Nordea Investment Management AB Decreases Holdings in McKesson Corporation $MCK

Nordea Investment Management AB trimmed its holdings in shares of McKesson Corporation (NYSE:MCK) by 8.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 994,678 shares of the company’s stock after selling 94,329 shares during the quarter. McKesson accounts for approximately 0.7% of Nordea Investment Management AB’s holdings, making the stock its 26th biggest holding. Nordea Investment Management AB owned approximately 0.80% of McKesson worth $722,206,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. GFG Capital LLC purchased a new stake in McKesson in the 2nd quarter worth about $30,000. CBIZ Investment Advisory Services LLC raised its position in McKesson by 1,366.7% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company’s stock worth $30,000 after purchasing an additional 41 shares during the period. Bank of Jackson Hole Trust raised its position in McKesson by 64.3% in the 1st quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock worth $29,000 after purchasing an additional 18 shares during the period. Saudi Central Bank purchased a new stake in McKesson in the 1st quarter worth about $34,000. Finally, Flaharty Asset Management LLC purchased a new stake in McKesson in the 1st quarter worth about $39,000. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Wells Fargo & Company increased their price objective on shares of McKesson from $772.00 to $816.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 24th. Wall Street Zen raised shares of McKesson from a “hold” rating to a “buy” rating in a research report on Sunday, September 28th. Leerink Partners increased their price objective on shares of McKesson from $785.00 to $850.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 24th. Evercore ISI upped their target price on shares of McKesson from $800.00 to $825.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 24th. Finally, Bank of America upped their target price on shares of McKesson from $800.00 to $850.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, McKesson has a consensus rating of “Moderate Buy” and an average target price of $834.54.

Insider Buying and Selling

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $663.67, for a total transaction of $218,347.43. Following the transaction, the chief accounting officer directly owned 657 shares in the company, valued at approximately $436,031.19. This trade represents a 33.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Brian S. Tyler sold 11,930 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the transaction, the chief executive officer owned 4,012 shares in the company, valued at approximately $2,830,987.56. This represents a 74.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,189 shares of company stock worth $16,722,190. Insiders own 0.08% of the company’s stock.

McKesson Price Performance

Shares of MCK stock opened at $775.43 on Friday. The company has a market capitalization of $96.45 billion, a P/E ratio of 30.92, a P/E/G ratio of 1.43 and a beta of 0.52. The company’s 50-day simple moving average is $714.06 and its two-hundred day simple moving average is $709.17. McKesson Corporation has a one year low of $492.39 and a one year high of $793.97.

McKesson (NYSE:MCK) last released its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $95.93 billion. During the same quarter in the prior year, the business posted $7.88 earnings per share. McKesson’s revenue for the quarter was up 23.4% on a year-over-year basis. On average, research analysts expect that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The firm also recently disclosed 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. This is a boost 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%. The ex-dividend date was Tuesday, September 2nd. McKesson’s payout ratio is 13.08%.

McKesson 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.