Resona Asset Management Co. Ltd. Grows Holdings in McKesson Corporation (NYSE:MCK)

Resona Asset Management Co. Ltd. lifted its holdings in McKesson Corporation (NYSE:MCK) by 4.6% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 54,797 shares of the company’s stock after purchasing an additional 2,399 shares during the period. Resona Asset Management Co. Ltd.’s holdings in McKesson were worth $36,848,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in MCK. Capital A Wealth Management LLC acquired a new position in shares of McKesson in the fourth quarter valued at approximately $26,000. Bank of Jackson Hole Trust grew its holdings in shares of McKesson by 64.3% in the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock valued at $29,000 after purchasing an additional 18 shares in the last quarter. CBIZ Investment Advisory Services LLC grew its holdings in shares of McKesson by 1,366.7% in the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company’s stock valued at $30,000 after purchasing an additional 41 shares in the last quarter. Pandora Wealth Inc. acquired a new position in shares of McKesson in the first quarter valued at approximately $40,000. Finally, Cornerstone Planning Group LLC grew its holdings in shares of McKesson by 1,840.0% in the first quarter. Cornerstone Planning Group LLC now owns 97 shares of the company’s stock valued at $67,000 after purchasing an additional 92 shares in the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Brian S. Tyler sold 19,371 shares of the company’s stock in a transaction on 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 completion of the sale, the chief executive officer 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 Securities & Exchange Commission, which is available through the SEC website. Also, EVP Thomas L. Rodgers sold 2,891 shares of the company’s stock in a transaction on Friday, May 30th. The shares were sold at an average price of $712.18, for a total transaction of $2,058,912.38. Following the completion of the sale, the executive vice president owned 2,544 shares of the company’s stock, valued at approximately $1,811,785.92. This trade represents a 53.19% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,817 shares of company stock worth $37,461,210. 0.08% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MCK. Wall Street Zen cut shares of McKesson from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 13th. Cowen reiterated a “buy” rating on shares of McKesson in a report on Thursday. Bank of America boosted their price target on shares of McKesson from $755.00 to $800.00 and gave the stock a “buy” rating in a report on Friday, May 9th. UBS Group boosted their price target on shares of McKesson from $708.00 to $805.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Finally, Wells Fargo & Company set a $766.00 price target on shares of McKesson and gave the stock an “equal weight” rating in a report on Tuesday, June 3rd. Three investment 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 company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $718.73.

McKesson Trading Up 0.8%

Shares of McKesson stock opened at $673.74 on Tuesday. The company has a fifty day simple moving average of $713.17 and a 200-day simple moving average of $680.90. McKesson Corporation has a 12-month low of $464.42 and a 12-month high of $737.89. The stock has a market cap of $83.80 billion, a price-to-earnings ratio of 26.86, a PEG ratio of 1.32 and a beta of 0.50.

McKesson (NYSE:MCK) last issued 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 company had revenue of $97.83 billion during the quarter, compared to analyst estimates of $95.93 billion. During the same quarter in the previous year, the company posted $7.88 EPS. The company’s quarterly revenue was up 23.4% on a year-over-year basis. On average, analysts forecast that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be issued a $0.82 dividend. This represents a $3.28 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Tuesday, September 2nd. This is a positive change from McKesson’s previous quarterly dividend of $0.71. McKesson’s dividend payout ratio (DPR) is currently 11.32%.

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.