Cookson Peirce & Co. Inc. Takes Position in McKesson Corporation (NYSE:MCK)

Key Points

• Cookson Peirce & Co. Inc. acquired a new stake in McKesson Corporation during the first quarter, purchasing 23,087 shares valued at approximately $15.5 million.
• Several other institutions also increased their stakes in McKesson, with 85.07% of the stock now owned by institutional investors and hedge funds.
• McKesson recently announced an increase in its quarterly dividend from $0.71 to $0.82 per share, reflecting a commitment to returning value to shareholders.

Cookson Peirce & Co. Inc. bought a new stake in shares of McKesson Corporation (NYSE:MCK - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 23,087 shares of the company's stock, valued at approximately $15,537,000.

Several other large investors also recently modified their holdings of the business. OneAscent Investment Solutions LLC acquired a new stake in shares of McKesson during the first quarter valued at about $247,000. Vestmark Advisory Solutions Inc. lifted its holdings in McKesson by 5.1% in the first quarter. Vestmark Advisory Solutions Inc. now owns 371 shares of the company's stock worth $250,000 after acquiring an additional 18 shares during the last quarter. Lord Abbett & CO. LLC lifted its holdings in McKesson by 1.1% in the first quarter. Lord Abbett & CO. LLC now owns 83,947 shares of the company's stock worth $56,495,000 after acquiring an additional 946 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in shares of McKesson by 25.4% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 50,853 shares of the company's stock valued at $34,224,000 after purchasing an additional 10,300 shares during the period. Finally, Neuberger Berman Group LLC increased its stake in shares of McKesson by 98.6% in the first quarter. Neuberger Berman Group LLC now owns 125,294 shares of the company's stock valued at $84,322,000 after purchasing an additional 62,201 shares during the period. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MCK has been the topic of a number of research analyst reports. 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 note on Friday, May 9th. Cowen restated a "buy" rating on shares of McKesson in a research report on Thursday, August 7th. Wells Fargo & Company set a $772.00 price target on shares of McKesson and gave the stock an "equal weight" rating in a research report on Wednesday. Evercore ISI lifted their price target on shares of McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. Finally, UBS Group lifted their price target on shares of McKesson from $708.00 to $805.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Three equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $719.27.

Insider Activity at McKesson

In other McKesson news, EVP Thomas L. Rodgers sold 2,891 shares of McKesson stock in a transaction on Friday, May 30th. The shares were sold at an average price of $712.18, for a total transaction of $2,058,912.38. Following the completion of the sale, the executive vice president owned 2,544 shares of the company's stock, valued at $1,811,785.92. This trade represents a 53.19% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Leann B. Smith sold 341 shares of McKesson stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $717.91, for a total transaction of $244,807.31. Following the sale, the executive vice president directly owned 2,800 shares of the company's stock, valued at $2,010,148. This trade represents a 10.86% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 52,817 shares of company stock worth $37,461,210. 0.08% of the stock is currently owned by company insiders.

McKesson Stock Performance

NYSE MCK opened at $662.79 on Thursday. McKesson Corporation has a twelve month low of $464.42 and a twelve month high of $737.89. The stock has a market cap of $82.44 billion, a price-to-earnings ratio of 26.43, a PEG ratio of 1.31 and a beta of 0.50. The firm's 50 day moving average price is $711.09 and its two-hundred day moving average price is $680.62.

McKesson (NYSE:MCK - Get Free Report) last posted its quarterly earnings data 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). The firm had revenue of $97.83 billion for the quarter, compared to analysts' expectations of $95.93 billion. McKesson had a negative return on equity of 196.66% and a net margin of 0.84%. The company's revenue for the quarter was up 23.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $7.88 earnings per share. On average, research analysts forecast that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.82 per share. This is an increase from McKesson's previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.5%. McKesson's dividend payout ratio (DPR) is 11.32%.

McKesson 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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