Fisher Funds Management LTD Increases Position in McKesson Corporation $MCK

Fisher Funds Management LTD lifted its position in McKesson Corporation (NYSE:MCK) by 25.5% during the 1st quarter, Holdings Channel.com reports. The fund owned 43,890 shares of the company’s stock after acquiring an additional 8,921 shares during the period. McKesson accounts for 1.1% of Fisher Funds Management LTD’s investment portfolio, making the stock its 29th biggest holding. Fisher Funds Management LTD’s holdings in McKesson were worth $37,981,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Cullen Investment Group LTD. increased its holdings in McKesson by 550.4% in the 4th quarter. Cullen Investment Group LTD. now owns 4,670 shares of the company’s stock worth $3,811,000 after buying an additional 3,952 shares during the period. Pensionfund Sabic acquired a new stake in McKesson during the 4th quarter valued at approximately $1,887,000. Achmea Investment Management B.V. lifted its stake in McKesson by 7.5% during the 3rd quarter. Achmea Investment Management B.V. now owns 61,287 shares of the company’s stock valued at $47,347,000 after acquiring an additional 4,260 shares during the period. Investment Research Partners LLC purchased a new stake in shares of McKesson in the 3rd quarter valued at $1,303,000. Finally, Horizon Investments LLC boosted its holdings in shares of McKesson by 125.4% in the 4th quarter. Horizon Investments LLC now owns 8,679 shares of the company’s stock valued at $7,119,000 after acquiring an additional 4,828 shares during the last quarter. 85.07% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Leerink Partners reiterated an “outperform” rating and issued a $1,085.00 price objective on shares of McKesson in a research note on Thursday, March 5th. Weiss Ratings downgraded shares of McKesson from a “buy (b+)” rating to a “buy (b)” rating in a research report on Monday, May 18th. Wall Street Zen raised shares of McKesson from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. Wells Fargo & Company cut their price target on McKesson from $925.00 to $812.00 and set an “equal weight” rating on the stock in a research report on Tuesday, May 12th. Finally, William Blair began coverage on McKesson in a research report on Tuesday, April 28th. They set an “outperform” rating on the stock. Fourteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, McKesson has a consensus rating of “Moderate Buy” and a consensus target price of $960.53.

Insider Activity

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 133 shares of McKesson stock in a transaction 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 completion of the transaction, the chief accounting officer owned 632 shares of the company’s stock, valued at approximately $482,848. The trade was a 17.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Thomas L. Rodgers sold 699 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $735.27, for a total transaction of $513,953.73. Following the completion of the transaction, the executive vice president owned 2,268 shares of the company’s stock, valued at approximately $1,667,592.36. This trade represents a 23.56% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 20,285 shares of company stock worth $15,546,137 in the last ninety days. Corporate insiders own 0.06% of the company’s stock.

McKesson Trading Down 0.1%

McKesson stock opened at $750.23 on Monday. McKesson Corporation has a 12 month low of $637.00 and a 12 month high of $999.00. The stock’s 50 day simple moving average is $787.94 and its two-hundred day simple moving average is $842.32. The firm has a market cap of $87.84 billion, a PE ratio of 19.50, a P/E/G ratio of 1.24 and a beta of 0.31.

McKesson (NYSE:MCK) last posted 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. The firm 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 business’s quarterly revenue was up 6.0% on a year-over-year basis. During the same period in the previous year, the firm earned $10.12 EPS. McKesson has set its FY 2027 guidance at 43.800-44.600 EPS. On average, equities research analysts forecast that McKesson Corporation will post 44.28 EPS for the current year.

McKesson Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 1st will be given 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, June 1st. McKesson’s dividend payout ratio (DPR) is currently 8.53%.

Key McKesson News

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

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.