Bayforest Capital Ltd Makes New Investment in McKesson Corporation $MCK

Key Points

• Bayforest Capital Ltd has acquired a new stake in McKesson Corporation, purchasing 1,110 shares valued at approximately $813,000 during the second quarter.
• McKesson recently declared a quarterly dividend increase from $0.71 to $0.82, resulting in an annualized dividend yield of 0.4% and a payout ratio of 13.08%.
• Analysts have boosted their price targets for McKesson, with Bank of America setting a new target of $850, indicating strong market confidence in the stock's potential growth.

Bayforest Capital Ltd purchased a new stake in McKesson Corporation (NYSE:MCK - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 1,110 shares of the company's stock, valued at approximately $813,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Northern Trust Corp increased its stake in shares of McKesson by 0.7% in the 1st quarter. Northern Trust Corp now owns 1,542,382 shares of the company's stock valued at $1,038,008,000 after acquiring an additional 10,179 shares during the last quarter. Boston Partners increased its stake in shares of McKesson by 33.3% in the 1st quarter. Boston Partners now owns 1,461,785 shares of the company's stock valued at $984,927,000 after acquiring an additional 365,484 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of McKesson by 9.1% in 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 purchasing an additional 107,638 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of McKesson by 16.5% in 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 purchasing an additional 181,831 shares during the period. Finally, Invesco Ltd. grew its position in shares of McKesson by 0.7% in the 1st quarter. Invesco Ltd. now owns 1,061,744 shares of the company's stock valued at $714,543,000 after purchasing an additional 7,108 shares during the period. 85.07% of the stock is owned by institutional investors.

McKesson Trading Up 0.7%

NYSE MCK opened at $768.79 on Tuesday. The company has a market cap of $95.62 billion, a PE ratio of 30.65, a PEG ratio of 1.38 and a beta of 0.52. McKesson Corporation has a 12 month low of $492.39 and a 12 month high of $776.14. The stock has a 50 day moving average of $708.64 and a 200-day moving average of $707.37.

McKesson (NYSE:MCK - Get Free Report) last released 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 net margin of 0.84% and a negative return on equity of 196.66%. The company had revenue of $97.83 billion during the quarter, compared to analyst estimates of $95.93 billion. During the same period in the previous year, the company posted $7.88 EPS. The company's quarterly revenue was up 23.4% compared to the same quarter last year. As a group, sell-side analysts predict that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were paid a $0.82 dividend. This is a boost from McKesson's previous quarterly dividend of $0.71. The ex-dividend date was Tuesday, September 2nd. This represents a $3.28 dividend on an annualized basis and a yield of 0.4%. McKesson's dividend payout ratio (DPR) is currently 13.08%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Wells Fargo & Company boosted their price objective on McKesson from $772.00 to $816.00 and gave the company an "equal weight" rating in a research report on Wednesday, September 24th. Bank of America upped their price target on McKesson from $800.00 to $850.00 and gave the stock a "buy" rating in a research report on Wednesday, September 24th. Mizuho upped their price target on McKesson from $750.00 to $770.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 24th. Deutsche Bank Aktiengesellschaft upped their price target on McKesson from $775.00 to $856.00 and gave the stock a "buy" rating in a research report on Wednesday, September 24th. Finally, TD Cowen upped their price target on McKesson from $830.00 to $864.00 and gave the stock a "buy" rating in a research report on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, McKesson has a consensus rating of "Moderate Buy" and a consensus price target of $834.54.

Insiders Place Their Bets

In related news, CEO Brian S. Tyler sold 11,930 shares of the stock in a transaction 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 sale, the chief executive officer owned 4,012 shares in the company, valued at approximately $2,830,987.56. This represents a 74.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction 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 owned 657 shares in the company, valued at approximately $436,031.19. This trade represents a 33.37% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 24,189 shares of company stock worth $16,722,190. 0.08% of the stock is owned by company insiders.

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.

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