National Pension Service Grows Stock Holdings in McKesson Corporation (NYSE:MCK)

Key Points

• The National Pension Service increased its stake in McKesson Corporation by 3.4% during the first quarter, owning approximately 0.26% of the company valued at $217.5 million.
• Several analysts have raised their target prices for McKesson, with UBS Group increasing it from $708 to $805 and Bank of America from $755 to $800, both maintaining a "buy" rating.
• McKesson has declared a quarterly dividend increase to $0.82 per share from $0.71, which will be paid on October 1st, reflecting a 0.5% dividend yield.

National Pension Service lifted its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 3.4% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 323,201 shares of the company's stock after buying an additional 10,699 shares during the quarter. National Pension Service owned approximately 0.26% of McKesson worth $217,511,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of MCK. Capital A Wealth Management LLC bought a new position in shares of McKesson during the fourth quarter worth $26,000. Bank of Jackson Hole Trust boosted its position in shares of McKesson by 64.3% during the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company's stock worth $29,000 after acquiring an additional 18 shares during the last quarter. CBIZ Investment Advisory Services LLC boosted its position in shares of McKesson by 1,366.7% during the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company's stock worth $30,000 after acquiring an additional 41 shares during the last quarter. Pandora Wealth Inc. purchased a new position in shares of McKesson in the first quarter valued at $40,000. Finally, Dagco Inc. purchased a new position in shares of McKesson in the first quarter valued at $47,000. Hedge funds and other institutional investors own 85.07% of the company's stock.

Insider Activity

In other news, EVP Thomas L. Rodgers sold 2,891 shares of McKesson stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 2,544 shares of the company's stock, valued at approximately $1,811,785.92. The trade was a 53.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Leann B. Smith sold 341 shares of the company's stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 2,800 shares of the company's stock, valued at $2,010,148. The trade was a 10.86% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 52,817 shares of company stock valued at $37,461,210. Insiders own 0.08% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on MCK shares. UBS Group raised their target price on shares of McKesson from $708.00 to $805.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Bank of America raised their target price on shares of McKesson from $755.00 to $800.00 and gave the company a "buy" rating in a report on Friday, May 9th. Wells Fargo & Company raised their target price on shares of McKesson from $766.00 to $772.00 and gave the company an "equal weight" rating in a report on Wednesday. Cowen reissued a "buy" rating on shares of McKesson in a report on Thursday, August 7th. Finally, Morgan Stanley reissued an "overweight" rating and issued a $810.00 target price (up from $770.00) on shares of McKesson in a report on Wednesday, July 16th. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $719.27.

McKesson Stock Performance

Shares of NYSE MCK opened at $662.79 on Thursday. The business's 50 day moving average price is $711.09 and its 200-day moving average price is $680.62. McKesson Corporation has a fifty-two week low of $464.42 and a fifty-two week high of $737.89. The company has a market cap of $82.44 billion, a price-to-earnings ratio of 26.43, a PEG ratio of 1.31 and a beta of 0.50.

McKesson (NYSE:MCK - Get Free Report) last posted its quarterly earnings results 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). McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The company had revenue of $97.83 billion for the quarter, compared to the consensus estimate of $95.93 billion. During the same period in the prior year, the firm posted $7.88 EPS. The business's revenue was up 23.4% on a year-over-year basis. Sell-side analysts predict that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

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

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.

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