McKesson Corporation $MCK Shares Sold by Suncoast Equity Management

Suncoast Equity Management lessened its stake in shares of McKesson Corporation (NYSE:MCK) by 2.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 50,255 shares of the company’s stock after selling 1,130 shares during the period. McKesson accounts for approximately 4.2% of Suncoast Equity Management’s investment portfolio, making the stock its 11th biggest position. Suncoast Equity Management’s holdings in McKesson were worth $41,224,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of MCK. GGM Financials LLC acquired a new stake in McKesson in the 3rd quarter valued at about $25,000. State of Wyoming acquired a new stake in McKesson in the 2nd quarter valued at about $29,000. Hopwood Financial Services Inc. acquired a new stake in McKesson in the 3rd quarter valued at about $31,000. Vermillion & White Wealth Management Group LLC acquired a new stake in McKesson in the 3rd quarter valued at about $33,000. Finally, Board of the Pension Protection Fund purchased a new stake in shares of McKesson in the 4th quarter valued at approximately $33,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

McKesson Stock Performance

NYSE:MCK opened at $741.47 on Monday. The stock has a market capitalization of $89.12 billion, a P/E ratio of 19.27, a PEG ratio of 1.11 and a beta of 0.31. The company has a 50 day moving average price of $819.93 and a 200 day moving average price of $852.40. McKesson Corporation has a fifty-two week low of $637.00 and a fifty-two week high of $999.00.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Thursday, May 7th. The company reported $11.69 earnings per share for the quarter, topping analysts’ consensus estimates of $11.56 by $0.13. McKesson had a net margin of 1.18% and a negative return on equity of 345.35%. The firm had revenue of $96.30 billion during the quarter, compared to analysts’ expectations of $101.35 billion. During the same quarter last year, the company posted $10.12 EPS. The firm’s quarterly revenue was up 6.0% on a year-over-year basis. McKesson has set its FY 2027 guidance at 43.800-44.600 EPS. Research analysts forecast that McKesson Corporation will post 44.29 earnings per share for the current fiscal year.

McKesson Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st will be given a $0.82 dividend. This represents a $3.28 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Monday, June 1st. McKesson’s dividend payout ratio (DPR) is currently 8.53%.

Insider Activity at McKesson

In other McKesson news, EVP Michele Lau sold 3,550 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $761.09, for a total value of $2,701,869.50. Following the completion of the transaction, the executive vice president owned 3,247 shares of the company’s stock, valued at $2,471,259.23. This trade represents a 52.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Thomas L. Rodgers sold 2,388 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $761.09, for a total transaction of $1,817,482.92. Following the completion of the transaction, the executive vice president directly owned 3,090 shares of the company’s stock, valued at $2,351,768.10. This represents a 43.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 0.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MCK. Barclays increased their price target on shares of 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 began coverage on shares of McKesson in a research note on Tuesday, April 28th. They issued an “outperform” rating for the company. TD Cowen increased their price target on shares of McKesson from $1,000.00 to $1,012.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. Weiss Ratings cut shares of McKesson from a “buy (b+)” rating to a “buy (b)” rating in a research note on Monday, May 18th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $875.00 price target on shares of McKesson in a research note on Friday, May 8th. Fourteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, McKesson presently has an average rating of “Moderate Buy” and an average target price of $968.87.

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.