Maloon Powers Pitre Higgins & Dennehy LLC Invests $455,000 in McKesson Corporation $MCK

Maloon Powers Pitre Higgins & Dennehy LLC bought a new position in shares of McKesson Corporation (NYSE:MCK) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 602 shares of the company’s stock, valued at approximately $455,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of McKesson during the 2nd quarter valued at about $8,156,743,000. Norges Bank acquired a new position in shares of McKesson in the 4th quarter valued at about $1,651,137,000. Bank of America Corp DE purchased a new stake in shares of McKesson in the second quarter worth about $998,896,000. Legal & General Group Plc purchased a new stake in shares of McKesson in the second quarter worth about $656,566,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in McKesson during the second quarter worth about $651,462,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

McKesson Stock Performance

NYSE MCK opened at $907.35 on Friday. The business has a fifty day moving average price of $848.13 and a 200 day moving average price of $843.09. The company has a market cap of $105.79 billion, a P/E ratio of 24.28, a P/E/G ratio of 1.83 and a beta of 0.30. McKesson Corporation has a one year low of $682.35 and a one year high of $999.00.

McKesson (NYSE:MCK) last announced its earnings results on Wednesday, August 5th. The company reported $9.93 earnings per share (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 company had revenue of $105.38 billion for the quarter, compared to analysts’ expectations of $103.88 billion. During the same quarter in the previous year, the company posted $8.26 EPS. The firm’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. As a group, sell-side analysts predict that McKesson Corporation will post 44.65 EPS for the current fiscal year.

McKesson Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 1st will be given a dividend of $0.94 per share. The ex-dividend date is Tuesday, September 1st. This is a boost from McKesson’s previous quarterly dividend of $0.82. This represents a $3.76 dividend on an annualized basis and a yield of 0.4%. McKesson’s dividend payout ratio (DPR) is presently 10.06%.

Analyst Ratings Changes

Several brokerages recently weighed in on MCK. Evercore reiterated an “outperform” rating on shares of McKesson in a research report on Thursday, August 6th. Royal Bank Of Canada initiated coverage on McKesson in a research report on Wednesday, August 19th. They issued a “sector perform” rating and a $845.00 price objective on the stock. JPMorgan Chase & Co. cut their target price on shares of McKesson from $1,107.00 to $1,015.00 and set an “overweight” rating for the company in a report on Friday, May 8th. Barclays boosted their target price on shares of McKesson from $925.00 to $1,000.00 and gave the company an “overweight” rating in a research note on Wednesday, August 19th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $875.00 price target on shares of McKesson in a report on Friday, May 8th. Fourteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $973.44.

Insider Activity

In other McKesson news, CEO Brian S. Tyler sold 8,463 shares of the firm’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $793.56, for a total value of $6,715,898.28. Following the transaction, the chief executive officer directly owned 5,919 shares of the company’s stock, valued at $4,697,081.64. This trade represents a 58.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bradley E. Lerman sold 301 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $892.33, for a total value of $268,591.33. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 22,156 shares of company stock valued at $17,305,242. 0.06% of the stock is owned by corporate insiders.

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.