Walter Public Investments Inc. trimmed its holdings in shares of McKesson Corporation (NYSE:MCK – Free Report) by 25.1% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 8,633 shares of the company’s stock after selling 2,900 shares during the period. McKesson comprises 1.8% of Walter Public Investments Inc.’s holdings, making the stock its 24th largest holding. Walter Public Investments Inc.’s holdings in McKesson were worth $7,371,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Rosenberg Matthew Hamilton raised its stake in McKesson by 2.8% in the third quarter. Rosenberg Matthew Hamilton now owns 406 shares of the company’s stock valued at $347,000 after buying an additional 11 shares during the last quarter. Avail Investment Partners LLC boosted its holdings in McKesson by 1.7% in the third quarter. Avail Investment Partners LLC now owns 662 shares of the company’s stock worth $566,000 after acquiring an additional 11 shares in the last quarter. Commonwealth Financial Services LLC grew its stake in shares of McKesson by 3.8% during the third quarter. Commonwealth Financial Services LLC now owns 304 shares of the company’s stock worth $260,000 after acquiring an additional 11 shares during the last quarter. WealthPLAN Partners LLC grew its stake in shares of McKesson by 0.4% during the third quarter. WealthPLAN Partners LLC now owns 3,190 shares of the company’s stock worth $2,724,000 after acquiring an additional 12 shares during the last quarter. Finally, Arista Wealth Management LLC grew its stake in shares of McKesson by 1.0% during the second quarter. Arista Wealth Management LLC now owns 1,446 shares of the company’s stock worth $1,093,000 after acquiring an additional 14 shares during the last quarter. 85.07% of the stock is owned by institutional investors and hedge funds.
Recent McKesson Headlines
These are some of the MCK headlines that stood out recently:
- Positive Sentiment: Coverage links McKesson’s new highs to pharmaceutical and GLP-1 sales, alongside institutional investor support. This points to sustained demand for the company’s distribution business. Sales of Pharmaceuticals, GLP-1s Send McKesson Shares to New Highs
- Positive Sentiment: JPMorgan raised its price target from $1,042 to $1,255 and reiterated an “overweight” rating, signaling a more bullish view of the shares.
- Positive Sentiment: Zacks highlighted McKesson’s growth attributes as reasons investors may find the stock attractive. 3 Reasons Why Growth Investors Shouldn’t Overlook McKesson
Analyst Upgrades and Downgrades
Several equities analysts have recently issued reports on the stock. Bank of America upped their price objective on shares of McKesson from $950.00 to $1,050.00 in a report on Thursday, August 6th. Evercore reiterated an “outperform” rating and issued a $950.00 target price (down from $1,000.00) on shares of McKesson in a research note on Thursday, August 6th. Wells Fargo & Company boosted their target price on shares of McKesson from $812.00 to $933.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 11th. JPMorgan Chase & Co. upped their price target on shares of McKesson from $1,042.00 to $1,255.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, TD Cowen raised their price target on shares of McKesson from $1,006.00 to $1,200.00 and gave the stock a “buy” rating in a report on Thursday, November 5th. Fifteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $1,040.29.
Read Our Latest Report on McKesson
McKesson Stock Performance
Shares of MCK opened at $1,080.76 on Thursday. The stock has a 50-day moving average of $948.83 and a two-hundred day moving average of $871.94. McKesson Corporation has a one year low of $723.68 and a one year high of $1,121.50. The stock has a market cap of $124.79 billion, a P/E ratio of 27.79, a P/E/G ratio of 1.83 and a beta of 0.27.
McKesson (NYSE:MCK – Get Free Report) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $11.68 earnings per share for the quarter, beating the consensus estimate of $10.72 by $0.96. The business had revenue of $110.96 billion for the quarter, compared to the consensus estimate of $109.90 billion. McKesson had a negative return on equity of 202.94% and a net margin of 1.12%. The company’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $9.86 EPS. Analysts predict that McKesson Corporation will post 46.16 EPS for the current fiscal year.
McKesson Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, January 4th. Investors of record on Tuesday, December 1st will be issued a dividend of $0.94 per share. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $3.76 dividend on an annualized basis and a dividend yield of 0.3%. McKesson’s payout ratio is 9.67%.
Insider Transactions at McKesson
In related news, EVP Francisco Fraga sold 650 shares of the stock in a transaction that occurred on Thursday, November 5th. The shares were sold at an average price of $1,102.96, for a total value of $716,924.00. Following the transaction, the executive vice president owned 4,414 shares in the company, valued at approximately $4,868,465.44. This represents a 12.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Napoleon B. Rutledge, Jr. sold 111 shares of the firm’s stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $891.45, for a total transaction of $98,950.95. Following the transaction, the chief accounting officer directly owned 521 shares of the company’s stock, valued at $464,445.45. This represents a 17.56% decrease in their ownership of the stock. 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. Insiders have sold 2,161 shares of company stock valued at $2,242,515 in the last ninety days. Corporate insiders own 0.06% of the company’s stock.
McKesson Company Profile
McKesson Corporation is a healthcare services and information technology company that distributes pharmaceuticals and other medical products. Its customers include pharmacies, hospitals, health systems, clinics and other healthcare providers. The company also provides medical-surgical supplies and technology and services that support pharmacy operations, prescription management and care delivery. Its offerings include specialized support for oncology and other areas of care. Founded in 1833, McKesson serves customers primarily in the United States and Canada.
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