Caisse DE Depot ET Placement DU Quebec Has $191.81 Million Stock Holdings in McKesson Corporation $MCK

Key Points

• Caisse DE Depot ET Placement DU Quebec significantly reduced its stake in McKesson Corporation by 46.5%, bringing its ownership to 285,012 shares worth approximately $191.8 million.
• Several hedge funds have recently changed their holdings in McKesson, with notable increases from Bank of Hawaii and ICONIQ Capital LLC, highlighting ongoing institutional interest in the company.
• McKesson announced an increase in its quarterly dividend from $0.71 to $0.82, representing an annualized dividend of $3.28 and a yield of 0.5% for shareholders of record by September 2nd.

Caisse DE Depot ET Placement DU Quebec lowered its stake in shares of McKesson Corporation (NYSE:MCK - Free Report) by 46.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 285,012 shares of the company's stock after selling 247,287 shares during the quarter. Caisse DE Depot ET Placement DU Quebec owned approximately 0.23% of McKesson worth $191,810,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MCK. Brighton Jones LLC increased its position in McKesson by 46.3% in the 4th quarter. Brighton Jones LLC now owns 2,523 shares of the company's stock valued at $1,438,000 after acquiring an additional 798 shares in the last quarter. Integrated Wealth Concepts LLC increased its position in McKesson by 3.3% in the 4th quarter. Integrated Wealth Concepts LLC now owns 4,192 shares of the company's stock valued at $2,389,000 after acquiring an additional 135 shares in the last quarter. Capital Analysts LLC increased its position in McKesson by 38.0% in the 4th quarter. Capital Analysts LLC now owns 392 shares of the company's stock valued at $224,000 after acquiring an additional 108 shares in the last quarter. Coldstream Capital Management Inc. increased its position in McKesson by 3.7% in the 4th quarter. Coldstream Capital Management Inc. now owns 3,414 shares of the company's stock valued at $1,945,000 after acquiring an additional 122 shares in the last quarter. Finally, Johnson Financial Group Inc. acquired a new stake in McKesson in the 4th quarter valued at about $76,000. Institutional investors and hedge funds own 85.07% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Bank of America raised their price objective on shares of McKesson from $755.00 to $800.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Wall Street Zen downgraded shares of McKesson from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 13th. Cowen reaffirmed a "buy" rating on shares of McKesson in a research note on Thursday, August 7th. Wells Fargo & Company lifted their target price on shares of McKesson from $766.00 to $772.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 13th. Finally, Evercore ISI increased their price target on McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. One 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 company. According to MarketBeat.com, McKesson currently has a consensus rating of "Moderate Buy" and an average price target of $725.10.

McKesson Stock Performance

NYSE:MCK traded down $2.13 during trading hours on Thursday, hitting $681.38. The stock had a trading volume of 698,722 shares, compared to its average volume of 1,008,819. McKesson Corporation has a one year low of $464.42 and a one year high of $737.89. The company has a market cap of $84.75 billion, a price-to-earnings ratio of 27.17, a P/E/G ratio of 1.36 and a beta of 0.50. The business's 50 day moving average is $704.08 and its 200-day moving average is $686.28.

McKesson (NYSE:MCK - Get Free Report) last issued its earnings results 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 firm had revenue of $97.83 billion during the quarter, compared to the consensus estimate of $95.93 billion. During the same period in the previous year, the company posted $7.88 EPS. The firm's revenue for the quarter was up 23.4% on a year-over-year basis. On average, sell-side analysts anticipate that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The business 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 $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 11.32%.

Insider Buying and Selling at McKesson

In other McKesson news, EVP Thomas L. Rodgers sold 2,891 shares of McKesson stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $712.18, for a total value of $2,058,912.38. Following the transaction, the executive vice president owned 2,544 shares of the company's stock, valued at approximately $1,811,785.92. The trade was a 53.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Brian S. Tyler sold 19,371 shares of McKesson stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $708.09, for a total value of $13,716,411.39. Following the completion of the sale, the chief executive officer directly owned 27,872 shares in the company, valued at $19,735,884.48. This represents a 41.00% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 65,821 shares of company stock valued at $46,171,378. 0.08% of the stock is currently owned by corporate 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.