Principal Financial Group Inc. Buys 9,462 Shares of McKesson Corporation $MCK

Principal Financial Group Inc. lifted its stake in shares of McKesson Corporation (NYSE:MCK) by 3.6% during the first quarter, Holdings Channel reports. The fund owned 272,376 shares of the company’s stock after buying an additional 9,462 shares during the quarter. Principal Financial Group Inc.’s holdings in McKesson were worth $235,703,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Chicago Partners Investment Group LLC boosted its position in shares of McKesson by 52.2% during the 1st quarter. Chicago Partners Investment Group LLC now owns 1,864 shares of the company’s stock worth $1,546,000 after purchasing an additional 639 shares in the last quarter. Triglav Investments D.O.O. bought a new stake in McKesson in the 1st quarter valued at about $3,635,000. Procyon Advisors LLC increased its position in McKesson by 1.1% in the 1st quarter. Procyon Advisors LLC now owns 6,503 shares of the company’s stock valued at $5,628,000 after buying an additional 69 shares in the last quarter. Global Assets Advisory LLC raised its stake in McKesson by 7.6% during the 1st quarter. Global Assets Advisory LLC now owns 584 shares of the company’s stock worth $505,000 after buying an additional 41 shares during the period. Finally, Anchor Investment Management LLC raised its stake in McKesson by 2.4% during the 1st quarter. Anchor Investment Management LLC now owns 8,741 shares of the company’s stock worth $7,564,000 after buying an additional 209 shares during the period. 85.07% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Wells Fargo & Company reduced their price objective 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. Weiss Ratings lowered McKesson from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, July 7th. William Blair assumed coverage on McKesson in a report on Tuesday, April 28th. They issued an “outperform” rating on the stock. Wall Street Zen downgraded shares of McKesson from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $875.00 price target on shares of McKesson in a research note on Friday, May 8th. Fourteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $960.53.

McKesson Trading Down 1.2%

Shares of McKesson stock opened at $802.80 on Wednesday. The stock has a fifty day simple moving average of $766.34 and a 200 day simple moving average of $838.42. McKesson Corporation has a 12-month low of $637.00 and a 12-month high of $999.00. The company has a market capitalization of $93.99 billion, a P/E ratio of 20.87, a price-to-earnings-growth ratio of 1.34 and a beta of 0.31.

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

McKesson Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st were given a dividend of $0.82 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $3.28 annualized dividend and a dividend yield of 0.4%. McKesson’s dividend payout ratio (DPR) is currently 8.53%.

Insiders Place Their Bets

In related news, EVP Thomas L. Rodgers sold 2,388 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $761.09, for a total transaction of $1,817,482.92. Following the completion of the sale, the executive vice president directly owned 3,090 shares of the company’s stock, valued at approximately $2,351,768.10. This trade represents a 43.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Brian S. Tyler sold 8,463 shares of McKesson stock in a transaction 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 sale, the chief executive officer owned 5,919 shares in the company, valued at $4,697,081.64. This trade represents a 58.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 28,748 shares of company stock worth $22,262,035 over the last 90 days. 0.06% of the stock is currently owned by corporate insiders.

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.