Vident Advisory LLC Raises Stock Holdings in McKesson Corporation $MCK

Key Points

• Vident Advisory LLC significantly increased its stake in McKesson Corporation by 172.6%, acquiring an additional 6,298 shares, bringing their total ownership to 9,947 shares valued at approximately $6.7 million.
• McKesson reported earnings of $8.26 per share for the last quarter, slightly below expectations, but revenue increased by 23.4% year-over-year to $97.83 billion.
• The company announced a quarterly dividend increase to $0.82, reflecting a boost from the previous $0.71 dividend, with a dividend yield of 0.5%.

Vident Advisory LLC grew its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 172.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,947 shares of the company's stock after acquiring an additional 6,298 shares during the quarter. Vident Advisory LLC's holdings in McKesson were worth $6,695,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insider Buying and Selling

In other McKesson news, CEO Brian S. Tyler sold 19,371 shares of the company'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 value of $13,716,411.39. Following the completion of the transaction, the chief executive officer directly owned 27,872 shares in the company, valued at $19,735,884.48. This represents a 41.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company's stock in a transaction that occurred 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 transaction, the chief accounting officer owned 657 shares of the company's stock, valued at $436,031.19. The trade was a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 62,930 shares of company stock valued at $44,112,466. 0.08% of the stock is currently owned by corporate insiders.

McKesson Stock Up 0.5%

Shares of McKesson stock traded up $3.18 during trading hours on Thursday, reaching $694.02. 296,448 shares of the stock traded hands, compared to its average volume of 884,491. The company has a 50 day moving average price of $700.53 and a 200 day moving average price of $689.24. The firm has a market capitalization of $86.32 billion, a price-to-earnings ratio of 27.67, a P/E/G ratio of 1.37 and a beta of 0.51. McKesson Corporation has a one year low of $464.42 and a one year high of $737.89.

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). The company had revenue of $97.83 billion for the quarter, compared to the consensus estimate of $95.93 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The company's revenue was up 23.4% compared to the same quarter last year. During the same quarter last year, the firm posted $7.88 earnings per share. 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. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.82 per share. This is a boost from McKesson's previous quarterly dividend of $0.71. The ex-dividend date is Tuesday, September 2nd. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.5%. McKesson's dividend payout ratio is presently 13.08%.

Wall Street Analysts Forecast Growth

MCK has been the subject of several recent 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 research report on Wednesday, July 9th. Wall Street Zen lowered McKesson from a "strong-buy" rating to a "buy" rating in a research report on Sunday, July 13th. Bank of America boosted their target price on McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Wells Fargo & Company boosted their target price on McKesson from $766.00 to $772.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 13th. Finally, Morgan Stanley reissued an "overweight" rating and issued a $810.00 target price (up previously from $770.00) on shares of McKesson in a research report on Wednesday, July 16th. One investment 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 stock. Based on data from MarketBeat, McKesson currently has an average rating of "Moderate Buy" and an average 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.