NorthRock Partners LLC boosted its stake in shares of McKesson Corporation (NYSE:MCK – Free Report) by 55.5% in the 2nd quarter, HoldingsChannel reports. The fund owned 3,053 shares of the company’s stock after buying an additional 1,090 shares during the quarter. NorthRock Partners LLC’s holdings in McKesson were worth $2,307,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of the stock. California State Teachers Retirement System lifted its position in McKesson by 73,780.3% in the second quarter. California State Teachers Retirement System now owns 141,246,575 shares of the company’s stock valued at $106,725,912,000 after purchasing an additional 141,055,392 shares during the last quarter. BlackRock Inc. purchased a new position in shares of McKesson in the second quarter worth $8,156,743,000. Norges Bank bought a new stake in McKesson during the 4th quarter valued at $1,651,137,000. Bank of America Corp DE purchased a new stake in McKesson during the 2nd quarter valued at $998,896,000. Finally, Legal & General Group Plc bought a new stake in McKesson in the 2nd quarter worth $656,566,000. 85.07% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several equities analysts have recently commented on the stock. Citigroup upped their price objective on shares of McKesson from $945.00 to $1,000.00 and gave the company a “buy” rating in a research note on Friday, July 24th. Wall Street Zen lowered McKesson from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Wells Fargo & Company increased their price objective on McKesson from $812.00 to $933.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 11th. TD Cowen lifted their price objective on McKesson from $989.00 to $1,006.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Finally, Evercore restated an “outperform” rating on shares of McKesson in a report on Thursday, August 6th. Fourteen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, McKesson currently has a consensus rating of “Moderate Buy” and an average price target of $973.44.
McKesson Price Performance
NYSE:MCK opened at $894.38 on Thursday. The firm’s 50-day moving average price is $856.40 and its 200-day moving average price is $841.46. The company has a market capitalization of $104.28 billion, a PE ratio of 23.93, a P/E/G ratio of 1.77 and a beta of 0.30. McKesson Corporation has a 1-year low of $687.68 and a 1-year high of $999.00.
McKesson (NYSE:MCK – Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $9.93 EPS for the quarter, topping the consensus estimate of $9.56 by $0.37. McKesson had a net margin of 1.12% and a negative return on equity of 253.21%. The business had revenue of $105.38 billion for the quarter, compared to analyst estimates of $103.88 billion. During the same quarter in the previous year, the firm posted $8.26 earnings per share. McKesson’s quarterly revenue was up 7.7% on a year-over-year basis. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. Equities analysts anticipate that McKesson Corporation will post 44.65 EPS for the current fiscal year.
McKesson Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 1st will be paid a $0.94 dividend. This is an increase from McKesson’s previous quarterly dividend of $0.82. This represents a $3.76 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Tuesday, September 1st. McKesson’s payout ratio is currently 10.06%.
Insiders Place Their Bets
In other news, Director Bradley Lerman sold 301 shares of the firm’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $892.33, for a total transaction of $268,591.33. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Brian Tyler sold 8,463 shares of the company’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $793.56, for a total transaction of $6,715,898.28. Following the completion of the transaction, the chief executive officer owned 5,919 shares in the company, valued at approximately $4,697,081.64. The trade was a 58.84% 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. Over the last three months, insiders sold 17,227 shares of company stock worth $13,544,415. Insiders own 0.06% of the company’s stock.
About McKesson
McKesson Corporation is a healthcare services and distribution company that supplies pharmaceuticals, specialty drugs, medical products and related services to pharmacies, hospitals, health systems, physicians and other healthcare providers. Its operations support the movement of prescription medicines and medical-surgical supplies from manufacturers to healthcare organizations and patients.
The company’s businesses include pharmaceutical distribution, specialty pharmaceutical services, medical-surgical supply distribution and technology solutions for pharmacies and other healthcare providers.
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