McKesson Corporation $MCK Position Reduced by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. trimmed its position in McKesson Corporation (NYSE:MCK) by 4.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm 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 recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in McKesson by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 12,104,719 shares of the company’s stock worth $9,929,380,000 after acquiring an additional 73,109 shares in the last quarter. State Street Corp boosted its position in shares of McKesson by 0.5% during the 4th quarter. State Street Corp now owns 5,780,179 shares of the company’s stock valued at $4,746,118,000 after purchasing an additional 29,660 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of McKesson by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 2,857,344 shares of the company’s stock worth $2,333,520,000 after purchasing an additional 25,082 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of McKesson by 5.4% in the 4th quarter. Franklin Resources Inc. now owns 2,825,954 shares of the company’s stock worth $2,318,102,000 after purchasing an additional 144,633 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its stake in McKesson by 5.6% during the third quarter. Alliancebernstein L.P. now owns 2,394,699 shares of the company’s stock valued at $1,850,001,000 after purchasing an additional 126,684 shares during the last quarter. 85.07% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MCK. UBS Group raised their target price on shares of McKesson from $1,000.00 to $1,050.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Wall Street Zen cut McKesson from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. William Blair started coverage on McKesson in a research report on Tuesday, April 28th. They set an “outperform” rating for the company. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $875.00 price objective on shares of McKesson in a research note on Friday, May 8th. Finally, Barclays cut their target price on McKesson from $1,050.00 to $925.00 and set an “overweight” rating on the stock in a research report on Wednesday, June 10th. Fourteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $960.53.

Insiders Place Their Bets

In related news, EVP Thomas L. Rodgers sold 699 shares of the company’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $735.27, for a total transaction of $513,953.73. Following the transaction, the executive vice president directly owned 2,268 shares of the company’s stock, valued at approximately $1,667,592.36. The trade was a 23.56% decrease in their ownership of the stock. The transaction was disclosed in a 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, EVP Michele Lau sold 3,550 shares of the stock in a transaction dated 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 directly owned 3,247 shares of the company’s stock, valued at approximately $2,471,259.23. This represents a 52.23% 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. In the last ninety days, insiders sold 28,748 shares of company stock worth $22,262,035. 0.06% of the stock is currently owned by corporate insiders.

McKesson Price Performance

McKesson stock opened at $817.78 on Thursday. McKesson Corporation has a fifty-two week low of $637.00 and a fifty-two week high of $999.00. The firm’s 50 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 P/E ratio of 21.26, a price-to-earnings-growth ratio of 1.33 and a beta of 0.31.

McKesson (NYSE:MCK) last issued its quarterly 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 business had revenue of $96.30 billion during the quarter, compared to the consensus estimate of $101.35 billion. During the same quarter in the prior year, the firm earned $10.12 EPS. The firm’s quarterly revenue was up 6.0% on a year-over-year basis. McKesson has set its FY 2027 guidance at 43.800-44.600 EPS. On average, analysts expect that McKesson Corporation will post 44.28 EPS for the current fiscal year.

McKesson Announces Dividend

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

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.