Alberta Investment Management Corp Purchases Shares of 8,100 McKesson Corporation (NYSE:MCK)

Key Points

• Alberta Investment Management Corp acquired 8,100 shares of McKesson Corporation, valued at approximately $5.45 million, during the first quarter.
• Several institutional investors increased their stakes in McKesson, contributing to an overall institutional ownership of 85.07% of the company's stock.
• McKesson has announced a dividend increase to $0.82 per share, representing a 0.5% dividend yield and set to be paid on October 1st.

Alberta Investment Management Corp purchased a new stake in McKesson Corporation (NYSE:MCK - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 8,100 shares of the company's stock, valued at approximately $5,451,000.

Several other large investors also recently made changes to their positions in the company. CVA Family Office LLC increased its stake in shares of McKesson by 6.0% during the first quarter. CVA Family Office LLC now owns 265 shares of the company's stock valued at $178,000 after acquiring an additional 15 shares during the period. Palisade Asset Management LLC increased its stake in shares of McKesson by 2.1% during the first quarter. Palisade Asset Management LLC now owns 715 shares of the company's stock valued at $481,000 after acquiring an additional 15 shares during the period. SteelPeak Wealth LLC increased its stake in shares of McKesson by 0.5% during the first quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company's stock valued at $1,867,000 after acquiring an additional 15 shares during the period. Parallel Advisors LLC increased its stake in shares of McKesson by 0.6% during the first quarter. Parallel Advisors LLC now owns 2,501 shares of the company's stock valued at $1,683,000 after acquiring an additional 16 shares during the period. Finally, Eagle Rock Investment Company LLC increased its stake in shares of McKesson by 0.4% during the first quarter. Eagle Rock Investment Company LLC now owns 4,798 shares of the company's stock valued at $3,229,000 after acquiring an additional 17 shares during the period. Institutional investors and hedge funds own 85.07% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on MCK shares. Morgan Stanley reiterated an "overweight" rating and set a $810.00 price objective (up previously from $770.00) on shares of McKesson in a research note on Wednesday, July 16th. UBS Group raised 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. Cfra Research lowered shares of McKesson from a "moderate buy" rating to a "hold" rating in a research note on Friday, April 4th. Wall Street Zen cut shares of McKesson from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 13th. Finally, Bank of America raised their target price on shares of McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Three research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $710.17.

Insider Buying and Selling at McKesson

In related news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of McKesson stock in a transaction on Monday, May 19th. The shares were sold at an average price of $726.51, for a total value of $394,494.93. Following the transaction, the chief accounting officer owned 1,972 shares in the company, valued at $1,432,677.72. This trade represents a 21.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Thomas L. Rodgers sold 2,891 shares of McKesson stock in a transaction on Friday, May 30th. The stock was sold at an average price of $712.18, for a total transaction of $2,058,912.38. Following the completion of the transaction, the executive vice president owned 2,544 shares in the company, valued at $1,811,785.92. This trade represents a 53.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 52,488 shares of company stock worth $37,242,862 in the last ninety days. Company insiders own 0.08% of the company's stock.

McKesson Stock Performance

Shares of NYSE:MCK opened at $698.43 on Friday. The company has a market cap of $87.38 billion, a PE ratio of 27.04, a price-to-earnings-growth ratio of 1.40 and a beta of 0.50. McKesson Corporation has a 52 week low of $464.42 and a 52 week high of $737.89. The firm has a 50 day simple moving average of $716.58 and a 200 day simple moving average of $675.60.

McKesson (NYSE:MCK - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $10.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $9.83 by $0.29. McKesson had a net margin of 0.92% and a negative return on equity of 201.12%. The company had revenue of $90.82 billion during the quarter, compared to the consensus estimate of $94 billion. During the same quarter in the prior year, the firm earned $6.18 EPS. The company's revenue was up 18.9% compared to the same quarter last year. On average, equities analysts predict that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be issued a dividend of $0.82 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.5%. This is an increase from McKesson's previous quarterly dividend of $0.71. McKesson's payout ratio is 10.99%.

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.

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