McKesson Corporation $MCK Position Boosted by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments Co. Ltd. increased its stake in McKesson Corporation by 6.9%, owning 22,532 shares valued at $16.5 million after purchasing additional shares.
• McKesson recently declared a quarterly dividend of $0.82 per share, reflecting an increase from the previous dividend of $0.71, with a dividend yield of 0.4%.
• Analysts have raised their price targets for McKesson, with Wells Fargo increasing it to $816, while Morgan Stanley set a new target at $857, indicating strong investor confidence in the stock.

Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of McKesson Corporation (NYSE:MCK - Free Report) by 6.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,532 shares of the company's stock after purchasing an additional 1,464 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in McKesson were worth $16,511,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Brighton Jones LLC increased its stake in McKesson by 46.3% in the 4th quarter. Brighton Jones LLC now owns 2,523 shares of the company's stock worth $1,438,000 after purchasing an additional 798 shares in the last quarter. Breakwater Capital Group increased its stake in McKesson by 8.3% in the 1st quarter. Breakwater Capital Group now owns 469 shares of the company's stock worth $316,000 after purchasing an additional 36 shares in the last quarter. Vest Financial LLC purchased a new position in McKesson in the 1st quarter worth about $10,384,000. Magnus Financial Group LLC purchased a new position in McKesson in the 1st quarter worth about $217,000. Finally, Procyon Advisors LLC purchased a new position in McKesson in the 1st quarter worth about $1,878,000. Institutional investors own 85.07% of the company's stock.

Insider Activity

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $663.67, for a total transaction of $218,347.43. Following the completion of the sale, the chief accounting officer directly owned 657 shares in the company, valued at $436,031.19. The trade was a 33.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Brian S. Tyler sold 11,930 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $705.63, for a total value of $8,418,165.90. Following the completion of the sale, the chief executive officer owned 4,012 shares of the company's stock, valued at approximately $2,830,987.56. This trade represents a 74.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,560 shares of company stock valued at $30,438,602. 0.08% of the stock is owned by corporate insiders.

McKesson Price Performance

Shares of McKesson stock opened at $738.00 on Friday. The firm has a market cap of $91.79 billion, a price-to-earnings ratio of 29.43, a P/E/G ratio of 1.32 and a beta of 0.52. McKesson Corporation has a 52-week low of $480.39 and a 52-week high of $776.14. The stock has a 50-day simple moving average of $702.60 and a 200-day simple moving average of $703.23.

McKesson (NYSE:MCK - Get Free Report) last announced its quarterly earnings results 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 analyst estimates of $95.93 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The firm's quarterly revenue was up 23.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $7.88 earnings per share. As a group, equities research analysts predict that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd were issued a dividend of $0.82 per share. The ex-dividend date was Tuesday, September 2nd. This represents a $3.28 annualized dividend and a dividend yield of 0.4%. This is a positive change from McKesson's previous quarterly dividend of $0.71. McKesson's dividend payout ratio is presently 13.08%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on MCK shares. Wells Fargo & Company lifted their price target on McKesson from $772.00 to $816.00 and gave the stock an "equal weight" rating in a research note on Wednesday, September 24th. Morgan Stanley lifted their target price on McKesson from $810.00 to $857.00 and gave the company an "overweight" rating in a research note on Wednesday, September 24th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of McKesson in a research note on Saturday, September 27th. Evercore ISI lifted their target price on McKesson from $800.00 to $825.00 and gave the company an "outperform" rating in a research note on Wednesday, September 24th. Finally, JPMorgan Chase & Co. lifted their target price on McKesson from $821.00 to $853.00 and gave the company an "overweight" rating in a research note on Friday, September 26th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $829.08.

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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