Renaissance Technologies LLC raised its holdings in McKesson Corporation (NYSE:MCK – Free Report) by 91.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 117,246 shares of the company’s stock after buying an additional 55,960 shares during the period. Renaissance Technologies LLC’s holdings in McKesson were worth $101,460,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MCK. University of Texas Texas AM Investment Management Co. bought a new position in shares of McKesson in the 4th quarter valued at about $25,000. Swiss RE Ltd. acquired a new stake in shares of McKesson in the fourth quarter valued at about $26,000. State of Wyoming bought a new stake in McKesson during the second quarter worth about $29,000. Kingdom Financial Group LLC. acquired a new position in McKesson during the fourth quarter valued at approximately $33,000. Finally, Birchwood Financial Partners Inc. acquired a new position in McKesson during the fourth quarter valued at approximately $33,000. 85.07% of the stock is owned by institutional investors.
McKesson News Roundup
Here are the key news stories impacting McKesson this week:
- Positive Sentiment: McKesson boosted its quarterly dividend to $0.94 per share from $0.82, signaling management confidence in cash flow and returning more capital to shareholders. McKesson Raises Quarterly Dividend by 15%
- Positive Sentiment: Shareholders backed the board, auditors, and executive compensation at the annual meeting, reducing governance uncertainty. McKesson Shareholders Back Board, Auditors, and Executive Pay
- Neutral Sentiment: Recent commentary from analysts has been mixed, with one piece noting conflicting views on McKesson and other healthcare names, which may keep sentiment balanced in the near term. Analysts Have Conflicting Sentiments on These Healthcare Companies
- Neutral Sentiment: TD Cowen reportedly lowered expectations for McKesson’s stock price, adding a cautionary note despite the company’s strong operational backdrop. TD Cowen Has Lowered Expectations for McKesson (NYSE:MCK) Stock Price
McKesson Stock Up 2.0%
McKesson (NYSE:MCK – Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $11.69 EPS for the quarter, topping the consensus estimate of $11.56 by $0.13. The company had revenue of $96.30 billion during the quarter, compared to the consensus estimate of $101.35 billion. McKesson had a negative return on equity of 345.35% and a net margin of 1.18%.The firm’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period in the previous year, the company posted $10.12 EPS. McKesson has set its FY 2027 guidance at 43.800-44.600 EPS. As a group, analysts expect that McKesson Corporation will post 44.28 earnings per share for the current year.
McKesson Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 1st will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 0.4%. This is a positive change from McKesson’s previous quarterly dividend of $0.82. The ex-dividend date of this dividend is Tuesday, September 1st. McKesson’s dividend payout ratio (DPR) is presently 8.53%.
Analyst Ratings Changes
Several research firms have weighed in on MCK. Wells Fargo & Company lowered their price target on McKesson from $925.00 to $812.00 and set an “equal weight” rating on the stock in a research report on Tuesday, May 12th. JPMorgan Chase & Co. decreased their target price on shares of McKesson from $1,107.00 to $1,015.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. Weiss Ratings downgraded shares of McKesson from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, July 7th. Bank of America dropped their price target on shares of McKesson from $1,040.00 to $1,000.00 and set a “buy” rating on the stock in a research report on Monday, April 6th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $875.00 price target on shares of McKesson in a research note 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. According to data from MarketBeat.com, McKesson presently has an average rating of “Moderate Buy” and an average price target of $962.67.
Read Our Latest Stock Analysis on MCK
Insider Activity at McKesson
In other McKesson news, EVP Michele Lau sold 3,550 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $761.09, for a total value of $2,701,869.50. Following the transaction, the executive vice president directly owned 3,247 shares in the company, valued at $2,471,259.23. The trade was a 52.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Napoleon B. Rutledge, Jr. sold 133 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $764.00, for a total transaction of $101,612.00. Following the completion of the transaction, the chief accounting officer directly owned 632 shares in the company, valued at $482,848. The trade was a 17.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 28,748 shares of company stock valued at $22,262,035. 0.06% of the stock is owned by company insiders.
McKesson Profile
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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