McKesson Corporation $MCK Holdings Cut by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. lowered its stake in shares of McKesson Corporation (NYSE:MCK) by 4.7% in the first quarter, HoldingsChannel reports. The institutional investor owned 46,970 shares of the company’s stock after selling 2,338 shares during the period. Resona Asset Management Co. Ltd.’s holdings in McKesson were worth $40,609,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank bought a new position in shares of McKesson during the 4th quarter valued at $1,651,137,000. Swedbank AB lifted its stake in shares of McKesson by 42.2% in the 4th quarter. Swedbank AB now owns 886,283 shares of the company’s stock valued at $727,009,000 after purchasing an additional 263,189 shares during the last quarter. SurgoCap Partners LP boosted its holdings in McKesson by 68.7% in the third quarter. SurgoCap Partners LP now owns 452,261 shares of the company’s stock worth $349,390,000 after purchasing an additional 184,106 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in McKesson by 73.7% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 432,578 shares of the company’s stock worth $354,839,000 after purchasing an additional 183,590 shares in the last quarter. Finally, Danica Pension Livsforsikringsaktieselskab acquired a new position in McKesson during the third quarter worth $135,352,000. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

McKesson Trading Up 1.3%

Shares of McKesson stock opened at $817.78 on Thursday. McKesson Corporation has a 1 year low of $637.00 and a 1 year high of $999.00. The company’s fifty day simple moving average is $767.54 and its 200-day simple moving average is $838.96. The company has a market cap of $95.75 billion, a price-to-earnings ratio of 21.26, a PEG ratio of 1.33 and a beta of 0.31.

McKesson (NYSE:MCK) last released its earnings results on Thursday, May 7th. The company reported $11.69 EPS for the quarter, beating the consensus estimate 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 period in the prior year, the company earned $10.12 EPS. The business’s quarterly revenue was up 6.0% compared to the same quarter last year. McKesson has set its FY 2027 guidance at 43.800-44.600 EPS. As a group, research analysts forecast that McKesson Corporation will post 44.28 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 1st were paid a $0.82 dividend. This represents a $3.28 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Monday, June 1st. McKesson’s dividend payout ratio (DPR) is presently 8.53%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Wells Fargo & Company reduced their price target on McKesson from $925.00 to $812.00 and set an “equal weight” rating for the company in a research report on Tuesday, May 12th. Weiss Ratings lowered McKesson from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday. JPMorgan Chase & Co. cut their price objective on McKesson from $1,107.00 to $1,015.00 and set an “overweight” rating on the stock in a research note on Friday, May 8th. Bank of America reduced their target price on McKesson from $1,040.00 to $1,000.00 and set a “buy” rating for the company in a report on Monday, April 6th. Finally, William Blair started coverage on McKesson in a research report on Tuesday, April 28th. They set an “outperform” rating for the company. Fourteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $960.53.

Insider Activity at McKesson

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 133 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $764.00, for a total value of $101,612.00. Following the completion of the transaction, the chief accounting officer owned 632 shares of the company’s stock, valued at $482,848. This represents a 17.39% decrease in their position. The transaction was disclosed in a legal 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 Michele Lau sold 3,550 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $761.09, for a total value of $2,701,869.50. Following the completion of the sale, the executive vice president owned 3,247 shares of the company’s stock, valued at $2,471,259.23. This represents a 52.23% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 28,748 shares of company stock worth $22,262,035 in the last three months. Corporate insiders own 0.06% of the company’s stock.

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.