Generali Asset Management SPA SGR Boosts Stock Position in McKesson Corporation $MCK

Key Points

• Generali Asset Management SPA SGR increased its stake in McKesson Corporation by 45.9% during the second quarter, now holding 13,518 shares valued at approximately $9.9 million.
• Analysts have raised their target prices for McKesson, with Bank of America and Leerink Partners setting new targets of $850, while the stock maintains an average rating of "Moderate Buy".
• McKesson recently increased its quarterly dividend from $0.71 to $0.82 per share, reflecting a positive outlook despite recent insider sales, including CEO Brian S. Tyler's liquidation of nearly 12,000 shares.

Generali Asset Management SPA SGR boosted its position in McKesson Corporation (NYSE:MCK - Free Report) by 45.9% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 13,518 shares of the company's stock after purchasing an additional 4,253 shares during the quarter. Generali Asset Management SPA SGR's holdings in McKesson were worth $9,906,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. GFG Capital LLC acquired a new stake in McKesson in the second quarter valued at approximately $30,000. CBIZ Investment Advisory Services LLC increased its position in shares of McKesson by 1,366.7% during the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company's stock worth $30,000 after purchasing an additional 41 shares in the last quarter. Bank of Jackson Hole Trust lifted its holdings in shares of McKesson by 64.3% during the 1st quarter. Bank of Jackson Hole Trust now owns 46 shares of the company's stock valued at $29,000 after purchasing an additional 18 shares during the last quarter. Saudi Central Bank acquired a new stake in shares of McKesson in the 1st quarter worth $34,000. Finally, Flaharty Asset Management LLC acquired a new stake in shares of McKesson in the 1st quarter worth $39,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on MCK shares. Leerink Partners upped their target price on McKesson from $785.00 to $850.00 and gave the company an "outperform" rating in a research report on Wednesday, September 24th. Mizuho boosted their price target on McKesson from $750.00 to $770.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 24th. Bank of America increased their price objective on shares of McKesson from $800.00 to $850.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. Cowen reiterated a "buy" rating on shares of McKesson in a research note on Wednesday, September 24th. Finally, Evercore ISI boosted their target price on shares of McKesson from $800.00 to $825.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $834.54.

Insider Buying and Selling at McKesson

In other McKesson news, CEO Brian S. Tyler sold 11,930 shares of McKesson stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the completion of the transaction, the chief executive officer owned 4,012 shares in the company, valued at approximately $2,830,987.56. This trade represents a 74.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $663.67, for a total value of $218,347.43. Following the completion of the sale, the chief accounting officer owned 657 shares in the company, valued at $436,031.19. The trade was a 33.37% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,189 shares of company stock worth $16,722,190. 0.08% of the stock is owned by corporate insiders.

McKesson Stock Up 1.6%

McKesson stock opened at $782.07 on Wednesday. The stock has a 50-day moving average price of $710.10 and a 200 day moving average price of $707.89. The company has a market capitalization of $97.27 billion, a price-to-earnings ratio of 31.18, a price-to-earnings-growth ratio of 1.39 and a beta of 0.52. McKesson Corporation has a 52 week low of $492.39 and a 52 week high of $783.89.

McKesson (NYSE:MCK - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $8.33 by ($0.07). McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The business had revenue of $97.83 billion for the quarter, compared to analysts' expectations of $95.93 billion. During the same period in the prior year, the business posted $7.88 earnings per share. The business's quarterly revenue was up 23.4% compared to the same quarter last year. Research analysts anticipate that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were given a dividend of $0.82 per share. This is a boost from McKesson's previous quarterly dividend of $0.71. This represents a $3.28 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Tuesday, September 2nd. McKesson's payout ratio is presently 13.08%.

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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