McKesson Corporation $MCK Shares Acquired by Whittier Trust Co. of Nevada Inc.

Key Points

• Whittier Trust Co. of Nevada Inc. significantly increased its stake in McKesson Corporation by 73.3%, owning 19,626 shares valued at approximately $14.4 million after acquiring an additional 8,301 shares in the second quarter.
• McKesson reported $8.26 earnings per share for the last quarter, missing analysts' estimates, although it achieved revenue of $97.83 billion, exceeding expectations.
• The company has recently increased its quarterly dividend from $0.71 to $0.82 per share, indicating a positive change with a current yield of 0.4%.

Whittier Trust Co. of Nevada Inc. raised its stake in shares of McKesson Corporation (NYSE:MCK - Free Report) by 73.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,626 shares of the company's stock after purchasing an additional 8,301 shares during the quarter. Whittier Trust Co. of Nevada Inc.'s holdings in McKesson were worth $14,381,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of MCK. Nuveen LLC acquired a new position in McKesson during the 1st quarter valued at approximately $475,235,000. Wellington Management Group LLP increased its stake in McKesson by 4,559.6% during the 1st quarter. Wellington Management Group LLP now owns 427,703 shares of the company's stock valued at $287,840,000 after purchasing an additional 418,524 shares in the last quarter. Boston Partners boosted its holdings in shares of McKesson by 33.3% in the 1st quarter. Boston Partners now owns 1,461,785 shares of the company's stock valued at $984,927,000 after acquiring an additional 365,484 shares during the last quarter. Voya Investment Management LLC boosted its holdings in shares of McKesson by 92.3% in the 1st quarter. Voya Investment Management LLC now owns 650,851 shares of the company's stock valued at $437,760,000 after acquiring an additional 312,473 shares during the last quarter. Finally, 1832 Asset Management L.P. purchased a new stake in shares of McKesson in the 1st quarter valued at $140,742,000. Institutional investors and hedge funds own 85.07% of the company's stock.

McKesson Stock Performance

Shares of NYSE MCK opened at $788.38 on Tuesday. The company's fifty day moving average price is $718.77 and its 200 day moving average price is $710.76. McKesson Corporation has a 1 year low of $492.39 and a 1 year high of $793.97. The company has a market capitalization of $98.06 billion, a PE ratio of 31.43, a price-to-earnings-growth ratio of 1.42 and a beta of 0.52.

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 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 firm had revenue of $97.83 billion for the quarter, compared to analysts' expectations of $95.93 billion. During the same period last year, the company posted $7.88 earnings per share. The business's quarterly revenue was up 23.4% on a year-over-year basis. On average, equities analysts expect that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd were issued a dividend of $0.82 per share. The ex-dividend date of this dividend was 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 yield of 0.4%. McKesson's payout ratio is 13.08%.

Wall Street Analyst Weigh In

Several analysts have recently commented on MCK shares. Citigroup upped their price objective on shares of McKesson from $820.00 to $860.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. JPMorgan Chase & Co. upped their price objective on shares of McKesson from $821.00 to $853.00 and gave the company an "overweight" rating in a report on Friday, September 26th. Morgan Stanley upped their price objective on shares of McKesson from $810.00 to $857.00 and gave the company an "overweight" rating in a report on Wednesday, September 24th. TD Cowen upped their price objective on shares of McKesson from $830.00 to $864.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. Finally, Cowen reaffirmed a "buy" rating on shares of McKesson in a report on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $834.54.

Insider Buying and Selling at McKesson

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

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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