Te Ahumairangi Investment Management Ltd Buys New Position in McKesson Corporation $MCK

Te Ahumairangi Investment Management Ltd purchased a new position in shares of McKesson Corporation (NYSE:MCK) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 7,066 shares of the company’s stock, valued at approximately $5,339,000.

Other institutional investors also recently bought and sold shares of the company. Horizon Investments LLC lifted its holdings in shares of McKesson by 125.4% in the 4th 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 lifted its holdings in McKesson by 62.9% in the fourth quarter. Concurrent Investment Advisors LLC now owns 3,158 shares of the company’s stock valued at $2,590,000 after acquiring an additional 1,219 shares during the period. Walter Public Investments Inc. acquired a new position in McKesson in the fourth quarter valued at approximately $6,538,000. Artemis Investment Management LLP boosted its position in McKesson by 149.9% in the 4th quarter. Artemis Investment Management LLP now owns 11,671 shares of the company’s stock worth $9,574,000 after purchasing an additional 7,000 shares in the last quarter. Finally, One Wealth Advisors LLC acquired a new stake in shares of McKesson during the 2nd quarter worth approximately $1,494,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MCK has been the subject of several analyst reports. Royal Bank Of Canada initiated coverage on shares of McKesson in a research note on Wednesday. They issued a “sector perform” rating and a $845.00 target price for the company. JPMorgan Chase & Co. cut their price objective on shares of McKesson from $1,107.00 to $1,015.00 and set an “overweight” rating for the company in a report on Friday, May 8th. TD Cowen upped their price objective on shares of McKesson from $989.00 to $1,006.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Wells Fargo & Company increased their target price on shares of McKesson from $812.00 to $933.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 11th. Finally, Citigroup lifted their price target on McKesson from $945.00 to $1,000.00 and gave the company 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 issued a Hold rating to the stock. According to MarketBeat.com, McKesson presently has a consensus rating of “Moderate Buy” and an average target price of $973.44.

McKesson Stock Up 0.4%

Shares of NYSE MCK opened at $862.27 on Monday. The firm has a market cap of $100.53 billion, a price-to-earnings ratio of 23.07, a price-to-earnings-growth ratio of 1.69 and a beta of 0.30. The company’s 50-day simple moving average is $820.97 and its 200-day simple moving average is $843.84. 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. McKesson had a net margin of 1.12% and a negative return on equity of 253.21%. The firm had revenue of $105.38 billion during the quarter, compared to the consensus estimate of $103.88 billion. During the same quarter in the prior year, the firm earned $8.26 EPS. The company’s revenue for the quarter was up 7.7% on a year-over-year basis. 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. Stockholders of record on Tuesday, September 1st will be issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Tuesday, September 1st. This is an increase from McKesson’s previous quarterly dividend of $0.82. McKesson’s dividend payout ratio (DPR) is presently 10.06%.

Insider Transactions at McKesson

In other news, EVP Thomas L. Rodgers sold 699 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $735.27, for a total value of $513,953.73. Following the completion of the sale, the executive vice president directly owned 2,268 shares of the company’s stock, valued at approximately $1,667,592.36. This represents a 23.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Brian S. Tyler sold 8,463 shares of the firm’s stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $793.56, for a total value of $6,715,898.28. Following the completion of the transaction, the chief executive officer owned 5,919 shares of the company’s stock, valued at approximately $4,697,081.64. This represents a 58.84% 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. Over the last quarter, insiders sold 29,049 shares of company stock worth $22,530,626. Insiders own 0.06% of the company’s stock.

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.