National Bank of Canada FI Has $119.38 Million Holdings in McKesson Corporation (NYSE:MCK)

Key Points

• National Bank of Canada FI increased its stake in McKesson Corporation by 129.8%, owning 177,384 shares worth approximately $119.4 million after acquiring an additional 100,204 shares in the first quarter.
• McKesson recently declared an increase in its quarterly dividend to $0.82, up from the previous $0.71, indicating confidence in its financial health.
• Multiple analysts have raised their price targets for McKesson, with Evercore ISI and Bank of America setting targets at $800, reflecting an optimistic outlook for the stock.

National Bank of Canada FI grew its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 129.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 177,384 shares of the company's stock after buying an additional 100,204 shares during the period. National Bank of Canada FI owned about 0.14% of McKesson worth $119,381,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Oppenheimer Asset Management Inc. lifted its holdings in shares of McKesson by 54.0% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 4,541 shares of the company's stock worth $3,056,000 after purchasing an additional 1,592 shares during the last quarter. Dynamic Advisor Solutions LLC increased its position in McKesson by 16.6% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 778 shares of the company's stock valued at $524,000 after acquiring an additional 111 shares during the period. Cambridge Investment Research Advisors Inc. increased its position in McKesson by 18.9% in the 1st 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 during the period. Wealth Enhancement Advisory Services LLC increased its position in McKesson by 4.3% in the 1st 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 during the period. Finally, LPL Financial LLC increased its position in McKesson by 12.8% in the 1st 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 during the period. Institutional investors own 85.07% of the company's stock.

McKesson Price Performance

Shares of MCK traded up $5.16 during trading hours on Monday, hitting $673.74. 830,616 shares of the company were exchanged, compared to its average volume of 778,486. The company has a market capitalization of $83.80 billion, a PE ratio of 26.86, a PEG ratio of 1.32 and a beta of 0.50. The firm has a fifty day simple moving average of $714.12 and a 200-day simple moving average of $680.33. McKesson Corporation has a one year low of $464.42 and a one year high of $737.89.

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

McKesson Increases Dividend

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

Insiders Place Their Bets

In related news, CFO Britt J. Vitalone sold 1,878 shares of the business'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 transaction, the chief financial officer directly owned 14,028 shares of the company's stock, valued at approximately $10,070,841.48. The trade was a 11.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Thomas L. Rodgers sold 2,891 shares of the business's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $712.18, for a total transaction of $2,058,912.38. Following the transaction, the executive vice president owned 2,544 shares in the company, valued at approximately $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 have sold a total of 52,817 shares of company stock valued at $37,461,210 over the last quarter. 0.08% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms recently commented on MCK. Wall Street Zen cut McKesson from a "strong-buy" rating to a "buy" rating in a research report on Sunday, July 13th. Morgan Stanley restated an "overweight" rating and issued a $810.00 target price (up from $770.00) on shares of McKesson in a research report on Wednesday, July 16th. Wells Fargo & Company set a $766.00 target price on McKesson and gave the company an "equal weight" rating in a research report on Tuesday, June 3rd. Evercore ISI raised their target price on McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a research report on Wednesday, July 9th. Finally, UBS Group raised their target price on McKesson from $708.00 to $805.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Three investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $718.73.

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.