Assenagon Asset Management S.A. Has $226.49 Million Stake in McKesson Corporation $MCK

Key Points

• Assenagon Asset Management S.A. increased its stake in McKesson Corporation by 30.5%, owning 309,076 shares valued at approximately $226.49 million as of the end of the second quarter.
• McKesson recently announced a quarterly dividend increase to $0.82 per share, up from the previous $0.71, with the ex-dividend date set for September 2nd.
• Despite reporting earnings per share of $8.26 for the last quarter—missing the consensus estimate by $0.07—McKesson's revenue rose to $97.83 billion, exceeding analysts' expectations of $95.93 billion.

Assenagon Asset Management S.A. boosted its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 30.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 309,076 shares of the company's stock after purchasing an additional 72,244 shares during the period. Assenagon Asset Management S.A. owned 0.25% of McKesson worth $226,485,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MCK. GAMMA Investing LLC boosted its stake in shares of McKesson by 75,632.7% during the 1st quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company's stock valued at $1,610,567,000 after buying an additional 2,389,992 shares during the period. Northern Trust Corp boosted its stake in shares of McKesson by 0.7% during the 1st quarter. Northern Trust Corp now owns 1,542,382 shares of the company's stock valued at $1,038,008,000 after buying an additional 10,179 shares during the period. Boston Partners boosted its stake in shares of McKesson by 33.3% during the 1st quarter. Boston Partners now owns 1,461,785 shares of the company's stock valued at $984,927,000 after buying an additional 365,484 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of McKesson by 9.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,290,116 shares of the company's stock valued at $868,237,000 after buying an additional 107,638 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of McKesson by 16.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,284,881 shares of the company's stock valued at $864,712,000 after buying an additional 181,831 shares during the period. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on MCK. Wells Fargo & Company lifted their price objective on shares of McKesson from $766.00 to $772.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 13th. Wall Street Zen lowered shares of McKesson from a "buy" rating to a "hold" rating in a research note on Saturday. Evercore ISI lifted their price objective on shares of McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Morgan Stanley reaffirmed an "overweight" rating and issued a $810.00 price objective (up previously from $770.00) on shares of McKesson in a research note on Wednesday, July 16th. Finally, Cowen reaffirmed a "buy" rating on shares of McKesson in a research note on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $725.10.

Insider Transactions at McKesson

In other McKesson news, CEO Brian S. Tyler sold 11,930 shares of the business'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 transaction, the chief executive officer directly 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 hyperlink. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $663.67, for a total transaction of $218,347.43. Following the completion of the transaction, the chief accounting officer owned 657 shares in the company, valued at approximately $436,031.19. This trade represents a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 43,560 shares of company stock worth $30,438,602. 0.08% of the stock is currently owned by insiders.

McKesson Stock Performance

Shares of NYSE:MCK traded down $1.26 on Monday, hitting $697.05. 410,038 shares of the company were exchanged, compared to its average volume of 869,792. The company's 50 day moving average price is $695.15 and its two-hundred day moving average price is $696.81. McKesson Corporation has a one year low of $464.42 and a one year high of $737.89. The firm has a market capitalization of $86.70 billion, a price-to-earnings ratio of 27.79, a PEG ratio of 1.39 and a beta of 0.51.

McKesson (NYSE:MCK - Get Free Report) last posted its 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). The business had revenue of $97.83 billion during the quarter, compared to the consensus estimate of $95.93 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The business's revenue was up 23.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $7.88 EPS. Research analysts predict that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be paid a $0.82 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. 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%. McKesson's payout ratio is presently 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.