Truist Financial Corp Has $54.84 Million Holdings in McKesson Corporation $MCK

Truist Financial Corp grew its holdings in McKesson Corporation (NYSE:MCK) by 2.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 74,841 shares of the company’s stock after purchasing an additional 1,811 shares during the period. Truist Financial Corp owned about 0.06% of McKesson worth $54,842,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MCK. CBIZ Investment Advisory Services LLC grew its stake in shares of McKesson by 1,366.7% in the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company’s stock valued at $30,000 after buying an additional 41 shares in the last quarter. Bank of Jackson Hole Trust grew its stake in shares of McKesson by 64.3% in the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock valued at $29,000 after buying an additional 18 shares in the last quarter. Saudi Central Bank bought a new position in shares of McKesson in the first quarter valued at $34,000. Flaharty Asset Management LLC bought a new position in shares of McKesson in the first quarter valued at $39,000. Finally, Signature Resources Capital Management LLC bought a new position in shares of McKesson in the second quarter valued at $43,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on MCK shares. Wells Fargo & Company raised their target price on shares of McKesson from $772.00 to $816.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 24th. Wall Street Zen raised shares of McKesson from a “hold” rating to a “buy” rating in a research report on Sunday. Morgan Stanley lifted their price objective on shares of McKesson from $810.00 to $857.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 24th. Bank of America lifted their price objective on shares of McKesson from $800.00 to $850.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of McKesson from $821.00 to $853.00 and gave the stock an “overweight” rating in a research report on Friday, September 26th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $829.08.

Insiders Place Their Bets

In other news, CEO Brian S. Tyler sold 11,930 shares of McKesson stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $705.63, for a total transaction of $8,418,165.90. Following the completion of the sale, the chief executive officer owned 4,012 shares of the company’s stock, valued at approximately $2,830,987.56. This trade represents a 74.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the business’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $663.67, for a total value of $218,347.43. Following the completion of the transaction, the chief accounting officer directly owned 657 shares of the company’s stock, valued at approximately $436,031.19. This trade represents a 33.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,560 shares of company stock valued at $30,438,602 in the last three months. Insiders own 0.08% of the company’s stock.

McKesson Stock Performance

MCK opened at $765.57 on Thursday. McKesson Corporation has a fifty-two week low of $480.39 and a fifty-two week high of $776.14. The company has a market capitalization of $95.22 billion, a P/E ratio of 30.52, a P/E/G ratio of 1.39 and a beta of 0.51. The stock has a fifty day moving average of $701.10 and a 200-day moving average of $701.71.

McKesson (NYSE:MCK) last posted its earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share for the quarter, missing analysts’ consensus estimates of $8.33 by ($0.07). McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The firm had revenue of $97.83 billion for the quarter, compared to analyst estimates of $95.93 billion. During the same period in the prior year, the business posted $7.88 EPS. The firm’s quarterly revenue was up 23.4% compared to the same quarter last year. On average, equities research analysts predict that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd were issued a dividend of $0.82 per share. This is an increase from McKesson’s previous quarterly dividend of $0.71. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Tuesday, September 2nd. McKesson’s payout ratio is 13.08%.

About McKesson

McKesson Corporation provides healthcare services in the United States and internationally. It operates through four segments: U.S. Pharmaceutical, Prescription Technology Solutions (RxTS), Medical-Surgical Solutions, and International. The U.S. Pharmaceutical segment distributes branded, generic, specialty, biosimilar and over-the-counter pharmaceutical drugs, and other healthcare-related products.