Alecta Tjanstepension Omsesidigt Makes New $102.19 Million Investment 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 position in shares of McKesson Corporation (NYSE:MCK - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 139,500 shares of the company's stock, valued at approximately $102,188,000. Alecta Tjanstepension Omsesidigt owned 0.11% of McKesson at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of MCK. Capital A Wealth Management LLC acquired a new stake in McKesson during the 4th quarter worth about $26,000. Bank of Jackson Hole Trust raised its holdings in McKesson by 64.3% during 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 during the period. CBIZ Investment Advisory Services LLC increased its holdings in shares of McKesson by 1,366.7% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company's stock valued at $30,000 after purchasing an additional 41 shares during the period. Saudi Central Bank acquired a new position in shares of McKesson in the 1st quarter valued at about $34,000. Finally, Flaharty Asset Management LLC acquired a new position in shares of McKesson in the 1st quarter valued at about $39,000. Institutional investors and hedge funds own 85.07% of the company's stock.

Wall Street Analysts Forecast Growth

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

Insider Activity at McKesson

In other news, CEO Brian S. Tyler sold 11,930 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $705.63, for a total value of $8,418,165.90. Following the completion of the sale, the chief executive officer directly owned 4,012 shares of the company's stock, valued at approximately $2,830,987.56. This represents a 74.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 value of $218,347.43. Following the completion of the sale, the chief accounting officer directly owned 657 shares of the company's stock, valued at $436,031.19. This represents a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,560 shares of company stock valued at $30,438,602 over the last three months. 0.08% of the stock is owned by company insiders.

McKesson Trading Down 0.2%

MCK opened at $692.14 on Thursday. McKesson Corporation has a 1-year low of $464.42 and a 1-year high of $737.89. The stock has a market capitalization of $86.09 billion, a price-to-earnings ratio of 27.60, a P/E/G ratio of 1.38 and a beta of 0.51. The business has a 50 day moving average of $695.83 and a 200-day moving average of $695.37.

McKesson (NYSE:MCK - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $95.93 billion. During the same period in the prior year, the company posted $7.88 earnings per share. The firm's revenue was up 23.4% compared to the same quarter last year. Equities analysts predict that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be given a $0.82 dividend. This is a positive change from McKesson's previous quarterly dividend of $0.71. This represents a $3.28 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 2nd. McKesson's dividend payout ratio (DPR) is currently 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.

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