Wealthfront Advisers LLC Makes New Investment in McKesson Corporation $MCK

Wealthfront Advisers LLC 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 Securities and Exchange Commission (SEC). The institutional investor bought 26,734 shares of the company’s stock, valued at approximately $20,200,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of McKesson by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 12,104,719 shares of the company’s stock worth $9,929,380,000 after purchasing an additional 73,109 shares in the last quarter. BlackRock Inc. acquired a new position in McKesson in the 2nd quarter valued at $8,156,743,000. State Street Corp lifted its holdings in McKesson by 0.5% in the 4th quarter. State Street Corp now owns 5,780,179 shares of the company’s stock valued at $4,746,118,000 after purchasing an additional 29,660 shares in the last quarter. Geode Capital Management LLC lifted its holdings in McKesson by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 2,857,344 shares of the company’s stock valued at $2,333,520,000 after purchasing an additional 25,082 shares in the last quarter. Finally, Franklin Resources Inc. boosted its stake in McKesson by 5.4% during the 4th quarter. Franklin Resources Inc. now owns 2,825,954 shares of the company’s stock worth $2,318,102,000 after purchasing an additional 144,633 shares during the last quarter. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Stock Up 1.1%

Shares of MCK opened at $869.73 on Wednesday. McKesson Corporation has a 52-week low of $667.50 and a 52-week high of $999.00. The company has a market capitalization of $101.40 billion, a PE ratio of 23.27, a price-to-earnings-growth ratio of 1.71 and a beta of 0.30. The stock has a fifty day simple moving average of $817.06 and a two-hundred day simple moving average of $843.43.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $9.93 EPS for the quarter, topping 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 business had revenue of $105.38 billion for the quarter, compared to analyst estimates of $103.88 billion. During the same quarter in the previous year, the firm earned $8.26 EPS. The company’s quarterly 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. As a group, equities analysts anticipate that McKesson Corporation will post 44.65 earnings per share for the current fiscal year.

McKesson Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.94 per share. 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 a boost from McKesson’s previous quarterly dividend of $0.82. McKesson’s dividend payout ratio is presently 8.78%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on MCK shares. Morgan Stanley reaffirmed an “overweight” rating on shares of McKesson in a report on Friday, August 7th. UBS Group raised their price target on shares of McKesson from $1,050.00 to $1,080.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Robert W. Baird set a $1,015.00 price target on shares of McKesson in a research report on Thursday, August 6th. Royal Bank Of Canada initiated coverage on shares of McKesson in a research note on Wednesday. They set a “sector perform” rating for the company. Finally, Wells Fargo & Company increased their price objective on shares of McKesson from $812.00 to $933.00 and gave the company an “equal weight” rating in a report on Tuesday, August 11th. Fourteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $977.00.

Insider Activity

In related news, EVP Michele Lau sold 3,550 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $761.09, for a total value of $2,701,869.50. Following the transaction, the executive vice president directly owned 3,247 shares in the company, valued at approximately $2,471,259.23. This represents a 52.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through 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 stock in a transaction that occurred on Tuesday, July 7th. The stock was 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 $4,697,081.64. The trade was a 58.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 29,049 shares of company stock worth $22,530,626. 0.06% of the stock is owned by company insiders.

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.