OLD National Bancorp IN Lowers Stock Holdings in McKesson Corporation $MCK

OLD National Bancorp IN cut its stake in shares of McKesson Corporation (NYSE:MCK) by 0.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,716 shares of the company’s stock after selling 25 shares during the quarter. OLD National Bancorp IN’s holdings in McKesson were worth $5,654,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Highland Capital Management LLC grew its stake in McKesson by 32.1% in the second quarter. Highland Capital Management LLC now owns 9,627 shares of the company’s stock worth $7,054,000 after purchasing an additional 2,342 shares in the last quarter. LGT Fund Management Co Ltd. lifted its holdings in shares of McKesson by 15.4% in the 2nd quarter. LGT Fund Management Co Ltd. now owns 4,933 shares of the company’s stock worth $3,615,000 after buying an additional 657 shares during the period. 111 Capital lifted its holdings in shares of McKesson by 163.5% in the 2nd quarter. 111 Capital now owns 1,257 shares of the company’s stock worth $921,000 after buying an additional 780 shares during the period. QRG Capital Management Inc. increased its stake in shares of McKesson by 3.9% during the second quarter. QRG Capital Management Inc. now owns 19,533 shares of the company’s stock valued at $14,314,000 after buying an additional 733 shares during the period. Finally, Ascent Group LLC lifted its stake in McKesson by 125.6% in the second quarter. Ascent Group LLC now owns 9,249 shares of the company’s stock worth $6,777,000 after acquiring an additional 5,150 shares during the period. Institutional investors own 85.07% of the company’s stock.

McKesson Stock Down 2.7%

Shares of MCK opened at $738.00 on Monday. The company has a 50 day moving average of $702.60 and a two-hundred day moving average of $703.48. McKesson Corporation has a twelve month low of $480.39 and a twelve month high of $776.14. The company has a market cap of $91.79 billion, a price-to-earnings ratio of 29.43, a price-to-earnings-growth ratio of 1.32 and a beta of 0.52.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 EPS for the quarter, missing the consensus estimate of $8.33 by ($0.07). McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The business had revenue of $97.83 billion for the quarter, compared to analysts’ expectations of $95.93 billion. During the same quarter in the prior year, the company posted $7.88 EPS. The business’s revenue for the quarter was up 23.4% on a year-over-year basis. On average, sell-side analysts expect that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd were paid a dividend of $0.82 per share. The ex-dividend date was Tuesday, September 2nd. This is a positive change from McKesson’s previous quarterly dividend of $0.71. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.4%. McKesson’s payout ratio is presently 13.08%.

Insider Activity

In related news, CEO Brian S. Tyler sold 19,371 shares of the stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $708.09, for a total value of $13,716,411.39. Following the completion of the transaction, the chief executive officer directly owned 27,872 shares of the company’s stock, valued at $19,735,884.48. This trade represents a 41.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 transaction of $218,347.43. Following the completion of the sale, the chief accounting officer owned 657 shares of the company’s stock, valued at $436,031.19. This trade represents a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,560 shares of company stock worth $30,438,602. Corporate insiders own 0.08% of the company’s stock.

Analyst Upgrades and Downgrades

MCK has been the topic of a number of research reports. Mizuho raised their target price on shares of McKesson from $750.00 to $770.00 and gave the company a “neutral” rating in a research report on Wednesday, September 24th. Leerink Partners lifted their price objective on shares of McKesson from $785.00 to $850.00 and gave the company an “outperform” rating in a report on Wednesday, September 24th. Morgan Stanley boosted their price objective on shares of McKesson from $810.00 to $857.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 24th. Deutsche Bank Aktiengesellschaft increased their target price on McKesson from $775.00 to $856.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Finally, Wall Street Zen raised McKesson from a “hold” rating to a “buy” rating in a research report on Sunday, September 28th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $829.08.

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.