Royal Bank of Canada Sells 167,301 Shares of McKesson Corporation $MCK

Royal Bank of Canada lowered its holdings in shares of McKesson Corporation (NYSE:MCK) by 11.5% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,282,325 shares of the company’s stock after selling 167,301 shares during the period. Royal Bank of Canada owned about 1.07% of McKesson worth $1,109,672,000 as of its most recent filing with the SEC.

Several other large investors have also bought and sold shares of MCK. Vanguard Group Inc. boosted its stake in shares of McKesson by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 12,104,719 shares of the company’s stock valued at $9,929,380,000 after purchasing an additional 73,109 shares in the last quarter. State Street Corp boosted its position in McKesson by 0.5% in the fourth quarter. State Street Corp now owns 5,780,179 shares of the company’s stock valued at $4,746,118,000 after buying an additional 29,660 shares in the last quarter. Geode Capital Management LLC boosted its position in McKesson by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 2,857,344 shares of the company’s stock valued at $2,333,520,000 after buying an additional 25,082 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of McKesson by 5.4% during the fourth quarter. Franklin Resources Inc. now owns 2,825,954 shares of the company’s stock worth $2,318,102,000 after buying an additional 144,633 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of McKesson during the fourth quarter worth $1,651,137,000. 85.07% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Michele Lau sold 3,550 shares of McKesson stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $761.09, for a total transaction of $2,701,869.50. Following the completion of the transaction, the executive vice president owned 3,247 shares of the company’s stock, valued at $2,471,259.23. This trade represents a 52.23% decrease in their ownership of the stock. The sale was disclosed in a filing 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. Also, EVP Thomas L. Rodgers sold 2,388 shares of the business’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $761.09, for a total transaction of $1,817,482.92. Following the completion of the transaction, the executive vice president owned 3,090 shares in the company, valued at approximately $2,351,768.10. The trade was a 43.59% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Insiders sold 28,748 shares of company stock valued at $22,262,035 in the last ninety days. Insiders own 0.06% of the company’s stock.

McKesson Stock Up 4.9%

Shares of McKesson stock opened at $891.37 on Wednesday. The stock has a market cap of $104.36 billion, a price-to-earnings ratio of 23.17, a P/E/G ratio of 1.40 and a beta of 0.31. McKesson Corporation has a twelve month low of $637.00 and a twelve month high of $999.00. The company’s fifty day moving average is $784.12 and its 200 day moving average is $839.21.

McKesson (NYSE:MCK) last announced its earnings results on Thursday, May 7th. The company reported $11.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $11.56 by $0.13. McKesson had a negative return on equity of 345.35% and a net margin of 1.18%.The business had revenue of $96.30 billion during the quarter, compared to analyst estimates of $101.35 billion. During the same period last year, the company earned $10.12 EPS. McKesson’s revenue for the quarter 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, equities analysts anticipate that McKesson Corporation will post 44.28 earnings per share for the current fiscal year.

McKesson Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 1st will be paid a $0.94 dividend. 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%. The ex-dividend date of this dividend is Tuesday, September 1st. McKesson’s payout ratio is presently 8.53%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MCK. Wall Street Zen cut McKesson from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Weiss Ratings lowered McKesson from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, July 7th. TD Cowen lowered their target price on McKesson from $1,012.00 to $989.00 and set a “buy” rating for the company in a report on Tuesday, July 21st. Wells Fargo & Company dropped their target price 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. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $875.00 price target on shares of McKesson in a research note on Friday, May 8th. Fourteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $962.67.

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.