Kinsale Capital Group Inc. Has $9.31 Million Stock Position in McKesson Corporation (NYSE:MCK)

Key Points

• Kinsale Capital Group Inc. increased its holdings in McKesson Corporation by 14.6%, owning a total of 13,838 shares valued at approximately $9.3 million.
• McKesson reported earnings of $10.12 per share, surpassing analysts' expectations, alongside a revenue increase of 18.9% year-over-year.
• The company declared a quarterly dividend of $0.71 per share, implying an annualized dividend yield of 0.40%.

Kinsale Capital Group Inc. raised its holdings in shares of McKesson Corporation (NYSE:MCK - Free Report) by 14.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 13,838 shares of the company's stock after buying an additional 1,762 shares during the period. McKesson comprises approximately 2.3% of Kinsale Capital Group Inc.'s investment portfolio, making the stock its 13th biggest position. Kinsale Capital Group Inc.'s holdings in McKesson were worth $9,313,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. CBIZ Investment Advisory Services LLC grew its stake 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 purchasing an additional 41 shares in the last quarter. Capital A Wealth Management LLC acquired a new position in shares of McKesson during the 4th quarter worth $26,000. Cornerstone Planning Group LLC lifted its stake in shares of McKesson by 1,840.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 97 shares of the company's stock valued at $67,000 after purchasing an additional 92 shares during the last quarter. Johnson Financial Group Inc. acquired a new position in McKesson during the fourth quarter worth $76,000. Finally, Itau Unibanco Holding S.A. lifted its position in shares of McKesson by 350.0% in the fourth quarter. Itau Unibanco Holding S.A. now owns 144 shares of the company's stock worth $82,000 after buying an additional 112 shares during the last quarter. 85.07% of the stock is currently owned by institutional investors.

McKesson Price Performance

Shares of McKesson stock traded down $15.28 during trading on Thursday, hitting $699.64. 601,129 shares of the company were exchanged, compared to its average volume of 874,688. The firm's fifty day moving average price is $717.25 and its 200 day moving average price is $674.13. The firm has a market capitalization of $87.53 billion, a P/E ratio of 27.04, a price-to-earnings-growth ratio of 1.44 and a beta of 0.48. McKesson Corporation has a 1-year low of $464.42 and a 1-year high of $737.89.

McKesson (NYSE:MCK - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $10.12 earnings per share for the quarter, topping analysts' consensus estimates of $9.83 by $0.29. McKesson had a net margin of 0.92% and a negative return on equity of 201.12%. The company had revenue of $90.82 billion for the quarter, compared to analysts' expectations of $94 billion. During the same period last year, the firm posted $6.18 earnings per share. The business's quarterly revenue was up 18.9% compared to the same quarter last year. As a group, equities research analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

The business 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. This is a boost from McKesson's previous quarterly dividend of $0.71. This represents a $3.28 annualized dividend and a yield of 0.47%. McKesson's payout ratio is currently 10.99%.

Insider Activity

In other news, EVP Thomas L. Rodgers sold 2,891 shares of the company's stock in a transaction dated 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 completion of 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Britt J. Vitalone sold 6,336 shares of McKesson stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $717.30, for a total value of $4,544,812.80. Following the completion of the sale, the chief financial officer directly owned 14,760 shares in the company, valued at approximately $10,587,348. This represents a 30.03% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,488 shares of company stock worth $37,242,862. 0.08% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on MCK shares. Bank of America boosted their price objective on shares of McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Evercore ISI raised their target price on McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Mizuho raised their price objective on shares of McKesson from $630.00 to $690.00 and gave the stock a "neutral" rating in a research note on Thursday, April 3rd. UBS Group raised their price target 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. Finally, Wells Fargo & Company set a $766.00 price objective on shares of McKesson and gave the company an "equal weight" rating in a research report on Tuesday, June 3rd. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $710.17.

About McKesson

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.