iA Global Asset Management Inc. Grows Stake in McKesson Corporation $MCK

iA Global Asset Management Inc. grew its stake in shares of McKesson Corporation (NYSE:MCK) by 27,700.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,394 shares of the company’s stock after purchasing an additional 6,371 shares during the quarter. iA Global Asset Management Inc.’s holdings in McKesson were worth $5,533,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. University of Texas Texas AM Investment Management Co. acquired a new stake in McKesson in the fourth quarter valued at approximately $25,000. Swiss RE Ltd. purchased a new position in shares of McKesson in the fourth quarter valued at $26,000. State of Wyoming purchased a new position in shares of McKesson in the second quarter valued at $29,000. Vermillion & White Wealth Management Group LLC acquired a new stake in McKesson during the 3rd quarter valued at $33,000. Finally, Board of the Pension Protection Fund acquired a new stake in McKesson during the 4th quarter valued at $33,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. cut their price objective on shares of McKesson from $1,107.00 to $1,015.00 and set an “overweight” rating on the stock in a report on Friday, May 8th. UBS Group boosted their price target on McKesson from $1,000.00 to $1,050.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. William Blair assumed coverage on McKesson in a report on Tuesday, April 28th. They issued an “outperform” rating for the company. Wells Fargo & Company lowered 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. Finally, Wall Street Zen downgraded McKesson from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. Fourteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $960.53.

Insider Transactions at McKesson

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 133 shares of the stock in a transaction 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 sale, the chief accounting officer directly owned 632 shares of the company’s stock, valued at approximately $482,848. This represents a 17.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 firm’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $761.09, for a total transaction of $2,701,869.50. Following the completion of the transaction, the executive vice president owned 3,247 shares in the company, valued at approximately $2,471,259.23. The trade was 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 quarter, insiders sold 20,285 shares of company stock valued at $15,546,137. 0.06% of the stock is currently owned by insiders.

McKesson Stock Performance

Shares of MCK stock opened at $768.98 on Thursday. The stock has a market capitalization of $90.03 billion, a price-to-earnings ratio of 19.99, a PEG ratio of 1.24 and a beta of 0.31. McKesson Corporation has a one year low of $637.00 and a one year high of $999.00. The company’s 50-day simple moving average is $771.21 and its 200-day simple moving average is $839.55.

McKesson (NYSE:MCK) last announced its quarterly earnings data 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 during the quarter, compared to analyst estimates of $101.35 billion. During the same period in the previous year, the company earned $10.12 earnings per share. McKesson’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. As a group, research analysts forecast that McKesson Corporation will post 44.28 EPS for the current year.

McKesson Dividend Announcement

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