The Manufacturers Life Insurance Company Purchases New Position in McKesson Corporation $MCK

The Manufacturers Life Insurance Company purchased a new stake in McKesson Corporation (NYSE:MCK) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 862,182 shares of the company’s stock, valued at approximately $651,462,000. The Manufacturers Life Insurance Company owned 0.74% of McKesson at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Horizon Investments LLC grew its position in McKesson by 125.4% during the fourth quarter. Horizon Investments LLC now owns 8,679 shares of the company’s stock valued at $7,119,000 after buying an additional 4,828 shares during the period. Concurrent Investment Advisors LLC raised its position in shares of McKesson by 62.9% in the fourth quarter. Concurrent Investment Advisors LLC now owns 3,158 shares of the company’s stock worth $2,590,000 after acquiring an additional 1,219 shares during the period. Walter Public Investments Inc. acquired a new position in shares of McKesson in the fourth quarter worth about $6,538,000. One Wealth Advisors LLC purchased a new stake in shares of McKesson during the 2nd quarter worth about $1,494,000. Finally, Artemis Investment Management LLP grew its position in shares of McKesson by 149.9% during the 4th quarter. Artemis Investment Management LLP now owns 11,671 shares of the company’s stock valued at $9,574,000 after acquiring an additional 7,000 shares during the period. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Insider Transactions at McKesson

In related news, Director Bradley E. Lerman sold 301 shares of the business’s stock in a transaction that occurred on 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 can be accessed through this hyperlink. Also, CAO Napoleon B. Rutledge, Jr. sold 133 shares of the stock in a transaction on Friday, June 5th. The shares were 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 directly owned 632 shares of the company’s stock, valued at approximately $482,848. This represents a 17.39% decrease in their ownership of the stock. 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 23,111 shares of company stock worth $18,011,274. 0.06% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on MCK. Morgan Stanley restated an “overweight” rating on shares of McKesson in a research note on Friday, August 7th. Evercore reiterated an “outperform” rating on shares of McKesson in a research report on Thursday, August 6th. Robert W. Baird set a $1,015.00 price objective on McKesson in a report on Thursday, August 6th. Wall Street Zen cut McKesson from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Finally, Citigroup upped their target price on McKesson from $945.00 to $1,000.00 and gave the stock a “buy” rating in a research note on Friday, July 24th. Fourteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $973.44.

McKesson Stock Up 1.8%

Shares of NYSE MCK opened at $874.20 on Tuesday. The firm has a market cap of $101.92 billion, a price-to-earnings ratio of 23.39, a price-to-earnings-growth ratio of 1.69 and a beta of 0.30. The company’s 50-day simple moving average is $822.86 and its 200-day simple moving average is $844.00. McKesson Corporation has a 52-week low of $673.38 and a 52-week high of $999.00.

McKesson (NYSE:MCK) last released its quarterly earnings results on Wednesday, August 5th. The company reported $9.93 earnings per share for the quarter, topping the consensus estimate of $9.56 by $0.37. The firm had revenue of $105.38 billion during the quarter, compared to the consensus estimate of $103.88 billion. McKesson had a net margin of 1.12% and a negative return on equity of 253.21%. The company’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $8.26 EPS. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. Equities research analysts anticipate 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. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.94 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This is an increase from McKesson’s previous quarterly dividend of $0.82. This represents a $3.76 dividend on an annualized basis and a dividend yield of 0.4%. McKesson’s payout ratio is currently 8.78%.

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.