Payden & Rygel Cuts Stock Position in McKesson Corporation $MCK

Payden & Rygel trimmed its holdings in shares of McKesson Corporation (NYSE:MCK) by 3.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,500 shares of the company’s stock after selling 800 shares during the quarter. McKesson accounts for about 1.2% of Payden & Rygel’s portfolio, making the stock its 27th largest position. Payden & Rygel’s holdings in McKesson were worth $17,636,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MCK. J.W. Cole Advisors Inc. grew its position in McKesson by 35.3% during the 3rd quarter. J.W. Cole Advisors Inc. now owns 5,089 shares of the company’s stock worth $3,931,000 after purchasing an additional 1,329 shares during the last quarter. Cullen Investment Group LTD. grew its stake in McKesson by 550.4% during the 4th quarter. Cullen Investment Group LTD. now owns 4,670 shares of the company’s stock valued at $3,811,000 after purchasing an additional 3,952 shares during the last quarter. Private Wealth Partners LLC grew its stake in McKesson by 5.6% during the 3rd quarter. Private Wealth Partners LLC now owns 31,841 shares of the company’s stock valued at $24,598,000 after purchasing an additional 1,682 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in McKesson by 12.4% during the 3rd quarter. Envestnet Asset Management Inc. now owns 330,647 shares of the company’s stock valued at $255,438,000 after purchasing an additional 36,451 shares during the last quarter. Finally, AlphaQuest LLC grew its stake in McKesson by 91.2% during the 3rd quarter. AlphaQuest LLC now owns 1,767 shares of the company’s stock valued at $1,365,000 after purchasing an additional 843 shares during the last quarter. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on MCK. Barclays boosted their price target on McKesson from $960.00 to $1,050.00 and gave the company an “overweight” rating in a research note on Wednesday, February 18th. William Blair initiated coverage on McKesson in a research note on Tuesday, April 28th. They set an “outperform” rating on the stock. UBS Group upped their price objective on shares of McKesson from $1,000.00 to $1,050.00 and gave the company a “buy” rating in a report on Friday, May 8th. Bank of America cut their price objective on shares of McKesson from $1,040.00 to $1,000.00 and set a “buy” rating on the stock in a research note on Monday, April 6th. Finally, TD Cowen boosted their target price on shares of McKesson from $1,000.00 to $1,012.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. Fourteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, McKesson currently has an average rating of “Moderate Buy” and an average target price of $968.87.

McKesson Stock Up 1.9%

Shares of MCK opened at $775.38 on Tuesday. McKesson Corporation has a 52 week low of $637.00 and a 52 week high of $999.00. The company has a market capitalization of $93.20 billion, a price-to-earnings ratio of 20.16, a PEG ratio of 1.13 and a beta of 0.35. The stock’s 50-day moving average price is $851.72 and its 200-day moving average price is $857.32.

McKesson (NYSE:MCK) last issued its earnings results on Thursday, May 7th. The company reported $11.69 EPS for the quarter, topping analysts’ consensus estimates of $11.56 by $0.13. McKesson had a negative return on equity of 345.35% and a net margin of 1.18%.The firm had revenue of $96.30 billion for the quarter, compared to the consensus estimate of $101.35 billion. During the same quarter in the prior year, the business earned $10.12 earnings per share. 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, equities analysts anticipate that McKesson Corporation will post 44.29 EPS for the current fiscal year.

McKesson Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 1st will be issued a dividend of $0.82 per share. The ex-dividend date of this dividend is Monday, June 1st. This represents a $3.28 dividend on an annualized basis and a yield of 0.4%. McKesson’s dividend payout ratio is 8.53%.

Insiders Place Their Bets

In related news, EVP Michele Lau sold 2,725 shares of the stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $990.00, for a total transaction of $2,697,750.00. Following the sale, the executive vice president directly owned 3,247 shares of the company’s stock, valued at approximately $3,214,530. This represents a 45.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Maria Martinez sold 349 shares of the stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $939.87, for a total transaction of $328,014.63. Following the sale, the director directly owned 301 shares in the company, valued at $282,900.87. This trade represents a 53.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.08% of the company’s stock.

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.