The Manufacturers Life Insurance Company Increases Stock Position in McKesson Corporation $MCK

Key Points

• The Manufacturers Life Insurance Company increased its stake in McKesson Corporation by 0.3%, now owning 626,284 shares valued at approximately $421,481,000.
• McKesson has declared a quarterly dividend of $0.82 per share, which is an increase from the previous dividend of $0.71, indicating a focus on rewarding shareholders.
• Despite reporting a miss on EPS estimates with $8.26 against a consensus of $8.33, McKesson's revenue rose significantly by 23.4% year-over-year to $97.83 billion.

The Manufacturers Life Insurance Company increased its position in McKesson Corporation (NYSE:MCK - Free Report) by 0.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 626,284 shares of the company's stock after purchasing an additional 2,039 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.50% of McKesson worth $421,481,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Capital A Wealth Management LLC bought a new position in shares of McKesson during the fourth quarter valued at $26,000. Bank of Jackson Hole Trust increased its position in McKesson by 64.3% in the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company's stock worth $29,000 after purchasing an additional 18 shares during the period. CBIZ Investment Advisory Services LLC increased its position in McKesson by 1,366.7% in the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company's stock worth $30,000 after purchasing an additional 41 shares during the period. Pandora Wealth Inc. acquired a new position in shares of McKesson during the 1st quarter worth about $40,000. Finally, Dagco Inc. acquired a new stake in shares of McKesson in the 1st quarter valued at approximately $47,000. 85.07% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CEO Brian S. Tyler sold 19,371 shares of the business's stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $708.09, for a total transaction of $13,716,411.39. Following the completion of the sale, the chief executive officer owned 27,872 shares in the company, valued at $19,735,884.48. The trade was a 41.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $663.67, for a total value of $218,347.43. Following the sale, the chief accounting officer owned 657 shares of the company's stock, valued at $436,031.19. This trade represents a 33.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 62,930 shares of company stock worth $44,112,466 over the last 90 days. Company insiders own 0.08% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Wells Fargo & Company boosted their price objective on McKesson from $766.00 to $772.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 13th. Morgan Stanley reiterated an "overweight" rating and issued a $810.00 price objective (up from $770.00) on shares of McKesson in a research report on Wednesday, July 16th. Wall Street Zen cut McKesson from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 13th. Evercore ISI boosted their target price on McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Finally, Bank of America boosted their target price on McKesson from $755.00 to $800.00 and gave the company a "buy" rating in a research note on Friday, May 9th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $725.10.

McKesson Stock Up 0.8%

Shares of MCK traded up $5.50 during midday trading on Tuesday, reaching $691.32. 785,695 shares of the stock were exchanged, compared to its average volume of 891,130. McKesson Corporation has a twelve month low of $464.42 and a twelve month high of $737.89. The stock's 50 day simple moving average is $701.72 and its 200 day simple moving average is $689.22. The company has a market cap of $85.99 billion, a P/E ratio of 27.56, a PEG ratio of 1.37 and a beta of 0.51.

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

McKesson Increases Dividend

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

McKesson Company 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.