McKesson Corporation

McKesson is one of the largest pharmaceutical distributors in the United States, moving medicines from manufacturers to pharmacies, hospitals and health systems at massive scale. It is a high-volume, thin-margin logistics business where efficiency and network reach matter more than pricing power, giving it an entrenched position in the drug supply chain. McKesson has a long dividend history stretching back four decades, but the yield is very low because management channels most capital into buybacks. Payout growth is steady and comfortably covered, yet income is clearly secondary to the total-return case. The story here is durability and shareholder returns via repurchases rather than a meaningful dividend.