Renaissance Group LLC reduced its holdings in shares of McKesson Corporation (NYSE:MCK – Free Report) by 5.2% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 46,204 shares of the company’s stock after selling 2,522 shares during the period. McKesson comprises 1.5% of Renaissance Group LLC’s portfolio, making the stock its 15th biggest position. Renaissance Group LLC’s holdings in McKesson were worth $37,901,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. GGM Financials LLC purchased a new stake in shares of McKesson during the third quarter valued at $25,000. State of Wyoming purchased a new position in McKesson in the 2nd quarter worth about $29,000. Vermillion & White Wealth Management Group LLC bought a new stake in McKesson during the 3rd quarter valued at about $33,000. Board of the Pension Protection Fund bought a new stake in McKesson during the 4th quarter valued at about $33,000. Finally, Kingdom Financial Group LLC. purchased a new stake in McKesson in the 4th quarter valued at about $33,000. Institutional investors own 85.07% of the company’s stock.
Insiders Place Their Bets
In other news, CAO Napoleon B. Rutledge, Jr. sold 133 shares of the company’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $764.00, for a total transaction of $101,612.00. Following the transaction, the chief accounting officer directly owned 632 shares of the company’s stock, valued at approximately $482,848. This represents a 17.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Thomas L. Rodgers sold 2,388 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $761.09, for a total value of $1,817,482.92. Following the sale, the executive vice president owned 3,090 shares of the company’s stock, valued at approximately $2,351,768.10. This represents a 43.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 6,893 shares of company stock valued at $5,225,385. 0.08% of the stock is currently owned by insiders.
McKesson Price Performance
McKesson (NYSE:MCK – Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $11.69 earnings per share for the quarter, beating analysts’ consensus estimates of $11.56 by $0.13. McKesson had a net margin of 1.18% and a negative return on equity of 345.35%. The business had revenue of $96.30 billion for the quarter, compared to analysts’ expectations of $101.35 billion. During the same period last year, the business earned $10.12 EPS. The company’s revenue was up 6.0% compared to the same quarter last year. McKesson has set its FY 2027 guidance at 43.800-44.600 EPS. As a group, sell-side analysts expect that McKesson Corporation will post 44.28 EPS for the current year.
McKesson Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st will be issued a $0.82 dividend. This represents a $3.28 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Monday, June 1st. McKesson’s payout ratio is currently 8.53%.
Analysts Set New Price Targets
MCK has been the topic of a number of research analyst reports. Barclays dropped their target price on shares of McKesson from $1,050.00 to $925.00 and set an “overweight” rating on the stock in a research note on Wednesday. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $875.00 price target on shares of McKesson in a report on Friday, May 8th. William Blair initiated coverage on McKesson in a report on Tuesday, April 28th. They set an “outperform” rating on the stock. Wells Fargo & Company decreased their target price on McKesson from $925.00 to $812.00 and set an “equal weight” rating for the company in a research report on Tuesday, May 12th. Finally, JPMorgan Chase & Co. lowered their target price on McKesson from $1,107.00 to $1,015.00 and set an “overweight” rating for the company in a report on Friday, May 8th. Fourteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $960.53.
Check Out Our Latest Report on McKesson
About McKesson
McKesson Corporation (NYSE: MCK) is a global healthcare services and distribution company that supplies pharmaceuticals, medical-surgical products and health care technology solutions. Founded in 1833 and headquartered in Irving, Texas, McKesson operates across the drug distribution and healthcare services value chain, connecting manufacturers, pharmacies, hospitals and health systems to help manage the movement of medicines and clinical supplies.
The company’s core activities include pharmaceutical wholesale distribution and logistics, specialty pharmacy services, and the provision of medical-surgical supplies to acute and non-acute care providers.
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