake in 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 during the last quarter. Dynamic Advisor Solutions LLC increased 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 valued at $524,000 after acquiring an additional 111 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in shares of McKesson by 18.9% during 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 increased its position in shares of McKesson by 4.3% during 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 increased its position in shares of McKesson by 12.8% during 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. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Stock Up 0.7%

MCK stock opened at $698.43 on Monday. The firm has a market capitalization of $87.38 billion, a PE ratio of 27.04, a PEG ratio of 1.41 and a beta of 0.50. McKesson Corporation has a twelve month low of $464.42 and a twelve month high of $737.89. The stock has a 50-day simple moving average of $716.58 and a two-hundred day simple moving average of $676.81.

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

McKesson Increases Dividend

The firm 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 dividend of $0.82 per share. The ex-dividend date is Tuesday, September 2nd. This is a positive change from McKesson’s previous quarterly dividend of $0.71. This represents a $3.28 annualized dividend and a yield of 0.5%. McKesson’s dividend payout ratio (DPR) is presently 12.70%.

Insider Buying and Selling at McKesson

In other news, CEO Brian S. Tyler sold 19,371 shares of the business’s stock in a transaction dated Friday, July 11th. The stock was 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 of the company’s stock, valued at approximately $19,735,884.48. The trade was a 41.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Thomas L. Rodgers sold 2,891 shares of the business’s stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $712.18, for a total value of $2,058,912.38. Following the transaction, the executive vice president directly owned 2,544 shares of the company’s stock, valued at $1,811,785.92. The trade was a 53.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold 52,488 shares of company stock valued at $37,242,862 over the last 90 days. Insiders own 0.08% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on MCK shares. Bank of America raised their price objective on shares of McKesson from $755.00 to $800.00 and gave the stock a “buy” rating in a report on Friday, May 9th. UBS Group raised their price target 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 note on Sunday, July 13th. Wells Fargo & Company set a $766.00 target price on McKesson and gave the stock an “equal weight” rating in a research report on Tuesday, June 3rd. Finally, Evercore ISI raised their target price on McKesson from $760.00 to $800.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 9th. Three investment 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’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $710.17.

McKesson Company Profile

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.