T. Rowe Price Investment Management Inc. Cuts Holdings in McKesson Corporation $MCK

T. Rowe Price Investment Management Inc. lowered its position in McKesson Corporation (NYSE:MCK) by 60.2% in the fourth quarter, HoldingsChannel reports. The fund owned 637,074 shares of the company’s stock after selling 963,233 shares during the quarter. T. Rowe Price Investment Management Inc.’s holdings in McKesson were worth $522,586,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of MCK. GGM Financials LLC acquired a new stake in shares of McKesson during the 3rd quarter valued at about $25,000. University of Texas Texas AM Investment Management Co. acquired a new position in McKesson in the 4th quarter worth about $25,000. Swiss RE Ltd. purchased a new position in McKesson during the fourth quarter worth approximately $26,000. State of Wyoming purchased a new position in McKesson during the second quarter worth approximately $29,000. Finally, Vermillion & White Wealth Management Group LLC acquired a new stake in McKesson in the third quarter valued at approximately $33,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on MCK shares. Leerink Partners reaffirmed an “outperform” rating and set a $1,085.00 target price on shares of McKesson in a research note on Thursday, March 5th. Barclays dropped their price target on shares of McKesson from $1,050.00 to $925.00 and set an “overweight” rating on the stock in a research note on Wednesday, June 10th. Evercore reissued an “outperform” rating on shares of McKesson in a report on Thursday, March 5th. Raymond James Financial set a $970.00 price objective on shares of McKesson in a research report on Thursday, March 5th. Finally, JPMorgan Chase & Co. dropped their target price on shares of McKesson from $1,107.00 to $1,015.00 and set an “overweight” rating on the stock in a research report on Friday, May 8th. Fourteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $960.53.

Insider Buying and Selling at McKesson

In related news, EVP Michele Lau sold 3,550 shares of the business’s stock in a transaction dated 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 transaction, the executive vice president directly 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. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 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 shares were sold at an average price of $735.27, for a total transaction of $513,953.73. Following the sale, the executive vice president directly owned 2,268 shares of the company’s stock, valued at approximately $1,667,592.36. This represents a 23.56% decrease in their position. 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. Insiders have sold 20,285 shares of company stock valued at $15,546,137 over the last ninety days. 0.08% of the stock is currently owned by corporate insiders.

McKesson Price Performance

Shares of NYSE:MCK opened at $750.23 on Friday. The business’s 50 day moving average price is $790.35 and its 200-day moving average price is $843.06. The firm has a market capitalization of $87.84 billion, a PE ratio of 19.50, a P/E/G ratio of 1.28 and a beta of 0.31. McKesson Corporation has a 1 year low of $637.00 and a 1 year high of $999.00.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Thursday, May 7th. The company reported $11.69 EPS for the quarter, topping 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 analysts’ expectations of $101.35 billion. During the same period in the previous year, the business earned $10.12 earnings per share. The firm’s revenue for the quarter 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, analysts expect that McKesson Corporation will post 44.28 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. Stockholders of record on Monday, June 1st will be issued a dividend of $0.82 per share. The ex-dividend date of this dividend is Monday, June 1st. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.4%. McKesson’s dividend payout ratio is presently 8.53%.

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.