Meyer Handelman Co. Has $88.68 Million Stock Holdings in McKesson Corporation $MCK

Meyer Handelman Co. cut its stake in McKesson Corporation (NYSE:MCK) by 2.3% in the 1st quarter, Holdings Channel reports. The fund owned 102,480 shares of the company’s stock after selling 2,426 shares during the quarter. McKesson comprises about 2.8% of Meyer Handelman Co.’s holdings, making the stock its 5th largest position. Meyer Handelman Co.’s holdings in McKesson were worth $88,682,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in MCK. Louisiana State Employees Retirement System purchased a new stake in McKesson during the first quarter valued at about $5,365,000. Parkway Wealth Management Group LLC boosted its holdings in shares of McKesson by 18.7% in the 1st quarter. Parkway Wealth Management Group LLC now owns 3,762 shares of the company’s stock worth $3,286,000 after purchasing an additional 592 shares in the last quarter. William B. Walkup & Associates Inc. boosted its holdings in shares of McKesson by 1.3% in the 1st quarter. William B. Walkup & Associates Inc. now owns 6,740 shares of the company’s stock worth $5,833,000 after purchasing an additional 85 shares in the last quarter. Arta Finance Wealth Management LLC bought a new position in shares of McKesson during the 1st quarter valued at about $202,000. Finally, Cardinal Point Capital Management ULC increased its position in shares of McKesson by 23.9% during the 1st quarter. Cardinal Point Capital Management ULC now owns 763 shares of the company’s stock valued at $661,000 after purchasing an additional 147 shares during the last quarter. Institutional investors own 85.07% of the company’s stock.

Analyst Upgrades and Downgrades

MCK has been the subject of a number of recent research reports. JPMorgan Chase & Co. dropped their target price on McKesson from $1,107.00 to $1,015.00 and set an “overweight” rating for the company in a research report on Friday, May 8th. Citigroup reduced their price target on shares of McKesson from $975.00 to $945.00 and set a “buy” rating on the stock in a research report on Thursday, May 14th. William Blair assumed coverage on shares of McKesson in a report on Tuesday, April 28th. They issued an “outperform” rating for the company. Weiss Ratings cut shares of McKesson from a “buy (b+)” rating to a “buy (b)” rating in a research note on Monday, May 18th. Finally, Raymond James Financial set a $970.00 target price on shares of McKesson in a report on Thursday, March 5th. Fourteen equities research 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 company has an average rating of “Moderate Buy” and an average target price of $960.53.

McKesson Price Performance

Shares of MCK stock opened at $764.77 on Friday. The stock has a market capitalization of $89.54 billion, a PE ratio of 19.88, a P/E/G ratio of 1.26 and a beta of 0.31. McKesson Corporation has a 1-year low of $637.00 and a 1-year high of $999.00. The business has a 50-day moving average of $779.51 and a 200 day moving average of $840.82.

McKesson (NYSE:MCK) last announced its quarterly earnings results on Thursday, May 7th. The company reported $11.69 EPS for the quarter, topping analysts’ consensus estimates of $11.56 by $0.13. McKesson had a negative return on equity of 345.35% and a net margin of 1.18%.The business had revenue of $96.30 billion for the quarter, compared to analysts’ expectations of $101.35 billion. During the same period in the previous year, the firm earned $10.12 EPS. The business’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. Analysts anticipate 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 issued a dividend of $0.82 per share. 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 currently 8.53%.

Insider Activity

In other McKesson news, EVP Thomas L. Rodgers sold 699 shares of the stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $735.27, for a total transaction of $513,953.73. Following the completion of the sale, the executive vice president owned 2,268 shares of the company’s stock, valued at $1,667,592.36. This represents a 23.56% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Brian S. Tyler sold 8,463 shares of the firm’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $775.13, for a total transaction of $6,559,925.19. Following the completion of the sale, the chief executive officer directly owned 14,382 shares in the company, valued at approximately $11,147,919.66. This trade represents a 37.05% 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. Over the last quarter, insiders have sold 20,285 shares of company stock valued at $15,546,137. 0.06% of the stock is owned by corporate insiders.

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.