UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Increases Position in McKesson Corporation $MCK

Key Points

• UBS Asset Management increased its stake in McKesson Corporation by 16.5%, acquiring an additional 181,831 shares, bringing their total holdings to over 1.28 million shares valued at approximately $864.7 million.
• Several large investors made significant adjustments to their positions in McKesson during the first quarter, with GAMMA Investing LLC boosting its holdings by an astonishing 75,632.7%.
• McKesson announced a quarterly dividend increase, raising it from $0.71 to $0.82 per share, with a dividend yield of 0.5%.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 16.5% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,284,881 shares of the company's stock after acquiring an additional 181,831 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned about 1.03% of McKesson worth $864,712,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Zurich Insurance Group Ltd FI acquired a new position in McKesson during the 1st quarter worth approximately $57,272,000. Empowered Funds LLC increased its position in shares of McKesson by 7.5% during the first quarter. Empowered Funds LLC now owns 33,584 shares of the company's stock valued at $22,602,000 after acquiring an additional 2,348 shares during the last quarter. MBB Public Markets I LLC purchased a new stake in shares of McKesson during the first quarter valued at approximately $323,000. Ascent Group LLC increased its position in McKesson by 37.9% in the first quarter. Ascent Group LLC now owns 4,099 shares of the company's stock worth $2,759,000 after buying an additional 1,127 shares during the last quarter. Finally, Coppell Advisory Solutions LLC increased its position in McKesson by 1,943.6% in the first quarter. Coppell Advisory Solutions LLC now owns 6,744 shares of the company's stock worth $4,539,000 after buying an additional 6,414 shares during the last quarter. Institutional investors own 85.07% of the company's stock.

McKesson Stock Down 1.2%

Shares of MCK traded down $8.48 during trading hours on Friday, hitting $711.32. The company had a trading volume of 522,385 shares, compared to its average volume of 704,488. McKesson Corporation has a 52-week low of $464.42 and a 52-week high of $737.89. The firm has a market cap of $88.48 billion, a P/E ratio of 28.36, a P/E/G ratio of 1.43 and a beta of 0.51. The stock's 50 day moving average price is $697.81 and its 200 day moving average price is $693.98.

McKesson (NYSE:MCK - Get Free Report) last announced its quarterly earnings results 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 net margin of 0.84% and a negative return on equity of 196.66%. The business had revenue of $97.83 billion for the quarter, compared to analysts' expectations of $95.93 billion. During the same quarter in the prior year, the firm earned $7.88 EPS. The firm's revenue for the quarter was up 23.4% on a year-over-year basis. On average, research analysts expect that McKesson Corporation will post 32.77 EPS for the current fiscal 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 given a $0.82 dividend. This is a boost from McKesson's previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $3.28 annualized dividend and a yield of 0.5%. McKesson's payout ratio is currently 13.08%.

Insider Activity at McKesson

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the 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 completion of the sale, the chief accounting officer owned 657 shares in the company, valued at approximately $436,031.19. This represents a 33.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Brian S. Tyler sold 19,371 shares of the firm's stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $708.09, for a total value of $13,716,411.39. Following the transaction, the chief executive officer owned 27,872 shares of the company's stock, valued at approximately $19,735,884.48. The trade was a 41.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 43,560 shares of company stock worth $30,438,602 over the last ninety days. 0.08% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Cowen reaffirmed a "buy" rating on shares of McKesson in a report on Thursday, August 7th. Morgan Stanley reissued an "overweight" rating and set a $810.00 price objective (up previously from $770.00) on shares of McKesson in a research note on Wednesday, July 16th. Wall Street Zen lowered McKesson from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 13th. Evercore ISI lifted their price objective on McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Finally, Wells Fargo & Company lifted their price objective 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 research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $725.10.

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.