McKesson Co. (NYSE:MCK) Shares Purchased by SouthState Corp

SouthState Corp raised its stake in McKesson Co. (NYSE:MCK) by 16.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 368 shares of the company’s stock after acquiring an additional 53 shares during the period. SouthState Corp’s holdings in McKesson were worth $170,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Summit Global Investments boosted its stake in McKesson by 13.6% during the 4th quarter. Summit Global Investments now owns 30,012 shares of the company’s stock worth $13,895,000 after purchasing an additional 3,593 shares during the period. Commonwealth Equity Services LLC increased its position in McKesson by 3.0% in the 4th quarter. Commonwealth Equity Services LLC now owns 63,324 shares of the company’s stock valued at $29,318,000 after acquiring an additional 1,840 shares during the period. Heritage Wealth Management LLC purchased a new stake in McKesson during the 4th quarter valued at approximately $1,538,000. Robertson Stephens Wealth Management LLC acquired a new stake in McKesson during the 4th quarter worth approximately $212,000. Finally, First Trust Direct Indexing L.P. increased its holdings in shares of McKesson by 22.0% in the fourth quarter. First Trust Direct Indexing L.P. now owns 5,332 shares of the company’s stock valued at $2,469,000 after purchasing an additional 962 shares during the period. Institutional investors and hedge funds own 85.07% of the company’s stock.

Insider Buying and Selling at McKesson

In other news, CEO Brian S. Tyler sold 3,473 shares of McKesson stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $524.55, for a total transaction of $1,821,762.15. Following the completion of the sale, the chief executive officer now directly owns 43,445 shares in the company, valued at $22,789,074.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Leann B. Smith sold 186 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $496.00, for a total transaction of $92,256.00. Following the completion of the transaction, the executive vice president now owns 1,511 shares of the company’s stock, valued at $749,456. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Brian S. Tyler sold 3,473 shares of McKesson stock in a transaction on Friday, March 15th. The shares were sold at an average price of $524.55, for a total transaction of $1,821,762.15. Following the completion of the transaction, the chief executive officer now owns 43,445 shares in the company, valued at approximately $22,789,074.75. The disclosure for this sale can be found here. 0.21% of the stock is owned by insiders.

McKesson Price Performance

MCK traded down $1.41 during midday trading on Friday, reaching $528.86. 866,981 shares of the company’s stock were exchanged, compared to its average volume of 626,262. McKesson Co. has a 1-year low of $352.34 and a 1-year high of $544.81. The stock has a market capitalization of $69.50 billion, a PE ratio of 23.96, a P/E/G ratio of 1.41 and a beta of 0.45. The business’s 50-day moving average price is $530.13 and its 200 day moving average price is $491.57.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Wednesday, February 7th. The company reported $7.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.05 by $0.69. The firm had revenue of $80.90 billion during the quarter, compared to the consensus estimate of $77.93 billion. McKesson had a negative return on equity of 262.63% and a net margin of 0.99%. The company’s quarterly revenue was up 14.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $6.90 EPS. As a group, analysts expect that McKesson Co. will post 27.59 EPS for the current fiscal year.

McKesson Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be paid a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 0.47%. The ex-dividend date is Friday, May 31st. McKesson’s payout ratio is 11.24%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Mizuho lifted their price objective on shares of McKesson from $450.00 to $505.00 and gave the company a “neutral” rating in a research report on Friday, February 9th. StockNews.com upgraded shares of McKesson from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Citigroup raised their price objective on shares of McKesson from $575.00 to $620.00 and gave the company a “buy” rating in a research report on Tuesday. Argus boosted their target price on McKesson from $510.00 to $570.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. Finally, SVB Leerink started coverage on McKesson in a research note on Monday, February 26th. They issued an “outperform” rating and a $600.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, McKesson has a consensus rating of “Moderate Buy” and an average price target of $536.71.

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.