McKesson Corporation $MCK Shares Bought by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management increased its McKesson stake by 2.6% in the third quarter, adding 2,550 shares to bring its holding to 98,944 shares, valued at about $84.5 million. Institutional investors and hedge funds own 85.07% of the stock.
• McKesson beat quarterly earnings expectations, reporting EPS of $11.68 versus $10.72 and revenue of $110.96 billion, up 7.5% year over year.
• Analysts give McKesson a consensus “Moderate Buy” rating and average price target of $1,026.18; the company also declared a $0.94 quarterly dividend, equivalent to a 0.4% yield.

Pictet Asset Management Holding SA grew its stake in McKesson Corporation (NYSE:MCK - Free Report) by 2.6% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 98,944 shares of the company's stock after buying an additional 2,550 shares during the quarter. Pictet Asset Management Holding SA owned 0.08% of McKesson worth $84,497,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. BlackRock Inc. purchased a new stake in shares of McKesson during the second quarter worth approximately $8,156,743,000. Bank of America Corp DE acquired a new stake in McKesson in the second quarter valued at approximately $998,896,000. Legal & General Group Plc purchased a new position in McKesson in the second quarter worth approximately $656,566,000. The Manufacturers Life Insurance Company purchased a new position in McKesson in the second quarter worth approximately $651,462,000. Finally, Bank of New York Mellon Corp purchased a new position in McKesson in the second quarter worth approximately $599,060,000. 85.07% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MCK. UBS Group increased their price objective on shares of McKesson from $1,200.00 to $1,250.00 and gave the company a "buy" rating in a research report on Thursday, November 5th. Royal Bank Of Canada raised their price objective on shares of McKesson from $845.00 to $965.00 and gave the company a "sector perform" rating in a report on Thursday, November 5th. Morgan Stanley set a $977.00 price objective on shares of McKesson in a research report on Tuesday, October 6th. Robert W. Baird set a $1,015.00 target price on shares of McKesson in a research note on Thursday, August 6th. Finally, Argus increased their target price on McKesson from $850.00 to $970.00 and gave the company a "buy" rating in a report on Thursday, September 3rd. Fifteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $1,026.18.

McKesson Stock Performance

Shares of NYSE MCK opened at $1,059.43 on Tuesday. The stock's 50-day simple moving average is $941.40 and its 200-day simple moving average is $869.30. The firm has a market capitalization of $123.52 billion, a PE ratio of 27.24, a price-to-earnings-growth ratio of 2.13 and a beta of 0.27. McKesson Corporation has a fifty-two week low of $723.68 and a fifty-two week high of $1,121.50.

McKesson (NYSE:MCK - Get Free Report) last announced its quarterly earnings results on Wednesday, November 4th. The company reported $11.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $10.72 by $0.96. The firm had revenue of $110.96 billion during the quarter, compared to the consensus estimate of $109.90 billion. McKesson had a negative return on equity of 235.48% and a net margin of 1.12%. The firm's quarterly revenue was up 7.5% compared to the same quarter last year. During the same period in the prior year, the company posted $9.86 earnings per share. On average, sell-side analysts forecast that McKesson Corporation will post 46.21 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, January 4th. Stockholders of record on Tuesday, December 1st will be issued a $0.94 dividend. The ex-dividend date is Tuesday, December 1st. This represents a $3.76 annualized dividend and a dividend yield of 0.4%. McKesson's dividend payout ratio is presently 9.67%.

Insider Buying and Selling at McKesson

In related news, CAO Napoleon B. Rutledge, Jr. sold 111 shares of the business's stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $891.45, for a total value of $98,950.95. Following the completion of the sale, the chief accounting officer directly owned 521 shares of the company's stock, valued at $464,445.45. The trade was a 17.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Francisco Fraga sold 800 shares of the company's stock in a transaction on Thursday, October 15th. The shares were sold at an average price of $995.80, for a total transaction of $796,640.00. Following the completion of the transaction, the executive vice president owned 5,423 shares of the company's stock, valued at $5,400,223.40. This represents a 12.86% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 2,161 shares of company stock valued at $2,242,515. Company insiders own 0.06% of the company's stock.

McKesson Company Profile

McKesson Corporation is a healthcare services and information technology company that distributes pharmaceuticals and other medical products. Its customers include pharmacies, hospitals, health systems, clinics and other healthcare providers.

The company also provides medical-surgical supplies and technology and services that support pharmacy operations, prescription management and care delivery. Its offerings include specialized support for oncology and other areas of care.

Founded in 1833, McKesson serves customers primarily in the United States and Canada.

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