26,944 Shares in McKesson Corporation $MCK Acquired by Tri Locum Partners LP

Key Points

• Tri Locum Partners LP acquired a new stake in McKesson Corporation, buying 26,944 shares valued at approximately $18.1 million, making McKesson the second largest position in their portfolio.
• McKesson recently announced a dividend increase to $0.82 per share, representing a yield of 0.5%, and will be paid on October 1st to stockholders of record on September 2nd.
• Research analysts have a Moderate Buy rating on McKesson, with an average target price of $725.10, following several recent adjustments to their price targets and ratings.

Tri Locum Partners LP bought a new stake in shares of McKesson Corporation (NYSE:MCK - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 26,944 shares of the company's stock, valued at approximately $18,133,000. McKesson makes up about 9.3% of Tri Locum Partners LP's portfolio, making the stock its 2nd largest position.

A number of other hedge funds have also bought and sold shares of the company. CVA Family Office LLC grew its stake in McKesson by 6.0% in the first quarter. CVA Family Office LLC now owns 265 shares of the company's stock worth $178,000 after purchasing an additional 15 shares in the last quarter. Palisade Asset Management LLC grew its stake in McKesson by 2.1% in the first quarter. Palisade Asset Management LLC now owns 715 shares of the company's stock worth $481,000 after purchasing an additional 15 shares in the last quarter. SteelPeak Wealth LLC grew its stake in McKesson by 0.5% in the first quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company's stock worth $1,867,000 after purchasing an additional 15 shares in the last quarter. Parallel Advisors LLC grew its stake in McKesson by 0.6% in the first quarter. Parallel Advisors LLC now owns 2,501 shares of the company's stock worth $1,683,000 after purchasing an additional 16 shares in the last quarter. Finally, Eagle Rock Investment Company LLC grew its stake in McKesson by 0.4% in the first quarter. Eagle Rock Investment Company LLC now owns 4,798 shares of the company's stock worth $3,229,000 after purchasing an additional 17 shares in the last quarter. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Brian S. Tyler sold 11,930 shares of the company's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $705.63, for a total value of $8,418,165.90. Following the completion of the sale, the chief executive officer directly owned 4,012 shares in the company, valued at approximately $2,830,987.56. This represents a 74.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $663.67, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 62,930 shares of company stock valued at $44,112,466 over the last quarter. 0.08% of the stock is currently owned by corporate insiders.

McKesson Price Performance

Shares of NYSE:MCK traded up $6.34 on Tuesday, reaching $692.16. 333,501 shares of the company traded hands, compared to its average volume of 888,269. McKesson Corporation has a fifty-two week low of $464.42 and a fifty-two week high of $737.89. The company's 50 day moving average is $701.72 and its 200-day moving average is $689.22. The stock has a market capitalization of $86.09 billion, a PE ratio of 27.60, a P/E/G ratio of 1.37 and a beta of 0.51.

McKesson (NYSE:MCK - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) 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 firm had revenue of $97.83 billion for the quarter, compared to analyst estimates of $95.93 billion. During the same period last year, the firm earned $7.88 earnings per share. McKesson's revenue for the quarter was up 23.4% compared to the same quarter last year. As a group, analysts expect that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be issued a $0.82 dividend. 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 yield of 0.5%. The ex-dividend date is Tuesday, September 2nd. McKesson's dividend payout ratio is currently 11.32%.

Analyst Ratings Changes

MCK has been the subject of a number of research reports. Evercore ISI lifted 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. Wall Street Zen downgraded McKesson from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 13th. Bank of America lifted 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. Cowen restated a "buy" rating on shares of McKesson in a research note on Thursday, August 7th. Finally, Wells Fargo & Company lifted their target price on McKesson from $766.00 to $772.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $725.10.

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.