Cumberland Partners Ltd Purchases 6,150 Shares of McKesson Corporation (NYSE:MCK)

Key Points

• Cumberland Partners Ltd increased its stake in McKesson Corporation by 77.7%, acquiring an additional 6,150 shares to bring its total holdings to 14,070 shares valued at approximately $9.47 million.
• McKesson recently reported earnings per share of $10.12 for the last quarter, exceeding analysts' expectations, although its revenue fell short, coming in at $90.82 billion.
• The company has announced a quarterly dividend of $0.82 per share, up from the previous dividend of $0.71, representing an annualized yield of 0.5%.

Cumberland Partners Ltd raised its position in McKesson Corporation (NYSE:MCK - Free Report) by 77.7% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 14,070 shares of the company's stock after buying an additional 6,150 shares during the quarter. Cumberland Partners Ltd's holdings in McKesson were worth $9,469,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. grew its stake in shares of McKesson by 8.5% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,847,385 shares of the company's stock worth $1,622,754,000 after purchasing an additional 222,496 shares during the period. GAMMA Investing LLC grew its stake in shares of McKesson by 75,632.7% during the 1st 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 during the period. Northern Trust Corp grew its stake in shares of McKesson by 9.0% during the 4th quarter. Northern Trust Corp now owns 1,532,203 shares of the company's stock worth $873,218,000 after purchasing an additional 126,940 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of McKesson by 9.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,103,050 shares of the company's stock worth $628,639,000 after purchasing an additional 95,806 shares during the period. Finally, AQR Capital Management LLC grew its stake in shares of McKesson by 9.2% during the 4th quarter. AQR Capital Management LLC now owns 922,180 shares of the company's stock worth $525,560,000 after purchasing an additional 77,344 shares during the period. 85.07% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at McKesson

In other news, CEO Brian S. Tyler sold 19,371 shares of the firm'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 completion of the sale, the chief executive officer owned 27,872 shares of the company's stock, valued at approximately $19,735,884.48. This trade represents a 41.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Thomas L. Rodgers sold 2,891 shares of the firm's stock in a transaction on Friday, May 30th. The stock was 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 in the company, valued at $1,811,785.92. This trade represents a 53.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 52,488 shares of company stock valued at $37,242,862. Corporate insiders own 0.08% of the company's stock.

Analysts Set New Price Targets

MCK has been the topic of a number of recent analyst reports. UBS Group upped their price target on shares of McKesson from $708.00 to $805.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Evercore ISI boosted their price objective 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. Wells Fargo & Company set a $766.00 price objective on shares of McKesson and gave the stock an "equal weight" rating in a research report on Tuesday, June 3rd. Morgan Stanley reiterated an "overweight" rating and issued a $810.00 price objective (up from $770.00) on shares of McKesson in a research report on Wednesday, July 16th. Finally, Bank of America boosted their price objective on shares of McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $710.17.

McKesson Price Performance

NYSE:MCK traded up $4.89 on Friday, reaching $698.43. The stock had a trading volume of 960,996 shares, compared to its average volume of 609,203. The company has a market cap of $87.38 billion, a price-to-earnings ratio of 27.04, a P/E/G ratio of 1.41 and a beta of 0.50. The firm's fifty day moving average is $716.58 and its two-hundred day moving average is $676.24. McKesson Corporation has a 12-month low of $464.42 and a 12-month high of $737.89.

McKesson (NYSE:MCK - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $10.12 earnings per share for the quarter, topping the consensus estimate of $9.83 by $0.29. The business had revenue of $90.82 billion for the quarter, compared to analyst estimates of $94 billion. McKesson had a net margin of 0.92% and a negative return on equity of 201.12%. The company's revenue was up 18.9% on a year-over-year basis. During the same period in the prior year, the firm posted $6.18 EPS. As a group, research analysts forecast that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be given a dividend of $0.82 per share. 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 dividend yield of 0.5%. McKesson's dividend payout ratio is 10.99%.

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.