Connor Clark & Lunn Investment Management Ltd. Makes New Investment in McKesson Corporation $MCK

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of McKesson Corporation (NYSE:MCK) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 52,972 shares of the company’s stock, valued at approximately $40,026,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Meiji Yasuda Asset Management Co Ltd. raised its holdings in shares of McKesson by 0.5% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,262 shares of the company’s stock worth $1,855,000 after acquiring an additional 11 shares in the last quarter. Investment Research Partners LLC grew its stake in McKesson by 0.7% in the fourth quarter. Investment Research Partners LLC now owns 1,624 shares of the company’s stock valued at $1,332,000 after purchasing an additional 11 shares in the last quarter. IHT Wealth Management LLC grew its stake in McKesson by 0.9% in the fourth quarter. IHT Wealth Management LLC now owns 1,196 shares of the company’s stock valued at $981,000 after purchasing an additional 11 shares in the last quarter. LRI Investments LLC increased its position in McKesson by 12.1% in the 4th quarter. LRI Investments LLC now owns 111 shares of the company’s stock worth $91,000 after purchasing an additional 12 shares during the last quarter. Finally, Macroview Investment Management LLC increased its position in McKesson by 3.9% in the 4th quarter. Macroview Investment Management LLC now owns 322 shares of the company’s stock worth $264,000 after purchasing an additional 12 shares during the last quarter. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at McKesson

In other news, CAO Napoleon B. Rutledge, Jr. sold 133 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $764.00, for a total value of $101,612.00. Following the completion of the transaction, the chief accounting officer owned 632 shares in the company, valued at approximately $482,848. This represents a 17.39% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bradley E. Lerman sold 301 shares of the firm’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $892.33, for a total transaction of $268,591.33. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 23,111 shares of company stock worth $18,011,274. 0.06% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MCK. Citigroup lifted their price target on McKesson from $945.00 to $1,000.00 and gave the company a “buy” rating in a report on Friday, July 24th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $875.00 price objective on shares of McKesson in a research report on Friday, May 8th. Wells Fargo & Company lifted their target price on shares of McKesson from $812.00 to $933.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 11th. Evercore reissued an “outperform” rating on shares of McKesson in a research report on Thursday, August 6th. Finally, JPMorgan Chase & Co. dropped 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 note on Friday, May 8th. Fourteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $973.44.

McKesson Stock Up 1.8%

NYSE:MCK opened at $874.20 on Tuesday. The company’s 50 day moving average is $822.86 and its 200-day moving average is $844.00. McKesson Corporation has a 12 month low of $673.38 and a 12 month high of $999.00. The firm has a market cap of $101.92 billion, a price-to-earnings ratio of 23.39, a P/E/G ratio of 1.69 and a beta of 0.30.

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

McKesson Increases Dividend

The business also recently declared 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 is Tuesday, September 1st. This represents a $3.76 annualized dividend and a yield of 0.4%. This is a positive change from McKesson’s previous quarterly dividend of $0.82. McKesson’s dividend payout ratio (DPR) 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.