The Manufacturers Life Insurance Company Acquires New Position in McKesson Corporation $MCK

The Manufacturers Life Insurance Company acquired a new stake in McKesson Corporation (NYSE:MCK) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 862,182 shares of the company’s stock, valued at approximately $651,462,000.

A number of other institutional investors have also bought and sold shares of the business. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of McKesson in the fourth quarter valued at approximately $25,000. Swiss RE Ltd. acquired a new stake in shares of McKesson in the fourth quarter valued at approximately $26,000. State of Wyoming purchased a new position in McKesson during the second quarter worth approximately $29,000. Kingdom Financial Group LLC. acquired a new position in McKesson during the fourth quarter worth $33,000. Finally, Birchwood Financial Partners Inc. purchased a new stake in McKesson in the 4th quarter valued at $33,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

McKesson Stock Up 1.8%

NYSE:MCK opened at $874.20 on Tuesday. McKesson Corporation has a 52 week low of $673.38 and a 52 week high of $999.00. The company has a market capitalization of $101.92 billion, a P/E ratio of 23.39, a P/E/G ratio of 1.69 and a beta of 0.30. The stock’s fifty day moving average is $822.86 and its two-hundred day moving average is $844.00.

McKesson (NYSE:MCK) last released its quarterly earnings results on Wednesday, August 5th. The company reported $9.93 earnings per share for the quarter, topping analysts’ consensus estimates of $9.56 by $0.37. The business had revenue of $105.38 billion during the quarter, compared to analysts’ expectations of $103.88 billion. McKesson had a negative return on equity of 253.21% and a net margin of 1.12%.The company’s revenue was up 7.7% compared to the same quarter last year. During the same period in the prior year, the business posted $8.26 EPS. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. Sell-side analysts anticipate that McKesson Corporation will post 44.65 earnings per share for the current fiscal year.

McKesson Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 1st will be given a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This is an increase 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 is currently 8.78%.

Insider Activity at McKesson

In other McKesson news, EVP Thomas L. Rodgers sold 699 shares of McKesson stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $735.27, for a total transaction of $513,953.73. Following the completion of the sale, the executive vice president directly owned 2,268 shares in the company, valued at $1,667,592.36. This trade represents a 23.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 that occurred on Friday, June 5th. The shares were sold at an average price of $764.00, for a total transaction of $101,612.00. Following the completion of the sale, the chief accounting officer directly owned 632 shares in the company, valued at $482,848. This trade represents a 17.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 23,111 shares of company stock worth $18,011,274. 0.06% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

MCK has been the topic of several analyst reports. Barclays lifted their price target on McKesson from $925.00 to $1,000.00 and gave the stock an “overweight” rating in a report on Wednesday, August 19th. UBS Group upped their price objective on shares of McKesson from $1,050.00 to $1,080.00 and gave the company a “buy” rating in a report on Thursday, August 6th. JPMorgan Chase & Co. cut their price objective on shares of McKesson from $1,107.00 to $1,015.00 and set an “overweight” rating for the company in a research report on Friday, May 8th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $875.00 target price on shares of McKesson in a research note on Friday, May 8th. Finally, Morgan Stanley reiterated an “overweight” rating on shares of McKesson in a report on Friday, August 7th. Fourteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $973.44.

McKesson Company 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.