868,933 Shares in McKesson Corporation $MCK Purchased by Legal & General Group Plc

Legal & General Group Plc acquired a new stake in McKesson Corporation (NYSE:MCK) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 868,933 shares of the company’s stock, valued at approximately $656,566,000. Legal & General Group Plc owned about 0.75% of McKesson at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its stake in shares of McKesson by 46.3% during the 4th quarter. Brighton Jones LLC now owns 2,523 shares of the company’s stock worth $1,438,000 after purchasing an additional 798 shares in the last quarter. Caxton Associates LLP purchased a new stake in McKesson in the 1st quarter valued at approximately $233,000. Sivia Capital Partners LLC grew its holdings in McKesson by 77.9% during the 2nd quarter. Sivia Capital Partners LLC now owns 685 shares of the company’s stock valued at $502,000 after buying an additional 300 shares during the last quarter. Treasurer of the State of North Carolina grew its holdings in McKesson by 0.9% during the 2nd quarter. Treasurer of the State of North Carolina now owns 58,623 shares of the company’s stock valued at $42,958,000 after buying an additional 508 shares during the last quarter. Finally, Osterweis Capital Management Inc. purchased a new position in McKesson during the second quarter worth $166,000. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on MCK. Wells Fargo & Company boosted their price target on McKesson from $812.00 to $933.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 11th. UBS Group increased their price objective on McKesson from $1,050.00 to $1,080.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Royal Bank Of Canada assumed coverage on McKesson in a research report on Wednesday, August 19th. They set a “sector perform” rating and a $845.00 price objective for the company. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $875.00 target price on shares of McKesson in a research note on Friday, May 8th. Finally, William Blair initiated coverage on shares of McKesson in a report on Tuesday, April 28th. They issued an “outperform” rating on the stock. Fourteen investment 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 an average rating of “Moderate Buy” and a consensus price target of $973.44.

Insiders Place Their Bets

In other news, CAO Napoleon B. Rutledge, Jr. sold 133 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $764.00, for a total transaction of $101,612.00. Following the transaction, the chief accounting officer directly owned 632 shares in the company, valued at $482,848. This represents a 17.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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 that occurred on Tuesday, July 7th. The stock was sold at an average price of $793.56, for a total transaction of $6,715,898.28. Following the completion of the sale, the chief executive officer directly owned 5,919 shares in the company, valued at $4,697,081.64. This represents a 58.84% decrease in their ownership of the stock. 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 23,111 shares of company stock worth $18,011,274 over the last 90 days. Corporate insiders own 0.06% of the company’s stock.

McKesson Stock Performance

Shares of MCK opened at $874.20 on Tuesday. McKesson Corporation has a fifty-two week low of $673.38 and a fifty-two week high of $999.00. The company has a market capitalization of $101.92 billion, a PE ratio of 23.39, a price-to-earnings-growth ratio of 1.69 and a beta of 0.30. The stock has a fifty day moving average of $822.86 and a two-hundred day moving average of $844.00.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $9.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.56 by $0.37. The business had revenue of $105.38 billion for the quarter, compared to analysts’ expectations of $103.88 billion. McKesson had a negative return on equity of 253.21% and a net margin of 1.12%.The business’s revenue was up 7.7% on a year-over-year basis. During the same quarter last year, the firm earned $8.26 earnings per share. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. As a group, equities research analysts forecast that McKesson Corporation will post 44.65 earnings per share for the current fiscal year.

McKesson Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 1st will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Tuesday, September 1st. This is a positive change from McKesson’s previous quarterly dividend of $0.82. McKesson’s dividend payout ratio is 8.78%.

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.