Corient Private Wealth LLC Cuts Position in McKesson Corporation $MCK

Corient Private Wealth LLC decreased its holdings in shares of McKesson Corporation (NYSE:MCK) by 21.7% in the fourth quarter, Holdings Channel.com reports. The firm owned 131,376 shares of the company’s stock after selling 36,471 shares during the period. Corient Private Wealth LLC’s holdings in McKesson were worth $108,417,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in MCK. Meiji Yasuda Asset Management Co Ltd. raised its holdings in McKesson by 0.5% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,262 shares of the company’s stock worth $1,855,000 after buying an additional 11 shares during the last quarter. Investment Research Partners LLC increased its holdings in shares of McKesson by 0.7% in the 4th quarter. Investment Research Partners LLC now owns 1,624 shares of the company’s stock worth $1,332,000 after purchasing an additional 11 shares in the last quarter. IHT Wealth Management LLC increased its holdings in shares of McKesson by 0.9% in the 4th quarter. IHT Wealth Management LLC now owns 1,196 shares of the company’s stock worth $981,000 after purchasing an additional 11 shares in the last quarter. Obsidian Personal Planning Solutions LLC raised its stake in shares of McKesson by 2.9% in the third quarter. Obsidian Personal Planning Solutions LLC now owns 426 shares of the company’s stock worth $346,000 after purchasing an additional 12 shares during the last quarter. Finally, LRI Investments LLC lifted its stake in McKesson by 12.1% during the 4th quarter. LRI Investments LLC now owns 111 shares of the company’s stock valued at $91,000 after acquiring an additional 12 shares during the period. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson News Roundup

Here are the key news stories impacting McKesson this week:

• Negative Sentiment: CEO Brian Tyler sold 8,463 shares at an average price of $775.13 under a pre-arranged 10b5-1 plan. Even though the sale was planned, insider selling can still weigh on investor sentiment. Article Title
• Neutral Sentiment: McKesson continues to get attention for its Medical-Surgical Solutions carve-out and new financing tied to that unit, which investors may be reassessing after a strong earnings report and upbeat FY2027 guidance. Article Title
• Neutral Sentiment: The company recently announced a fiscal 2024 fourth-quarter earnings release date, a routine event that does not appear to be a major market driver on its own. Article Title

Insiders Place Their Bets

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 133 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $764.00, for a total transaction of $101,612.00. Following the completion of the sale, the chief accounting officer directly owned 632 shares of the company’s stock, valued at $482,848. This trade represents a 17.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michele Lau sold 3,550 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $761.09, for a total transaction of $2,701,869.50. Following the sale, the executive vice president directly owned 3,247 shares of the company’s stock, valued at approximately $2,471,259.23. This trade represents a 52.23% 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. In the last ninety days, insiders sold 20,285 shares of company stock worth $15,546,137. 0.06% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on MCK. Weiss Ratings downgraded shares of McKesson from a “buy (b+)” rating to a “buy (b)” rating in a research report on Monday, May 18th. Bank of America cut their target price on shares of McKesson from $1,040.00 to $1,000.00 and set a “buy” rating for the company in a research report on Monday, April 6th. JPMorgan Chase & Co. decreased their target price on shares of McKesson from $1,107.00 to $1,015.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. Leerink Partners reissued an “outperform” rating and set a $1,085.00 price target on shares of McKesson in a report on Thursday, March 5th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued 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 assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $960.53.

McKesson Trading Down 0.1%

NYSE MCK opened at $750.23 on Friday. McKesson Corporation has a 12 month low of $637.00 and a 12 month high of $999.00. The stock has a market cap of $87.84 billion, a price-to-earnings ratio of 19.50, a PEG ratio of 1.24 and a beta of 0.31. The company’s 50 day moving average is $787.94 and its two-hundred day moving average is $842.41.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Thursday, May 7th. The company reported $11.69 earnings per share for the quarter, topping analysts’ consensus estimates of $11.56 by $0.13. The business had revenue of $96.30 billion during 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 company’s revenue was up 6.0% on a year-over-year basis. During the same period in the prior year, the business posted $10.12 earnings per share. McKesson has set its FY 2027 guidance at 43.800-44.600 EPS. Sell-side analysts forecast that McKesson Corporation will post 44.28 EPS for the current year.

McKesson Announces Dividend

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

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.