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McKesson Corporation (NYSE:MCK) Shares Acquired by Zurcher Kantonalbank Zurich Cantonalbank

McKesson logo with Medical background

Key Points

  • Zurcher Kantonalbank increased its stake in McKesson Corporation by 3.8%, acquiring an additional 2,153 shares worth approximately $39.9 million.
  • Multiple large investors, including Oppenheimer Asset Management Inc. and Dynamic Advisor Solutions LLC, have also significantly increased their holdings in McKesson, reflecting strong institutional interest.
  • Analysts have raised their price targets for McKesson, with Bank of America increasing its target from $755 to $800, indicating a positive outlook for the stock.
  • Five stocks to consider instead of McKesson.

Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in McKesson Corporation (NYSE:MCK - Free Report) by 3.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 59,277 shares of the company's stock after purchasing an additional 2,153 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in McKesson were worth $39,893,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Oppenheimer Asset Management Inc. raised its holdings in McKesson by 54.0% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 4,541 shares of the company's stock worth $3,056,000 after purchasing an additional 1,592 shares during the period. Dynamic Advisor Solutions LLC raised its holdings in McKesson by 16.6% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 778 shares of the company's stock worth $524,000 after purchasing an additional 111 shares during the period. Cambridge Investment Research Advisors Inc. raised its holdings in McKesson by 18.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 23,033 shares of the company's stock worth $15,501,000 after purchasing an additional 3,659 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in McKesson by 4.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 183,258 shares of the company's stock worth $123,332,000 after purchasing an additional 7,556 shares during the period. Finally, CWA Asset Management Group LLC raised its holdings in McKesson by 6.3% in the 1st quarter. CWA Asset Management Group LLC now owns 979 shares of the company's stock worth $659,000 after purchasing an additional 58 shares during the period. Institutional investors and hedge funds own 85.07% of the company's stock.

McKesson Stock Performance

Shares of MCK stock traded down $4.75 during trading hours on Thursday, reaching $710.17. The company had a trading volume of 301,919 shares, compared to its average volume of 872,589. The stock has a fifty day moving average of $717.25 and a 200-day moving average of $674.13. The company has a market capitalization of $88.85 billion, a price-to-earnings ratio of 27.49, a PEG ratio of 1.44 and a beta of 0.48. McKesson Corporation has a 12-month low of $464.42 and a 12-month high of $737.89.

McKesson (NYSE:MCK - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $10.12 earnings per share for the quarter, topping the consensus estimate of $9.83 by $0.29. The company had revenue of $90.82 billion during the quarter, compared to analyst estimates of $94 billion. McKesson had a negative return on equity of 201.12% and a net margin of 0.92%. The firm's revenue for the quarter was up 18.9% compared to the same quarter last year. During the same period in the prior year, the business posted $6.18 earnings per share. On average, analysts forecast 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 given a $0.82 dividend. This represents a $3.28 annualized dividend and a yield of 0.46%. This is a positive change from McKesson's previous quarterly dividend of $0.71. McKesson's dividend payout ratio is presently 10.99%.

Insider Buying and Selling

In related news, CEO Brian S. Tyler sold 19,371 shares of the 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 approximately $19,735,884.48. This represents a 41.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Britt J. Vitalone sold 6,336 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $717.30, for a total value of $4,544,812.80. Following the completion of the transaction, the chief financial officer owned 14,760 shares of the company's stock, valued at $10,587,348. The trade was a 30.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 52,488 shares of company stock valued at $37,242,862 in the last ninety days. Company insiders own 0.08% of the company's stock.

Analyst Upgrades and Downgrades

MCK has been the subject of several research reports. Cfra Research lowered McKesson from a "moderate buy" rating to a "hold" rating in a research note on Friday, April 4th. Wall Street Zen lowered McKesson from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 13th. Wells Fargo & Company set a $766.00 price objective on McKesson and gave the stock an "equal weight" rating in a research note on Tuesday, June 3rd. Evercore ISI boosted their price objective on McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. Finally, Bank of America boosted their price objective on McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Three analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $710.17.

View Our Latest Analysis on MCK

About McKesson

(Free Report)

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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Institutional Ownership by Quarter for McKesson (NYSE:MCK)

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