Old North State Trust LLC Makes New Investment in McKesson Corporation $MCK

Old North State Trust LLC bought a new position in McKesson Corporation (NYSE:MCK) in the second quarter, Holdings Channel reports. The institutional investor bought 997 shares of the company’s stock, valued at approximately $753,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. University of Texas Texas AM Investment Management Co. purchased a new position in McKesson during the fourth quarter worth about $25,000. Swiss RE Ltd. acquired a new stake in shares of McKesson during the 4th quarter worth approximately $26,000. Delos Wealth Advisors LLC purchased a new stake in shares of McKesson during the 2nd quarter valued at approximately $27,000. State of Wyoming purchased a new stake in shares of McKesson during the 2nd quarter valued at approximately $29,000. Finally, Kingdom Financial Group LLC. acquired a new position in McKesson in the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

McKesson Price Performance

Shares of NYSE MCK opened at $890.20 on Friday. The company has a market cap of $103.79 billion, a price-to-earnings ratio of 23.82, a price-to-earnings-growth ratio of 1.76 and a beta of 0.30. The stock’s 50-day moving average is $830.40 and its two-hundred day moving average is $843.76. McKesson Corporation has a 1-year low of $677.28 and a 1-year high of $999.00.

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

McKesson Increases Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Evercore reissued an “outperform” rating on shares of McKesson in a research note on Thursday, August 6th. Weiss Ratings lowered shares of McKesson from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, July 7th. Royal Bank Of Canada started coverage on shares of McKesson in a research note on Wednesday, August 19th. They set a “sector perform” rating and a $845.00 target price for the company. Robert W. Baird set a $1,015.00 price objective on shares of McKesson in a report on Thursday, August 6th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $875.00 price target on shares of McKesson in a research report on Friday, May 8th. Fourteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $973.44.

Insider Activity

In other news, Director Bradley E. Lerman sold 301 shares of McKesson stock in a transaction on Monday, August 10th. The shares were sold at an average price of $892.33, for a total transaction of $268,591.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 133 shares of the business’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $764.00, for a total transaction of $101,612.00. Following the transaction, the chief accounting officer owned 632 shares of the company’s stock, valued at approximately $482,848. The trade was a 17.39% 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. Insiders have sold a total of 23,111 shares of company stock valued at $18,011,274 over the last quarter. Company 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.