Candriam S.C.A. Grows Stake in McKesson Corporation $MCK

Key Points

• Candriam S.C.A. increased its stake in McKesson Corporation by 13.6%, owning 121,403 shares valued at around $81.7 million after purchasing an additional 14,514 shares during the first quarter.
• McKesson plans to pay a quarterly dividend of $0.82 on October 1st, which is an increase from the previous dividend of $0.71, marking a 0.5% yield.
• Despite reporting earnings per share of $8.26 which missed estimates, McKesson's revenue increased by 23.4% year-over-year to $97.83 billion.

Candriam S.C.A. grew its position in McKesson Corporation (NYSE:MCK - Free Report) by 13.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 121,403 shares of the company's stock after purchasing an additional 14,514 shares during the quarter. Candriam S.C.A. owned about 0.10% of McKesson worth $81,703,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in MCK. CVA Family Office LLC increased its stake in shares of McKesson by 6.0% during the first quarter. CVA Family Office LLC now owns 265 shares of the company's stock worth $178,000 after purchasing an additional 15 shares in the last quarter. Palisade Asset Management LLC increased its stake in shares of McKesson by 2.1% during the first quarter. Palisade Asset Management LLC now owns 715 shares of the company's stock worth $481,000 after purchasing an additional 15 shares in the last quarter. SteelPeak Wealth LLC increased its stake in shares of McKesson by 0.5% during the first quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company's stock worth $1,867,000 after purchasing an additional 15 shares in the last quarter. Parallel Advisors LLC increased its stake in shares of McKesson by 0.6% during the first quarter. Parallel Advisors LLC now owns 2,501 shares of the company's stock worth $1,683,000 after purchasing an additional 16 shares in the last quarter. Finally, Eagle Rock Investment Company LLC grew its stake in McKesson by 0.4% during the 1st quarter. Eagle Rock Investment Company LLC now owns 4,798 shares of the company's stock valued at $3,229,000 after acquiring an additional 17 shares in the last quarter. 85.07% of the stock is currently owned by institutional investors and hedge funds.

McKesson Price Performance

McKesson stock opened at $676.8290 on Wednesday. The firm has a 50 day simple moving average of $708.26 and a 200-day simple moving average of $683.16. McKesson Corporation has a 1-year low of $464.42 and a 1-year high of $737.89. The stock has a market cap of $84.18 billion, a price-to-earnings ratio of 26.99, a price-to-earnings-growth ratio of 1.33 and a beta of 0.50.

McKesson (NYSE:MCK - Get Free Report) last posted its quarterly earnings results 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 firm had revenue of $97.83 billion during the quarter, compared to analysts' expectations of $95.93 billion. During the same period last year, the company earned $7.88 EPS. The business's quarterly revenue was up 23.4% on a year-over-year basis. Equities 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. Stockholders of record on Tuesday, September 2nd will be issued a $0.82 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $3.28 annualized dividend and a dividend yield of 0.5%. This is an increase from McKesson's previous quarterly dividend of $0.71. McKesson's dividend payout ratio (DPR) is currently 11.32%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MCK. Wall Street Zen cut 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 upped 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. UBS Group upped their price objective on shares of McKesson from $708.00 to $805.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Finally, Bank of America upped their price objective on shares of McKesson from $755.00 to $800.00 and gave the company a "buy" rating in a research note on Friday, May 9th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, McKesson presently has a consensus rating of "Moderate Buy" and an average price target of $719.27.

Insider Transactions at McKesson

In other news, EVP Thomas L. Rodgers sold 2,891 shares of the company's 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 directly owned 2,544 shares in the company, valued at approximately $1,811,785.92. This represents a 53.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Britt J. Vitalone sold 6,336 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $717.30, for a total transaction of $4,544,812.80. Following the sale, the chief financial officer owned 14,760 shares in the company, valued at approximately $10,587,348. This trade represents a 30.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 64,204 shares of company stock worth $45,152,392. 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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