Korea Investment CORP Boosts Position in McKesson Corporation $MCK

Key Points

• Korea Investment CORP increased its holdings in McKesson Corporation by 2.5%, now owning approximately 115,296 shares valued at $77.6 million.
• McKesson's quarterly earnings showed an EPS of $8.26, slightly missing the analysts' expectation of $8.33, but revenue rose 23.4% year-over-year to $97.83 billion.
• The company is set to increase its quarterly dividend to $0.82, up from $0.71, reflecting a commitment to returning value to shareholders.

Korea Investment CORP raised its holdings in shares of McKesson Corporation (NYSE:MCK - Free Report) by 2.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 115,296 shares of the company's stock after buying an additional 2,853 shares during the period. Korea Investment CORP owned about 0.09% of McKesson worth $77,593,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Oppenheimer Asset Management Inc. boosted its position in shares of McKesson by 54.0% during the first quarter. Oppenheimer Asset Management Inc. now owns 4,541 shares of the company's stock valued at $3,056,000 after buying an additional 1,592 shares during the period. Dynamic Advisor Solutions LLC raised its stake in shares of McKesson by 16.6% during the first quarter. Dynamic Advisor Solutions LLC now owns 778 shares of the company's stock valued at $524,000 after acquiring an additional 111 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in shares of McKesson by 18.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 23,033 shares of the company's stock valued at $15,501,000 after acquiring an additional 3,659 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of McKesson by 4.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 183,258 shares of the company's stock valued at $123,332,000 after acquiring an additional 7,556 shares in the last quarter. Finally, LPL Financial LLC raised its stake in shares of McKesson by 12.8% during the first quarter. LPL Financial LLC now owns 155,946 shares of the company's stock valued at $104,950,000 after acquiring an additional 17,750 shares in the last quarter. Hedge funds and other institutional investors own 85.07% of the company's stock.

Insider Buying and Selling

In other McKesson news, CFO Britt J. Vitalone sold 1,878 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $717.91, for a total transaction of $1,348,234.98. Following the completion of the transaction, the chief financial officer directly owned 14,028 shares of the company's stock, valued at approximately $10,070,841.48. This trade represents a 11.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Thomas L. Rodgers sold 2,891 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $712.18, for a total transaction of $2,058,912.38. Following the transaction, the executive vice president directly owned 2,544 shares of the company's stock, valued at $1,811,785.92. This represents a 53.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 56,620 shares of company stock worth $39,712,388 over the last ninety days. Company insiders own 0.08% of the company's stock.

McKesson Stock Performance

MCK stock traded down $18.2950 during trading on Friday, reaching $687.7050. The company had a trading volume of 1,217,204 shares, compared to its average volume of 891,581. The firm has a 50-day simple moving average of $707.48 and a 200-day simple moving average of $684.02. The company has a market cap of $85.54 billion, a price-to-earnings ratio of 27.42, a price-to-earnings-growth ratio of 1.40 and a beta of 0.50. McKesson Corporation has a twelve month low of $464.42 and a twelve month high of $737.89.

McKesson (NYSE:MCK - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $8.26 EPS for the quarter, missing analysts' consensus estimates of $8.33 by ($0.07). The company had revenue of $97.83 billion during the quarter, compared to analyst estimates of $95.93 billion. McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The firm's revenue for the quarter was up 23.4% on a year-over-year basis. During the same quarter last year, the business earned $7.88 earnings per share. Sell-side analysts expect that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be paid a $0.82 dividend. This is a boost from McKesson's previous quarterly dividend of $0.71. The ex-dividend date is Tuesday, September 2nd. This represents a $3.28 dividend on an annualized basis and a yield of 0.5%. McKesson's dividend payout ratio (DPR) is 11.32%.

Analysts Set New Price Targets

MCK has been the subject of several research analyst reports. Wells Fargo & Company lifted their price target 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. Wall Street Zen downgraded shares of McKesson from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 13th. UBS Group increased their target price on shares of McKesson from $708.00 to $805.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Bank of America boosted their price target on shares of McKesson from $755.00 to $800.00 and gave the company a "buy" rating in a report on Friday, May 9th. Finally, Evercore ISI increased 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 analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, McKesson currently has a consensus rating of "Moderate Buy" and an average price target of $725.10.

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.