Allstate Corp Has $7.65 Million Stake in McKesson Corporation $MCK

Allstate Corp increased its stake in shares of McKesson Corporation (NYSE:MCK) by 106.7% during the fourth quarter, HoldingsChannel.com reports. The fund owned 9,321 shares of the company’s stock after purchasing an additional 4,811 shares during the period. Allstate Corp’s holdings in McKesson were worth $7,646,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. GGM Financials LLC bought a new stake in McKesson during the 3rd quarter valued at approximately $25,000. State of Wyoming acquired a new stake in McKesson in the 2nd quarter valued at $29,000. Hopwood Financial Services Inc. acquired a new stake in McKesson in the 3rd quarter valued at $31,000. Board of the Pension Protection Fund acquired a new stake in McKesson in the 4th quarter valued at $33,000. Finally, Kingdom Financial Group LLC. acquired a new stake in McKesson in the 4th quarter valued at $33,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

McKesson Trading Down 1.3%

NYSE:MCK opened at $756.11 on Wednesday. McKesson Corporation has a 1-year low of $637.00 and a 1-year high of $999.00. The business’s 50-day moving average price is $830.95 and its two-hundred day moving average price is $854.59. The firm has a market capitalization of $90.89 billion, a price-to-earnings ratio of 19.65, a PEG ratio of 1.14 and a beta of 0.35.

McKesson (NYSE:MCK) last released its earnings results on Thursday, May 7th. The company reported $11.69 earnings per share for the quarter, beating the consensus estimate of $11.56 by $0.13. McKesson had a negative return on equity of 345.35% and a net margin of 1.18%.The firm had revenue of $96.30 billion for the quarter, compared to analyst estimates of $101.35 billion. During the same quarter in the prior year, the firm posted $10.12 earnings per share. The company’s quarterly revenue was up 6.0% on a year-over-year basis. McKesson has set its FY 2027 guidance at 43.800-44.600 EPS. Sell-side analysts predict that McKesson Corporation will post 44.29 earnings per share for the current year.

McKesson Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st will be issued a dividend of $0.82 per share. The ex-dividend date is Monday, June 1st. This represents a $3.28 annualized dividend and a yield of 0.4%. McKesson’s payout ratio is currently 8.53%.

Insider Transactions at McKesson

In other McKesson news, EVP Michele Lau sold 2,725 shares of the business’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $990.00, for a total value of $2,697,750.00. Following the completion of the transaction, the executive vice president directly owned 3,247 shares of the company’s stock, valued at approximately $3,214,530. The trade was a 45.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

MCK has been the topic of several recent analyst reports. JPMorgan Chase & Co. decreased their price target on 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. TD Cowen boosted their price objective on McKesson from $1,000.00 to $1,012.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. Wall Street Zen raised McKesson from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Leerink Partners restated an “outperform” rating and set a $1,085.00 target price on shares of McKesson in a research report on Thursday, March 5th. Finally, UBS Group boosted their target price on McKesson from $1,000.00 to $1,050.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Fourteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, McKesson currently has an average rating of “Moderate Buy” and a consensus price target of $968.87.

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.