OVERSEA CHINESE BANKING Corp Ltd Makes New Investment in McKesson Corporation $MCK

OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in shares of McKesson Corporation (NYSE:MCK) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 1,262 shares of the company’s stock, valued at approximately $953,000.

Other hedge funds also recently modified their holdings of the company. Meiji Yasuda Asset Management Co Ltd. boosted its stake in McKesson by 0.5% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,262 shares of the company’s stock valued at $1,855,000 after buying an additional 11 shares in the last quarter. Investment Research Partners LLC raised its position in McKesson by 0.7% in the fourth quarter. Investment Research Partners LLC now owns 1,624 shares of the company’s stock worth $1,332,000 after acquiring an additional 11 shares in the last quarter. IHT Wealth Management LLC raised its position in McKesson by 0.9% in the fourth quarter. IHT Wealth Management LLC now owns 1,196 shares of the company’s stock worth $981,000 after acquiring an additional 11 shares in the last quarter. LRI Investments LLC lifted its holdings in McKesson by 12.1% in the 4th quarter. LRI Investments LLC now owns 111 shares of the company’s stock valued at $91,000 after acquiring an additional 12 shares during the last quarter. Finally, Macroview Investment Management LLC lifted its holdings in McKesson by 3.9% in the 4th quarter. Macroview Investment Management LLC now owns 322 shares of the company’s stock valued at $264,000 after acquiring an additional 12 shares during the last quarter. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MCK has been the topic of several recent research reports. Royal Bank Of Canada assumed coverage on shares of McKesson in a research note on Wednesday. They issued a “sector perform” rating and a $845.00 price objective on the stock. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $875.00 target price on shares of McKesson in a research note on Friday, May 8th. Barclays raised their target price on shares of McKesson from $925.00 to $1,000.00 and gave the stock an “overweight” rating in a report on Wednesday. Wall Street Zen lowered shares of McKesson from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of McKesson in a report on Friday, August 7th. Fourteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $973.44.

McKesson Price Performance

NYSE MCK opened at $862.27 on Friday. The company has a 50 day simple moving average of $820.97 and a 200-day simple moving average of $843.86. The firm has a market capitalization of $100.53 billion, a price-to-earnings ratio of 23.07, a price-to-earnings-growth ratio of 1.65 and a beta of 0.30. McKesson Corporation has a 52-week low of $673.38 and a 52-week high of $999.00.

McKesson (NYSE:MCK) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $9.93 EPS for the quarter, beating analysts’ consensus estimates of $9.56 by $0.37. McKesson had a net margin of 1.12% and a negative return on equity of 253.21%. The firm had revenue of $105.38 billion for the quarter, compared to the consensus estimate of $103.88 billion. During the same period in the previous year, the firm posted $8.26 earnings per share. The firm’s revenue was up 7.7% on a year-over-year basis. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. On average, analysts predict that McKesson Corporation will post 44.65 EPS for the current year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 1st will be issued a dividend of $0.94 per share. The ex-dividend date is Tuesday, September 1st. This represents a $3.76 annualized dividend and a dividend yield of 0.4%. This is an increase from McKesson’s previous quarterly dividend of $0.82. McKesson’s dividend payout ratio is presently 8.78%.

Insiders Place Their Bets

In related news, CEO Brian S. Tyler sold 8,463 shares of McKesson stock in a transaction on 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 sale, the chief executive officer owned 5,919 shares of the company’s stock, valued at approximately $4,697,081.64. This trade represents a 58.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Napoleon B. Rutledge, Jr. sold 133 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $764.00, for a total value of $101,612.00. Following the completion of the transaction, the chief accounting officer owned 632 shares in the company, valued at $482,848. This trade represents a 17.39% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 29,049 shares of company stock valued at $22,530,626 in the last three months. Company insiders own 0.06% 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.