Resona Asset Management Co. Ltd. Purchases 2,399 Shares of McKesson Corporation (NYSE:MCK)

Key Points

• Resona Asset Management Co. Ltd. has increased its stake in McKesson Corporation by 4.6% to own a total of 54,797 shares, valued at approximately $36.8 million.
• Several analysts have adjusted their ratings on McKesson, with Cowen maintaining a "buy" rating and UBS raising the price target to $805.00.
• McKesson has declared a quarterly dividend of $0.82 per share, an increase from the previous dividend of $0.71, representing an annual yield of 0.5%.

Resona Asset Management Co. Ltd. increased its holdings in shares of McKesson Corporation (NYSE:MCK - Free Report) by 4.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 54,797 shares of the company's stock after purchasing an additional 2,399 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in McKesson were worth $36,848,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. CVA Family Office LLC grew its stake in shares of McKesson by 6.0% during the 1st quarter. CVA Family Office LLC now owns 265 shares of the company's stock valued at $178,000 after acquiring an additional 15 shares during the period. Palisade Asset Management LLC grew its stake in shares of McKesson by 2.1% during the 1st quarter. Palisade Asset Management LLC now owns 715 shares of the company's stock valued at $481,000 after acquiring an additional 15 shares during the period. SteelPeak Wealth LLC grew its stake in shares of McKesson by 0.5% during the 1st quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company's stock valued at $1,867,000 after acquiring an additional 15 shares during the period. Parallel Advisors LLC grew its stake in shares of McKesson by 0.6% during the 1st quarter. Parallel Advisors LLC now owns 2,501 shares of the company's stock valued at $1,683,000 after acquiring an additional 16 shares during the period. Finally, Eagle Rock Investment Company LLC grew its stake in shares of McKesson by 0.4% during the 1st quarter. Eagle Rock Investment Company LLC now owns 4,798 shares of the company's stock valued at $3,229,000 after acquiring an additional 17 shares during the period. Institutional investors and hedge funds own 85.07% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on MCK shares. Cowen reiterated a "buy" rating on shares of McKesson in a research note on Thursday, August 7th. Wells Fargo & Company set a $772.00 price objective on McKesson and gave the company an "equal weight" rating in a research note on Wednesday. Wall Street Zen downgraded McKesson from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 13th. UBS Group increased their price objective on shares of McKesson from $708.00 to $805.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Finally, Bank of America increased their price objective on shares of McKesson from $755.00 to $800.00 and gave the company a "buy" rating in a report on Friday, May 9th. Three equities research 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's stock. According to MarketBeat, McKesson presently has a consensus rating of "Moderate Buy" and a consensus target price of $719.27.

Insider Activity at McKesson

In related news, EVP Thomas L. Rodgers sold 2,891 shares of the stock in a transaction 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 sale, 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Leann B. Smith sold 341 shares of McKesson stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $717.91, for a total value of $244,807.31. Following the sale, the executive vice president 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 disclosure for this sale can be found here. Insiders have sold a total of 52,817 shares of company stock worth $37,461,210 in the last ninety days. Corporate insiders own 0.08% of the company's stock.

McKesson Price Performance

Shares of NYSE MCK traded down $0.96 during midday trading on Friday, reaching $672.86. 630,702 shares of the stock traded hands, compared to its average volume of 894,094. The stock has a market capitalization of $83.69 billion, a PE ratio of 26.83, a P/E/G ratio of 1.32 and a beta of 0.50. McKesson Corporation has a one year low of $464.42 and a one year high of $737.89. The company's 50 day moving average is $710.37 and its 200 day moving average is $681.11.

McKesson (NYSE:MCK - Get Free Report) last released 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 analysts' expectations of $95.93 billion. During the same quarter in the previous year, the company posted $7.88 EPS. The business's quarterly revenue was up 23.4% on a year-over-year basis. As a group, equities analysts forecast that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

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

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.