McKesson Co. (NYSE:MCK) Shares Purchased by Dai ichi Life Insurance Company Ltd

Dai ichi Life Insurance Company Ltd grew its position in shares of McKesson Co. (NYSE:MCK) by 10.4% during the 2nd quarter, Holdings Channel.com reports. The firm owned 55,492 shares of the company’s stock after purchasing an additional 5,232 shares during the quarter. McKesson accounts for 0.8% of Dai ichi Life Insurance Company Ltd’s holdings, making the stock its 20th largest holding. Dai ichi Life Insurance Company Ltd’s holdings in McKesson were worth $32,410,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also modified their holdings of MCK. Councilmark Asset Management LLC acquired a new stake in McKesson in the 1st quarter worth about $5,160,000. Vaughan David Investments LLC IL purchased a new stake in McKesson in the second quarter valued at approximately $238,000. Treasurer of the State of North Carolina increased its position in McKesson by 6.5% during the fourth quarter. Treasurer of the State of North Carolina now owns 65,266 shares of the company’s stock worth $30,217,000 after purchasing an additional 3,982 shares during the last quarter. BDF Gestion purchased a new position in McKesson during the second quarter worth approximately $3,504,000. Finally, Bornite Capital Management LP acquired a new position in shares of McKesson in the 4th quarter valued at $34,724,000. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $626.03, for a total value of $2,349,490.59. Following the sale, the chief executive officer now directly owns 82,339 shares in the company, valued at approximately $51,546,684.17. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last ninety days, insiders sold 11,259 shares of company stock valued at $6,635,492. 0.11% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

MCK has been the subject of a number of research analyst reports. JPMorgan Chase & Co. upped their price objective on McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Citigroup cut their price objective on McKesson from $670.00 to $630.00 and set a “buy” rating on the stock in a report on Tuesday. Evercore ISI decreased their target price on McKesson from $660.00 to $630.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Barclays lifted their price target on shares of McKesson from $596.00 to $616.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Finally, Robert W. Baird dropped their price objective on shares of McKesson from $694.00 to $671.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $620.93.

McKesson Price Performance

MCK opened at $518.81 on Friday. McKesson Co. has a 12-month low of $417.65 and a 12-month high of $637.51. The stock has a market capitalization of $67.28 billion, a PE ratio of 23.18, a P/E/G ratio of 1.18 and a beta of 0.44. The firm’s fifty day moving average price is $567.33 and its 200 day moving average price is $557.25.

McKesson (NYSE:MCK) last issued its earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.21 by $0.67. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The business had revenue of $79.28 billion for the quarter, compared to analyst estimates of $82.53 billion. During the same quarter in the prior year, the business posted $7.27 EPS. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. On average, equities research analysts forecast that McKesson Co. will post 32.11 earnings per share for the current fiscal year.

McKesson Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be issued a $0.71 dividend. The ex-dividend date is Friday, August 30th. This is a positive change from McKesson’s previous quarterly dividend of $0.62. This represents a $2.84 annualized dividend and a dividend yield of 0.55%. McKesson’s payout ratio is 12.69%.

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.