Counterpoint Mutual Funds LLC Acquires Shares of 2,607 McKesson Corporation $MCK

Key Points

• Counterpoint Mutual Funds LLC has acquired 2,607 shares of McKesson Corporation valued at approximately $1,910,000, marking a significant addition to their portfolio in the healthcare sector.
• McKesson recently announced an increase in its quarterly dividend to $0.82 per share, a rise from the previous $0.71, reflecting a positive change in its financial strategy.
• The company missed quarterly earnings expectations with an EPS of $8.26, slightly below the anticipated $8.33, although revenues exceeded estimates at $97.83 billion.

Counterpoint Mutual Funds LLC acquired a new stake in McKesson Corporation (NYSE:MCK - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,607 shares of the company's stock, valued at approximately $1,910,000.

A number of other institutional investors and hedge funds have also made changes to their positions in MCK. GAMMA Investing LLC raised its holdings in McKesson by 75,632.7% during the first quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company's stock worth $1,610,567,000 after purchasing an additional 2,389,992 shares in the last quarter. Nuveen LLC purchased a new position in McKesson during the first quarter worth about $475,235,000. Wellington Management Group LLP raised its holdings in McKesson by 4,559.6% during the first quarter. Wellington Management Group LLP now owns 427,703 shares of the company's stock worth $287,840,000 after purchasing an additional 418,524 shares in the last quarter. Boston Partners raised its holdings in McKesson by 33.3% during the first quarter. Boston Partners now owns 1,461,785 shares of the company's stock worth $984,927,000 after purchasing an additional 365,484 shares in the last quarter. Finally, Voya Investment Management LLC raised its holdings in McKesson by 92.3% during the first quarter. Voya Investment Management LLC now owns 650,851 shares of the company's stock worth $437,760,000 after purchasing an additional 312,473 shares in the last quarter. 85.07% of the stock is currently owned by institutional investors and hedge funds.

McKesson Stock Performance

Shares of MCK opened at $697.05 on Tuesday. The company 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. The company's 50 day simple moving average is $694.76 and its 200 day simple moving average is $697.18. McKesson Corporation has a 1 year low of $464.42 and a 1 year high of $737.89.

McKesson (NYSE:MCK - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) 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 net margin of 0.84% and a negative return on equity of 196.66%. The business's quarterly revenue was up 23.4% on a year-over-year basis. During the same period in the previous year, the company posted $7.88 EPS. Equities analysts expect that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.82 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a positive change from McKesson's previous quarterly dividend of $0.71. This represents a $3.28 annualized dividend and a dividend yield of 0.5%. McKesson's payout ratio is currently 13.08%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Wells Fargo & Company increased their price target 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. Wall Street Zen cut shares of McKesson from a "buy" rating to a "hold" rating in a report on Saturday. Evercore ISI increased their price target on shares of McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. Morgan Stanley reissued an "overweight" rating and set a $810.00 price target (up from $770.00) on shares of McKesson in a report on Wednesday, July 16th. Finally, Cowen restated a "buy" rating on shares of McKesson in a research report 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 assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $725.10.

Insider Activity at McKesson

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $663.67, for a total transaction of $218,347.43. Following the transaction, the chief accounting officer owned 657 shares of the company's stock, valued at approximately $436,031.19. This represents a 33.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Brian S. Tyler sold 19,371 shares of the company's stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $708.09, for a total transaction of $13,716,411.39. Following the transaction, the chief executive officer directly owned 27,872 shares in the company, valued at $19,735,884.48. The trade was a 41.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,560 shares of company stock worth $30,438,602 in the last three months. Insiders own 0.08% of the company's stock.

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.

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