Voya Investment Management LLC Purchases 312,473 Shares of McKesson Corporation $MCK

Key Points

• Voya Investment Management LLC increased its stake in McKesson Corporation by 92.3%, acquiring an additional 312,473 shares, bringing its total ownership to approximately 650,851 shares worth $437.76 million.
• McKesson declared a quarterly dividend of $0.82, an increase from the previous dividend of $0.71, representing an annual yield of 0.5% and reflecting a payout ratio of 13.08%.
• The company reported $8.26 earnings per share (EPS) for the last quarter, missing analysts' expectations, but revenue rose to $97.83 billion, surpassing estimates and showing a 23.4% year-over-year growth.

Voya Investment Management LLC lifted its stake in McKesson Corporation (NYSE:MCK - Free Report) by 92.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 650,851 shares of the company's stock after purchasing an additional 312,473 shares during the quarter. Voya Investment Management LLC owned about 0.52% of McKesson worth $437,760,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. 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 valued at $178,000 after purchasing an additional 15 shares during the last quarter. Palisade Asset Management LLC lifted its stake in McKesson by 2.1% during the 1st quarter. Palisade Asset Management LLC now owns 715 shares of the company's stock valued at $481,000 after acquiring an additional 15 shares during the period. SteelPeak Wealth LLC increased its stake in shares of 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 acquiring an additional 15 shares during the period. Parallel Advisors LLC increased its stake in shares of 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 acquiring an additional 16 shares during the period. Finally, Eagle Rock Investment Company LLC increased its stake in shares of 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 acquiring an additional 17 shares during the period. 85.07% of the stock is owned by hedge funds and other institutional investors.

McKesson Stock Performance

McKesson stock opened at $718.72 on Friday. The company's fifty day moving average price is $697.97 and its 200 day moving average price is $693.40. McKesson Corporation has a 1 year low of $464.42 and a 1 year high of $737.89. The stock has a market capitalization of $89.39 billion, a P/E ratio of 28.66, a P/E/G ratio of 1.40 and a beta of 0.51.

McKesson (NYSE:MCK - Get Free Report) last released 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 company had revenue of $97.83 billion during the quarter, compared to analyst estimates of $95.93 billion. During the same period in the prior year, the business posted $7.88 EPS. McKesson's revenue was up 23.4% compared to the same quarter last year. Sell-side analysts predict that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be paid a $0.82 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $3.28 dividend on an annualized basis and a yield of 0.5%. This is an increase from McKesson's previous quarterly dividend of $0.71. McKesson's dividend payout ratio is 13.08%.

Analyst Ratings Changes

MCK has been the topic of a number of research reports. Wall Street Zen lowered shares of McKesson from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 13th. Evercore ISI increased their price objective on shares of McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. Morgan Stanley reiterated an "overweight" rating and issued a $810.00 price objective (up previously from $770.00) on shares of McKesson in a research note on Wednesday, July 16th. Wells Fargo & Company increased their price objective on shares of McKesson from $766.00 to $772.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 13th. Finally, Cowen reiterated a "buy" rating on shares of McKesson in a research note on Thursday, August 7th. One investment 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 stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $725.10.

Insiders Place Their Bets

In related news, CEO Brian S. Tyler sold 11,930 shares of McKesson 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 sale, the chief executive officer owned 4,012 shares of the company's stock, valued at approximately $2,830,987.56. This trade represents a 74.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction on Friday, August 8th. The shares were sold at an average price of $663.67, for a total transaction of $218,347.43. Following the completion of the sale, the chief accounting officer directly owned 657 shares in the company, valued at $436,031.19. This represents a 33.37% 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 in the last three months. 0.08% of the stock is owned by corporate insiders.

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.

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