Principal Financial Group Inc. Sells 2,805 Shares of McKesson Corporation $MCK

Principal Financial Group Inc. lessened its position in shares of McKesson Corporation (NYSE:MCK) by 1.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 278,762 shares of the company’s stock after selling 2,805 shares during the quarter. Principal Financial Group Inc.’s holdings in McKesson were worth $215,355,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. IAM Advisory LLC boosted its stake in McKesson by 0.3% during the third quarter. IAM Advisory LLC now owns 3,908 shares of the company’s stock worth $3,019,000 after buying an additional 13 shares in the last quarter. PDS Planning Inc raised its stake in shares of McKesson by 1.1% in the 3rd quarter. PDS Planning Inc now owns 1,209 shares of the company’s stock valued at $934,000 after buying an additional 13 shares in the last quarter. Cardinal Point Capital Management ULC lifted its stake in McKesson by 2.2% during the second quarter. Cardinal Point Capital Management ULC now owns 645 shares of the company’s stock worth $473,000 after purchasing an additional 14 shares during the period. Goldstein Advisors LLC lifted its position in shares of McKesson by 4.4% during the 3rd quarter. Goldstein Advisors LLC now owns 334 shares of the company’s stock worth $258,000 after buying an additional 14 shares during the period. Finally, Cypress Wealth Services LLC boosted its stake in shares of McKesson by 3.7% in the 2nd quarter. Cypress Wealth Services LLC now owns 417 shares of the company’s stock valued at $305,000 after purchasing an additional 15 shares in the last quarter. 85.07% of the stock is currently owned by institutional investors.

McKesson Trading Up 1.1%

Shares of MCK opened at $831.32 on Monday. The stock has a market capitalization of $102.61 billion, a price-to-earnings ratio of 25.87, a PEG ratio of 1.37 and a beta of 0.40. McKesson Corporation has a 12 month low of $570.51 and a 12 month high of $895.58. The firm has a fifty day simple moving average of $828.09 and a 200 day simple moving average of $774.41.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $9.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.84 by $1.02. McKesson had a net margin of 1.04% and a negative return on equity of 248.14%. The firm had revenue of $103.15 billion for the quarter, compared to analyst estimates of $103.80 billion. During the same period in the previous year, the business earned $7.07 EPS. The company’s revenue was up 10.2% compared to the same quarter last year. As a group, research analysts predict that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Monday, March 2nd will be given a dividend of $0.82 per share. The ex-dividend date of this dividend is Monday, March 2nd. This represents a $3.28 annualized dividend and a dividend yield of 0.4%. McKesson’s payout ratio is 10.21%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on MCK shares. Evercore ISI reissued an “outperform” rating and issued a $1,000.00 target price on shares of McKesson in a report on Thursday, November 6th. UBS Group raised their target price on shares of McKesson from $920.00 to $980.00 and gave the company a “buy” rating in a research note on Thursday, November 6th. Barclays assumed coverage on McKesson in a report on Monday, December 8th. They issued an “overweight” rating and a $960.00 price objective for the company. Weiss Ratings reiterated a “buy (a-)” rating on shares of McKesson in a report on Monday, December 29th. Finally, TD Cowen reiterated a “buy” rating on shares of McKesson in a report on Monday, December 22nd. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $899.36.

Insiders Place Their Bets

In other McKesson news, EVP Thomas L. Rodgers sold 276 shares of the company’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $816.18, for a total value of $225,265.68. Following the sale, the executive vice president owned 2,268 shares in the company, valued at $1,851,096.24. This represents a 10.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the firm’s stock in a transaction on Friday, November 7th. The shares were sold at an average price of $861.63, for a total value of $283,476.27. Following the sale, the chief accounting officer directly owned 328 shares of the company’s stock, valued at $282,614.64. This represents a 50.08% decrease in their position. The SEC filing for this sale provides additional information. 0.08% of the stock is currently owned by insiders.

McKesson Profile

McKesson Corporation (NYSE: MCK) is a global healthcare services and distribution company that supplies pharmaceuticals, medical-surgical products and health care technology solutions. Founded in 1833 and headquartered in Irving, Texas, McKesson operates across the drug distribution and healthcare services value chain, connecting manufacturers, pharmacies, hospitals and health systems to help manage the movement of medicines and clinical supplies.

The company’s core activities include pharmaceutical wholesale distribution and logistics, specialty pharmacy services, and the provision of medical-surgical supplies to acute and non-acute care providers.