McKesson (NYSE:MCK) Announces Earnings Results

McKesson (NYSE:MCK) issued its earnings results on Wednesday. The company reported $9.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.19 by $0.15, FiscalAI reports. The business had revenue of $106.16 billion during the quarter, compared to analysts’ expectations of $105.98 billion. McKesson had a net margin of 1.04% and a negative return on equity of 248.14%.

McKesson Trading Down 3.7%

NYSE MCK traded down $31.54 during trading hours on Wednesday, hitting $819.58. 1,703,581 shares of the company’s stock traded hands, compared to its average volume of 644,476. McKesson has a 52 week low of $570.51 and a 52 week high of $895.58. The firm has a market capitalization of $101.16 billion, a P/E ratio of 25.51, a P/E/G ratio of 1.39 and a beta of 0.40. The business’s fifty day moving average price is $826.85 and its two-hundred day moving average price is $776.36.

McKesson Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Monday, March 2nd will be given a dividend of $0.82 per share. The ex-dividend date of this dividend is Monday, March 2nd. This represents a $3.28 annualized dividend and a dividend yield of 0.4%. McKesson’s dividend payout ratio is presently 10.21%.

Insiders Place Their Bets

In related news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $861.63, for a total value of $283,476.27. Following the completion of the sale, the chief accounting officer directly owned 328 shares of the company’s stock, valued at approximately $282,614.64. This represents a 50.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Thomas L. Rodgers sold 276 shares of the company’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $816.18, for a total transaction of $225,265.68. Following the completion of the transaction, the executive vice president owned 2,268 shares of the company’s stock, valued at approximately $1,851,096.24. The trade was a 10.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.08% of the company’s stock.

Hedge Funds Weigh In On McKesson

A number of hedge funds and other institutional investors have recently modified their holdings of MCK. Sunbelt Securities Inc. grew its position in shares of McKesson by 3.6% during the third quarter. Sunbelt Securities Inc. now owns 494 shares of the company’s stock valued at $382,000 after purchasing an additional 17 shares in the last quarter. ICONIQ Capital LLC boosted its stake in McKesson by 3.6% during the second quarter. ICONIQ Capital LLC now owns 715 shares of the company’s stock valued at $524,000 after buying an additional 25 shares during the last quarter. L2 Asset Management LLC boosted its stake in McKesson by 5.1% during the third quarter. L2 Asset Management LLC now owns 580 shares of the company’s stock valued at $448,000 after buying an additional 28 shares during the last quarter. Prosperity Consulting Group LLC grew its holdings in McKesson by 6.0% during the 3rd quarter. Prosperity Consulting Group LLC now owns 510 shares of the company’s stock valued at $394,000 after buying an additional 29 shares in the last quarter. Finally, Modern Wealth Management LLC increased its stake in McKesson by 4.1% in the 2nd quarter. Modern Wealth Management LLC now owns 843 shares of the company’s stock worth $618,000 after acquiring an additional 33 shares during the last quarter. Institutional investors own 85.07% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MCK. Weiss Ratings restated a “buy (a-)” rating on shares of McKesson in a report on Monday, December 29th. TD Cowen restated a “buy” rating on shares of McKesson in a research note on Monday, December 22nd. Robert W. Baird set a $968.00 price objective on McKesson in a research report on Wednesday, January 14th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of McKesson in a research report on Wednesday, December 10th. Finally, Zacks Research downgraded shares of McKesson from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 25th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $899.36.

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.