Amundi Grows Stock Holdings in McKesson Corporation $MCK

Key Points

• Amundi increased its stake in McKesson Corporation by 3.5% in the 1st quarter, owning 660,196 shares worth approximately $473.31 million.
• The company recently revised its dividend, increasing it from $0.71 to $0.82 per share, with a scheduled payment date of October 1st.
• Despite a revenue increase of 23.4% year-over-year to $97.83 billion, McKesson reported an EPS of $8.26, missing analysts' expectations.

Amundi grew its stake in shares of McKesson Corporation (NYSE:MCK - Free Report) by 3.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 660,196 shares of the company's stock after buying an additional 22,175 shares during the quarter. Amundi owned 0.53% of McKesson worth $473,314,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Adage Capital Partners GP L.L.C. grew its stake in shares of McKesson by 14.1% during the first quarter. Adage Capital Partners GP L.L.C. now owns 218,130 shares of the company's stock valued at $146,799,000 after buying an additional 27,033 shares during the last quarter. EP Wealth Advisors LLC grew its stake in shares of McKesson by 1.4% during the first quarter. EP Wealth Advisors LLC now owns 26,502 shares of the company's stock valued at $17,835,000 after buying an additional 377 shares during the last quarter. PDT Partners LLC grew its stake in shares of McKesson by 122.0% during the first quarter. PDT Partners LLC now owns 4,439 shares of the company's stock valued at $2,987,000 after buying an additional 2,439 shares during the last quarter. Ashton Thomas Securities LLC grew its stake in shares of McKesson by 1.6% during the first quarter. Ashton Thomas Securities LLC now owns 9,200 shares of the company's stock valued at $6,192,000 after buying an additional 145 shares during the last quarter. Finally, GW Henssler & Associates Ltd. bought a new position in shares of McKesson during the first quarter valued at about $526,000. 85.07% of the stock is owned by institutional investors.

Insider Activity

In other McKesson news, CEO Brian S. Tyler sold 11,930 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were 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 in the company, valued at $2,830,987.56. This trade represents a 74.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $663.67, for a total transaction of $218,347.43. Following the transaction, the chief accounting officer owned 657 shares of the company's stock, valued at $436,031.19. The trade was 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 90 days. 0.08% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

MCK has been the topic of a number of recent research reports. Wall Street Zen cut McKesson from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 13th. Morgan Stanley reissued an "overweight" rating and issued a $810.00 target price (up from $770.00) on shares of McKesson in a research note on Wednesday, July 16th. Wells Fargo & Company raised their target price on McKesson from $766.00 to $772.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 13th. Cowen reissued a "buy" rating on shares of McKesson in a research note on Thursday, August 7th. Finally, Evercore ISI raised their target price on McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $725.10.

McKesson Price Performance

MCK traded down $4.42 on Friday, hitting $687.03. The company had a trading volume of 472,767 shares, compared to its average volume of 808,316. McKesson Corporation has a 52-week low of $464.42 and a 52-week high of $737.89. The stock has a fifty day simple moving average of $699.12 and a 200-day simple moving average of $691.13. The firm has a market capitalization of $85.46 billion, a P/E ratio of 27.39, a P/E/G ratio of 1.37 and a beta of 0.51.

McKesson (NYSE:MCK - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 EPS for the quarter, missing the consensus estimate of $8.33 by ($0.07). McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The company had revenue of $97.83 billion during the quarter, compared to analysts' expectations of $95.93 billion. During the same quarter last year, the business earned $7.88 earnings per share. The business's quarterly revenue was up 23.4% on a year-over-year basis. Equities research analysts expect that McKesson Corporation will post 32.77 earnings per share for the current fiscal 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 represents a $3.28 annualized dividend and a yield of 0.5%. This is a boost from McKesson's previous quarterly dividend of $0.71. The ex-dividend date is Tuesday, September 2nd. McKesson's dividend payout ratio (DPR) is 13.08%.

About McKesson

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.