Maloon Powers Pitre Higgins & Dennehy LLC Makes New Investment in McKesson Corporation $MCK

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

Other hedge funds have also recently modified their holdings of the company. BlackRock Inc. bought a new position in McKesson in the second quarter worth approximately $8,156,743,000. State Street Corp lifted its holdings in McKesson by 0.5% during the fourth quarter. State Street Corp now owns 5,780,179 shares of the company’s stock worth $4,746,118,000 after buying an additional 29,660 shares during the period. Geode Capital Management LLC boosted its position in McKesson by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 2,857,344 shares of the company’s stock valued at $2,333,520,000 after acquiring an additional 25,082 shares in the last quarter. Franklin Resources Inc. boosted its position in McKesson by 5.4% during the 4th quarter. Franklin Resources Inc. now owns 2,825,954 shares of the company’s stock valued at $2,318,102,000 after acquiring an additional 144,633 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of McKesson in the 4th quarter valued at $1,651,137,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Insider Transactions at McKesson

In other McKesson news, Director Bradley Lerman sold 301 shares of McKesson stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $892.33, for a total transaction of $268,591.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Brian Tyler sold 8,463 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer owned 5,919 shares in the company, valued at approximately $4,697,081.64. The trade was a 58.84% 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. 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 currently owned by insiders.

McKesson Trading Down 1.5%

NYSE:MCK opened at $907.35 on Friday. McKesson Corporation has a twelve month low of $682.35 and a twelve month high of $999.00. The company has a market cap of $105.79 billion, a PE ratio of 24.28, a P/E/G ratio of 1.83 and a beta of 0.30. The company’s 50 day moving average is $848.13 and its two-hundred day moving average is $843.09.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $9.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $9.56 by $0.37. McKesson had a net margin of 1.12% and a negative return on equity of 253.21%. The business had revenue of $105.38 billion during the quarter, compared to analysts’ expectations of $103.88 billion. During the same quarter last year, the company posted $8.26 earnings per share. The business’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, analysts expect that McKesson Corporation will post 44.65 EPS for the current fiscal year.

McKesson Increases Dividend

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

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on MCK shares. TD Cowen upped their price objective on McKesson from $989.00 to $1,006.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. UBS Group lifted their target price on McKesson from $1,050.00 to $1,080.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Robert W. Baird set a $1,015.00 target price on shares of McKesson in a report on Thursday, August 6th. JPMorgan Chase & Co. decreased their price target 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. Finally, Weiss Ratings cut shares of McKesson from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, July 7th. Fourteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, McKesson currently has an average rating of “Moderate Buy” and an average price target of $973.44.

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.