Bank OZK Cuts Holdings in McKesson Corporation $MCK

by · The Markets Daily

Bank OZK lessened its stake in McKesson Corporation (NYSE:MCK – Free Report) by 48.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 357 shares of the company’s stock after selling 336 shares during the period. Bank OZK’s holdings in McKesson were worth $240,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Capital A Wealth Management LLC purchased a new position in McKesson in the 4th quarter worth approximately $26,000. Bank of Jackson Hole Trust grew its stake 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 buying an additional 18 shares in the last quarter. CBIZ Investment Advisory Services LLC grew its stake 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 buying an additional 41 shares in the last quarter. Pandora Wealth Inc. purchased a new position in McKesson in the 1st quarter worth approximately $40,000. Finally, Dagco Inc. purchased a new position in McKesson in the 1st quarter worth approximately $47,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Stock Down 0.3%

NYSE:MCK opened at $670.82 on Tuesday. The company has a fifty day moving average of $708.83 and a 200 day moving average of $683.20. McKesson Corporation has a 52 week low of $464.42 and a 52 week high of $737.89. The firm has a market capitalization of $83.44 billion, a P/E ratio of 26.75, a P/E/G ratio of 1.34 and a beta of 0.50.

McKesson (NYSE:MCK – Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $8.26 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 firm 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 company earned $7.88 earnings per share. The company’s quarterly revenue was up 23.4% compared to the same quarter last year. As a group, analysts anticipate that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be issued a $0.82 dividend. This is a boost from McKesson’s previous quarterly dividend of $0.71. The ex-dividend date is Tuesday, September 2nd. This represents a $3.28 annualized dividend and a yield of 0.5%. McKesson’s dividend payout ratio (DPR) is currently 11.32%.

Insiders Place Their Bets

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 completion of the transaction, the chief financial officer directly owned 14,760 shares in the company, valued at approximately $10,587,348. This represents a 30.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian S. Tyler sold 19,371 shares of the company’s stock in a transaction on 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 $19,735,884.48. This trade represents a 41.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 52,274 shares of company stock worth $37,066,715. Company insiders own 0.08% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on MCK shares. Evercore ISI boosted their price target on shares of McKesson from $760.00 to $800.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 9th. UBS Group upped their price objective on shares of McKesson from $708.00 to $805.00 and gave the company a “buy” rating in a research note on Tuesday, April 29th. Morgan Stanley reaffirmed an “overweight” rating and issued a $810.00 price objective (up previously from $770.00) on shares of McKesson in a research note on Wednesday, July 16th. Bank of America upped their price objective on shares of McKesson from $755.00 to $800.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Finally, Wells Fargo & Company upped their price objective on shares of McKesson from $766.00 to $772.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 13th. Three analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, McKesson presently has an average rating of “Moderate Buy” and a consensus target price of $719.27.

View Our Latest Research Report on McKesson

McKesson Company Profile

(Free Report)

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.

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