Fifth Third Bancorp Buys 40,054 Shares of McKesson Corporation $MCK

Fifth Third Bancorp grew its stake in shares of McKesson Corporation (NYSE:MCK) by 472.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 48,529 shares of the company’s stock after buying an additional 40,054 shares during the quarter. Fifth Third Bancorp’s holdings in McKesson were worth $41,995,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Sovran Advisors LLC lifted its holdings in shares of McKesson by 8.6% during the 1st quarter. Sovran Advisors LLC now owns 342 shares of the company’s stock worth $279,000 after acquiring an additional 27 shares during the last quarter. WealthShield Partners LLC bought a new position in McKesson in the first quarter valued at $376,000. Simplicity Wealth LLC increased its stake in McKesson by 20.3% in the first quarter. Simplicity Wealth LLC now owns 563 shares of the company’s stock valued at $487,000 after acquiring an additional 95 shares during the last quarter. Candriam S.C.A. raised its position in McKesson by 16.7% during the first quarter. Candriam S.C.A. now owns 239,664 shares of the company’s stock valued at $207,396,000 after purchasing an additional 34,370 shares in the last quarter. Finally, Sequoia Financial Advisors LLC raised its position in McKesson by 1.8% during the first quarter. Sequoia Financial Advisors LLC now owns 9,710 shares of the company’s stock valued at $8,402,000 after purchasing an additional 168 shares in the last quarter. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on MCK shares. Wall Street Zen lowered McKesson from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Bank of America decreased their price objective on McKesson from $1,040.00 to $1,000.00 and set a “buy” rating on the stock in a report on Monday, April 6th. UBS Group boosted their target price on McKesson from $1,000.00 to $1,050.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $875.00 target price on shares of McKesson in a research note on Friday, May 8th. Finally, JPMorgan Chase & Co. reduced their price target on shares of McKesson from $1,107.00 to $1,015.00 and set an “overweight” rating on the stock in a research report on Friday, May 8th. Fourteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $960.53.

McKesson Stock Down 0.1%

McKesson stock opened at $805.31 on Monday. The firm has a fifty day simple moving average of $766.35 and a two-hundred day simple moving average of $838.68. McKesson Corporation has a twelve month low of $637.00 and a twelve month high of $999.00. The company has a market capitalization of $94.29 billion, a PE ratio of 20.93, a P/E/G ratio of 1.33 and a beta of 0.31.

McKesson (NYSE:MCK) last announced its quarterly earnings data on Thursday, May 7th. The company reported $11.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $11.56 by $0.13. The firm had revenue of $96.30 billion for the quarter, compared to analysts’ expectations of $101.35 billion. McKesson had a negative return on equity of 345.35% and a net margin of 1.18%.The company’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period last year, the firm earned $10.12 earnings per share. McKesson has set its FY 2027 guidance at 43.800-44.600 EPS. As a group, equities analysts expect that McKesson Corporation will post 44.28 earnings per share for the current fiscal year.

McKesson Dividend Announcement

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

Insider Buying and Selling

In other McKesson news, EVP Thomas L. Rodgers sold 2,388 shares of McKesson 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 $1,817,482.92. Following the transaction, the executive vice president directly owned 3,090 shares of the company’s stock, valued at $2,351,768.10. The trade was a 43.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Michele Lau sold 3,550 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The shares were 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. The trade was 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 28,748 shares of company stock valued at $22,262,035 in the last 90 days. 0.06% of the stock is owned by insiders.

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.