Alecta Tjanstepension Omsesidigt Purchases New Shares in McKesson Corporation $MCK

Key Points

• Alecta Tjanstepension Omsesidigt has made a new investment in McKesson Corporation, acquiring 139,500 shares valued at approximately $102.19 million, marking ownership of 0.11% of the company.
• Analysts have a consensus rating of "Moderate Buy" on McKesson with a target price of $725.10, while the stock recently missed earnings expectations but reported a revenue increase of 23.4% year-over-year.
• McKesson's quarterly dividend has been increased from $0.71 to $0.82, with the next payment scheduled for October 1st, reflecting a positive trend in their dividend policy.

Alecta Tjanstepension Omsesidigt acquired a new stake in shares of McKesson Corporation (NYSE:MCK - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 139,500 shares of the company's stock, valued at approximately $102,188,000. Alecta Tjanstepension Omsesidigt owned approximately 0.11% of McKesson at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of MCK. CBIZ Investment Advisory Services LLC lifted its position in shares of McKesson by 1,366.7% in the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company's stock worth $30,000 after purchasing an additional 41 shares in the last quarter. Capital A Wealth Management LLC purchased a new stake in shares of McKesson in the fourth quarter worth approximately $26,000. Bank of Jackson Hole Trust lifted its position in shares of McKesson by 64.3% in the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company's stock worth $29,000 after purchasing an additional 18 shares in the last quarter. Saudi Central Bank purchased a new stake in shares of McKesson in the first quarter worth approximately $34,000. Finally, Flaharty Asset Management LLC purchased a new stake in shares of McKesson in the first quarter worth approximately $39,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

McKesson Price Performance

MCK traded up $7.94 during midday trading on Friday, hitting $698.07. 1,445,591 shares of the company's stock traded hands, compared to its average volume of 666,644. The company has a market cap of $86.83 billion, a PE ratio of 27.83, a price-to-earnings-growth ratio of 1.37 and a beta of 0.51. The stock's fifty day simple moving average is $695.15 and its 200-day simple moving average is $696.05. McKesson Corporation has a one year low of $464.42 and a one year high of $737.89.

McKesson (NYSE:MCK - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share for the quarter, missing analysts' consensus estimates of $8.33 by ($0.07). McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The business had revenue of $97.83 billion for the quarter, compared to analyst estimates of $95.93 billion. During the same quarter in the prior year, the firm earned $7.88 EPS. The firm's quarterly revenue 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 year.

McKesson Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.82 per share. This is an increase from McKesson's previous quarterly dividend of $0.71. This represents a $3.28 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Tuesday, September 2nd. McKesson's dividend payout ratio is presently 13.08%.

Insiders Place Their Bets

In other McKesson news, CEO Brian S. Tyler sold 11,930 shares of McKesson stock in a transaction 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 sale, the chief executive officer owned 4,012 shares in the company, valued at $2,830,987.56. The trade was a 74.83% 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 McKesson stock in a transaction 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 sale, the chief accounting officer owned 657 shares in the company, valued at $436,031.19. This represents a 33.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,560 shares of company stock worth $30,438,602 in the last quarter. Corporate insiders own 0.08% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Wall Street Zen lowered shares of McKesson from a "strong-buy" rating to a "buy" rating in a research report on Sunday, July 13th. Wells Fargo & Company increased their price target on shares of McKesson from $766.00 to $772.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 13th. Morgan Stanley reissued an "overweight" rating and issued a $810.00 price target (up from $770.00) on shares of McKesson in a research report on Wednesday, July 16th. Evercore ISI increased their price target on shares of McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. Finally, Cowen reaffirmed a "buy" rating on shares of McKesson in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $725.10.

McKesson Company 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.