T. Rowe Price Investment Management Inc. Decreases Stake in McKesson Corporation $MCK

T. Rowe Price Investment Management Inc. lessened its stake in shares of McKesson Corporation (NYSE:MCK) by 60.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 637,074 shares of the company’s stock after selling 963,233 shares during the period. T. Rowe Price Investment Management Inc. owned approximately 0.52% of McKesson worth $522,586,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. GGM Financials LLC purchased a new position in shares of McKesson in the third quarter worth $25,000. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of McKesson during the fourth quarter valued at $25,000. Swiss RE Ltd. purchased a new stake in shares of McKesson during the fourth quarter valued at $26,000. State of Wyoming acquired a new position in shares of McKesson in the 2nd quarter valued at $29,000. Finally, Vermillion & White Wealth Management Group LLC acquired a new position in shares of McKesson in the 3rd quarter valued at $33,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

McKesson Price Performance

Shares of McKesson stock opened at $750.23 on Friday. The stock has a market cap of $87.84 billion, a PE ratio of 19.50, a price-to-earnings-growth ratio of 1.28 and a beta of 0.31. The firm has a fifty day moving average price of $790.35 and a 200 day moving average price of $843.06. McKesson Corporation has a 1 year low of $637.00 and a 1 year high of $999.00.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Thursday, May 7th. The company reported $11.69 EPS for the quarter, beating the consensus estimate of $11.56 by $0.13. The company had revenue of $96.30 billion for the quarter, compared to analyst estimates of $101.35 billion. McKesson had a net margin of 1.18% and a negative return on equity of 345.35%. The firm’s revenue was up 6.0% on a year-over-year basis. During the same period in the prior year, the company earned $10.12 earnings per share. McKesson has set its FY 2027 guidance at 43.800-44.600 EPS. As a group, equities analysts expect that McKesson Corporation will post 44.28 EPS for the current year.

McKesson Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st will be paid a $0.82 dividend. The ex-dividend date is Monday, June 1st. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.4%. McKesson’s dividend payout ratio is presently 8.53%.

Insider Buying and Selling

In related news, CEO Brian S. Tyler sold 8,463 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $775.13, for a total transaction of $6,559,925.19. Following the sale, the chief executive officer directly owned 14,382 shares of the company’s stock, valued at $11,147,919.66. This trade represents a 37.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Napoleon B. Rutledge, Jr. sold 133 shares of McKesson stock in a transaction that occurred 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 transaction, the chief accounting officer owned 632 shares of the company’s stock, valued at approximately $482,848. This represents a 17.39% 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 20,285 shares of company stock worth $15,546,137 over the last ninety days. 0.08% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently issued reports on MCK shares. Wells Fargo & Company reduced their target price on McKesson from $925.00 to $812.00 and set an “equal weight” rating for the company in a research note on Tuesday, May 12th. Barclays cut their price objective on McKesson from $1,050.00 to $925.00 and set an “overweight” rating on the stock in a report on Wednesday, June 10th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $875.00 price objective on shares of McKesson in a research note on Friday, May 8th. Weiss Ratings downgraded McKesson from a “buy (b+)” rating to a “buy (b)” rating in a report on Monday, May 18th. Finally, Evercore reiterated an “outperform” rating on shares of McKesson in a research report on Thursday, March 5th. Fourteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, McKesson presently has an average rating of “Moderate Buy” and an average target price of $960.53.

McKesson 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.