New York Life Investment Management LLC trimmed its position in McKesson Corporation (NYSE:MCK – Free Report) by 3.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 17,359 shares of the company’s stock after selling 600 shares during the period. New York Life Investment Management LLC’s holdings in McKesson were worth $14,821,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in McKesson during the 2nd quarter worth $8,156,743,000. Bank of America Corp DE lifted its stake in shares of McKesson by 2.4% in the 1st quarter. Bank of America Corp DE now owns 1,538,726 shares of the company’s stock worth $1,331,552,000 after acquiring an additional 35,916 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of McKesson by 3.3% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 922,573 shares of the company’s stock valued at $697,096,000 after acquiring an additional 29,747 shares in the last quarter. Legal & General Group Plc purchased a new stake in shares of McKesson in the second quarter valued at about $656,566,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of McKesson during the second quarter worth about $651,462,000. 85.07% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity
In other news, EVP Francisco Fraga sold 800 shares of McKesson stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $995.80, for a total transaction of $796,640.00. Following the completion of the sale, the executive vice president directly owned 5,423 shares in the company, valued at approximately $5,400,223.40. This trade represents a 12.86% decrease in their position. The transaction was disclosed in a legal filing 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 111 shares of McKesson stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $891.45, for a total transaction of $98,950.95. Following the sale, the chief accounting officer owned 521 shares of the company’s stock, valued at approximately $464,445.45. The trade was a 17.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 2,161 shares of company stock worth $2,242,515 over the last 90 days. 0.06% of the stock is currently owned by company insiders.
Analyst Ratings Changes
MCK has been the subject of several analyst reports. Mizuho increased their price target on shares of McKesson from $905.00 to $1,020.00 and gave the stock a “neutral” rating in a report on Tuesday, October 20th. Citigroup lifted their price objective on McKesson from $945.00 to $1,000.00 and gave the company a “buy” rating in a report on Friday, July 24th. UBS Group boosted their target price on McKesson from $1,200.00 to $1,250.00 and gave the stock a “buy” rating in a research report on Thursday, November 5th. Barclays increased their target price on McKesson from $925.00 to $1,000.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 19th. Finally, Argus raised their price target on McKesson from $850.00 to $970.00 and gave the company a “buy” rating in a report on Thursday, September 3rd. Fifteen 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 company presently has a consensus rating of “Moderate Buy” and an average target price of $1,040.29.
View Our Latest Stock Report on MCK
Key Stories Impacting McKesson
Here are a few of the latest stories about MCK:
- 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: Zacks highlighted McKesson’s growth attributes as reasons investors may find the stock attractive. 3 Reasons Why Growth Investors Shouldn’t Overlook McKesson
- Neutral Sentiment: McKesson was a trending search on Zacks, indicating heightened investor attention, but the article listing does not identify a new business development behind that interest. Here is What to Know Beyond Why McKesson is a Trending Stock
McKesson Stock Performance
Shares of NYSE MCK opened at $1,080.76 on Thursday. The firm has a market capitalization of $124.79 billion, a P/E ratio of 27.79, a PEG ratio of 1.83 and a beta of 0.27. McKesson Corporation has a one year low of $723.68 and a one year high of $1,121.50. The company’s fifty day moving average is $948.83 and its two-hundred day moving average is $871.94.
McKesson (NYSE:MCK – Get Free Report) last announced its quarterly earnings results on Wednesday, November 4th. The company reported $11.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.72 by $0.96. The business had revenue of $110.96 billion during the quarter, compared to the consensus estimate of $109.90 billion. McKesson had a net margin of 1.12% and a negative return on equity of 202.94%. The business’s revenue was up 7.5% compared to the same quarter last year. During the same quarter last year, the firm posted $9.86 EPS. On average, sell-side analysts forecast that McKesson Corporation will post 46.16 earnings per share for the current fiscal year.
McKesson Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, January 4th. Shareholders of record on Tuesday, December 1st will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 0.3%. The ex-dividend date is Tuesday, December 1st. McKesson’s dividend payout ratio is presently 9.67%.
About McKesson
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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