McKesson Corporation $MCK Shares Purchased by Czech National Bank

Key Points

• The Czech National Bank increased its stake in McKesson Corporation by 6.2%, now owning 30,581 shares worth approximately $22.4 million.
• McKesson recently raised its quarterly dividend to $0.82, reflecting a boost from the previous $0.71, which indicates a 0.5% yield.
• The company reported adjusted earnings of $8.26 per share for the last quarter, missing estimates, but achieved revenue of $97.83 billion, which was above consensus projections.

Czech National Bank boosted its stake in McKesson Corporation (NYSE:MCK - Free Report) by 6.2% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 30,581 shares of the company's stock after purchasing an additional 1,796 shares during the period. Czech National Bank's holdings in McKesson were worth $22,409,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Capital A Wealth Management LLC purchased a new stake in shares of McKesson during the 4th quarter worth $26,000. Bank of Jackson Hole Trust lifted its position in McKesson by 64.3% in the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company's stock valued at $29,000 after acquiring an additional 18 shares during the last quarter. CBIZ Investment Advisory Services LLC lifted its position in McKesson by 1,366.7% in the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company's stock valued at $30,000 after acquiring an additional 41 shares during the last quarter. Saudi Central Bank acquired a new position in McKesson in the first quarter valued at $34,000. Finally, Flaharty Asset Management LLC acquired a new position in McKesson in the first quarter valued at $39,000. Hedge funds and other institutional investors own 85.07% of the company's stock.

Analyst Ratings Changes

MCK has been the topic of a number of recent analyst reports. Cowen reiterated a "buy" rating on shares of McKesson in a research note on Thursday, August 7th. Morgan Stanley reaffirmed an "overweight" rating and issued a $810.00 price target (up previously from $770.00) on shares of McKesson in a report on Wednesday, July 16th. Wall Street Zen downgraded shares of McKesson from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 13th. Wells Fargo & Company upped their price objective on shares of McKesson from $766.00 to $772.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 13th. Finally, Evercore ISI upped their price objective on shares of McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $725.10.

Insider Activity

In related news, CEO Brian S. Tyler sold 11,930 shares of McKesson stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $705.63, for a total value of $8,418,165.90. Following the sale, the chief executive officer directly owned 4,012 shares in the company, valued at $2,830,987.56. This trade represents a 74.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction dated Friday, August 8th. The shares were 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 owned 657 shares in the company, valued at approximately $436,031.19. This represents a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 43,560 shares of company stock worth $30,438,602. 0.08% of the stock is currently owned by insiders.

McKesson Stock Performance

McKesson stock opened at $692.58 on Wednesday. The firm's 50-day moving average is $696.53 and its 200-day moving average is $695.39. McKesson Corporation has a 1 year low of $464.42 and a 1 year high of $737.89. The company has a market cap of $86.14 billion, a P/E ratio of 27.61, a PEG ratio of 1.40 and a beta of 0.51.

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 during the quarter, compared to the consensus estimate of $95.93 billion. During the same quarter in the previous year, the business posted $7.88 earnings per share. The company's quarterly revenue was up 23.4% compared to the same quarter last year. As a group, sell-side analysts predict that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be given a $0.82 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $3.28 annualized dividend and a yield of 0.5%. This is a boost from McKesson's previous quarterly dividend of $0.71. McKesson's payout ratio is 13.08%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.