Tema Etfs LLC Purchases New Position in McKesson Corporation $MCK

Key Points

• Tema Etfs LLC made a new investment of approximately $1.06 million in McKesson Corporation, purchasing 1,574 shares during the first quarter.
• A majority of McKesson's stock, about 85.07%, is owned by institutional investors, with several hedge funds increasing their stakes in the company recently.
• McKesson announced an increase in its dividend to $0.82 per share from the previous $0.71, with the next payout scheduled for October 1st, enhancing its annualized dividend yield to 0.5%.

Tema Etfs LLC acquired a new stake in McKesson Corporation (NYSE:MCK - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 1,574 shares of the company's stock, valued at approximately $1,059,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MCK. GAMMA Investing LLC lifted its holdings in McKesson by 75,632.7% in the 1st quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company's stock valued at $1,610,567,000 after purchasing an additional 2,389,992 shares in the last quarter. Nuveen LLC purchased a new position in shares of McKesson during the 1st quarter worth $475,235,000. Farallon Capital Management LLC purchased a new position in shares of McKesson during the 4th quarter worth $348,044,000. Wellington Management Group LLP raised its holdings in shares of McKesson by 4,559.6% during the 1st quarter. Wellington Management Group LLP now owns 427,703 shares of the company's stock worth $287,840,000 after acquiring an additional 418,524 shares during the period. Finally, Boston Partners raised its holdings in shares of McKesson by 33.3% during the 1st quarter. Boston Partners now owns 1,461,785 shares of the company's stock worth $984,927,000 after acquiring an additional 365,484 shares during the period. Hedge funds and other institutional investors own 85.07% of the company's stock.

Insider Transactions at McKesson

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $663.67, for a total transaction of $218,347.43. Following the completion of the transaction, the chief accounting officer directly owned 657 shares of the company's stock, valued at approximately $436,031.19. The trade was a 33.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Brian S. Tyler sold 19,371 shares of the business's stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $708.09, for a total value of $13,716,411.39. Following the transaction, the chief executive officer directly owned 27,872 shares of the company's stock, valued at approximately $19,735,884.48. This represents a 41.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 62,930 shares of company stock valued at $44,112,466. Corporate insiders own 0.08% of the company's stock.

Wall Street Analyst Weigh In

MCK has been the topic of several analyst reports. Evercore ISI lifted their price target on McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. Morgan Stanley reiterated an "overweight" rating and set a $810.00 price target (up previously from $770.00) on shares of McKesson in a report on Wednesday, July 16th. Wells Fargo & Company boosted their price objective on shares of McKesson from $766.00 to $772.00 and gave the company an "equal weight" rating in a report on Wednesday, August 13th. Bank of America boosted 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. Finally, Cowen restated a "buy" rating on shares of McKesson in a report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $725.10.

McKesson Stock Up 0.8%

NYSE MCK traded up $5.42 during trading on Monday, hitting $686.44. The stock had a trading volume of 880,317 shares, compared to its average volume of 980,199. The company has a market capitalization of $85.38 billion, a PE ratio of 27.37, a PEG ratio of 1.37 and a beta of 0.51. The firm has a 50 day moving average price of $702.44 and a 200 day moving average price of $688.57. McKesson Corporation has a twelve month low of $464.42 and a twelve month high of $737.89.

McKesson (NYSE:MCK - Get Free Report) last released its 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). The firm had revenue of $97.83 billion during 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% compared to the same quarter last year. During the same period in the prior year, the firm earned $7.88 earnings per share. On average, sell-side 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. Stockholders of record on Tuesday, September 2nd will be given 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 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 2nd. McKesson's dividend payout ratio is presently 13.08%.

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.