McKesson Corporation (NYSE:MCK) Shares Purchased by Fjarde AP Fonden Fourth Swedish National Pension Fund

Key Points

• Fjarde AP Fonden Fourth Swedish National Pension Fund has increased its stake in McKesson Corporation by 25.4%, owning 50,853 shares valued at $34.2 million as of the latest SEC filing.
• McKesson's quarterly earnings report showed EPS of $8.26, which missed the analyst estimate of $8.33, despite revenue exceeding expectations at $97.83 billion.
• The company recently announced a dividend increase to $0.82 per share from $0.71, with the payment scheduled for October 1st, reflecting a yield of 0.5%.

Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in McKesson Corporation (NYSE:MCK - Free Report) by 25.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 50,853 shares of the company's stock after purchasing an additional 10,300 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in McKesson were worth $34,224,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its stake in shares of McKesson by 46.3% during the 4th quarter. Brighton Jones LLC now owns 2,523 shares of the company's stock valued at $1,438,000 after acquiring an additional 798 shares during the last quarter. Mariner LLC increased its position in McKesson by 3.8% during the 4th quarter. Mariner LLC now owns 76,579 shares of the company's stock worth $43,644,000 after purchasing an additional 2,802 shares in the last quarter. Belpointe Asset Management LLC increased its position in McKesson by 6.3% during the 4th quarter. Belpointe Asset Management LLC now owns 1,685 shares of the company's stock worth $945,000 after purchasing an additional 100 shares in the last quarter. Ontario Teachers Pension Plan Board acquired a new stake in McKesson during the 4th quarter worth approximately $641,000. Finally, Jump Financial LLC increased its position in McKesson by 48.5% during the 4th quarter. Jump Financial LLC now owns 2,727 shares of the company's stock worth $1,554,000 after purchasing an additional 891 shares in the last quarter. Institutional investors and hedge funds own 85.07% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. 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 research report on Tuesday, April 29th. Wall Street Zen downgraded shares of McKesson from a "strong-buy" rating to a "buy" rating in a research report on Sunday, July 13th. Cowen reissued a "buy" rating on shares of McKesson in a research report on Thursday, August 7th. Evercore ISI increased their target price on shares of McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. Finally, Bank of America increased their target price on shares of McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Three analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $719.27.

McKesson Trading Up 0.6%

MCK stock opened at $662.79 on Thursday. The firm has a market cap of $82.44 billion, a P/E ratio of 26.43, a P/E/G ratio of 1.31 and a beta of 0.50. McKesson Corporation has a 12-month low of $464.42 and a 12-month high of $737.89. The stock's 50 day simple moving average is $711.09 and its 200 day simple moving average is $680.62.

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 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 business's revenue was up 23.4% on a year-over-year basis. During the same period in the prior year, the company posted $7.88 earnings per share. On average, research analysts forecast that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

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

Insider Transactions at McKesson

In other news, EVP Leann B. Smith sold 341 shares of the firm's stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $717.91, for a total transaction of $244,807.31. Following the transaction, the executive vice president directly owned 2,800 shares of the company's stock, valued at approximately $2,010,148. This trade represents a 10.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the firm's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $663.67, for a total value of $218,347.43. Following the transaction, the chief accounting officer directly owned 657 shares in the company, valued at $436,031.19. This trade represents a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 52,817 shares of company stock valued at $37,461,210 over the last three months. 0.08% of the stock is currently owned by company insiders.

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.

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.