Federated Hermes Inc. Lowers Holdings in McKesson Corporation $MCK

Federated Hermes Inc. lowered its position in shares of McKesson Corporation (NYSE:MCK) by 47.8% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 28,214 shares of the company’s stock after selling 25,879 shares during the period. Federated Hermes Inc.’s holdings in McKesson were worth $20,675,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Solstein Capital LLC grew its holdings in McKesson by 171.4% during the 2nd quarter. Solstein Capital LLC now owns 38 shares of the company’s stock worth $28,000 after acquiring an additional 24 shares in the last quarter. GFG Capital LLC purchased a new stake in shares of McKesson in the 2nd quarter worth approximately $30,000. Saudi Central Bank bought a new position in shares of McKesson during the first quarter valued at approximately $34,000. Loomis Sayles & Co. L P purchased a new position in McKesson during the second quarter valued at approximately $39,000. Finally, Access Investment Management LLC bought a new position in McKesson in the second quarter worth approximately $40,000. 85.07% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on MCK shares. Wall Street Zen downgraded McKesson from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Bank of America raised their price objective on McKesson from $800.00 to $850.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. UBS Group boosted their target price on shares of McKesson from $920.00 to $980.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. Evercore ISI reissued an “outperform” rating and set a $1,000.00 price target on shares of McKesson in a research report on Thursday, November 6th. Finally, Robert W. Baird lifted their price objective on shares of McKesson from $873.00 to $927.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $892.86.

Insiders Place Their Bets

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $861.63, for a total value of $283,476.27. Following the transaction, the chief accounting officer directly owned 328 shares of the company’s stock, valued at approximately $282,614.64. This represents a 50.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.08% of the company’s stock.

McKesson Stock Down 0.3%

Shares of McKesson stock opened at $795.27 on Wednesday. The company has a 50 day moving average price of $816.60 and a 200 day moving average price of $746.49. The firm has a market capitalization of $98.16 billion, a P/E ratio of 24.75, a PEG ratio of 1.31 and a beta of 0.38. McKesson Corporation has a 52 week low of $558.13 and a 52 week high of $895.58.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $9.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.84 by $1.02. McKesson had a net margin of 1.04% and a negative return on equity of 248.14%. The business had revenue of $103.15 billion for the quarter, compared to analyst estimates of $103.80 billion. During the same quarter in the prior year, the business posted $7.07 EPS. McKesson’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, research analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 1st will be paid a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a yield of 0.4%. The ex-dividend date is Monday, December 1st. McKesson’s payout ratio is presently 10.21%.

About McKesson

McKesson Corporation provides healthcare services in the United States and internationally. It operates through four segments: U.S. Pharmaceutical, Prescription Technology Solutions (RxTS), Medical-Surgical Solutions, and International. The U.S. Pharmaceutical segment distributes branded, generic, specialty, biosimilar and over-the-counter pharmaceutical drugs, and other healthcare-related products.