Allspring Global Investments Holdings LLC Boosts Stock Holdings in McKesson Corporation $MCK

Allspring Global Investments Holdings LLC raised its position in shares of McKesson Corporation (NYSE:MCK) by 10.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 220,944 shares of the company’s stock after acquiring an additional 21,588 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in McKesson were worth $192,734,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of McKesson in the fourth quarter valued at about $25,000. Swiss RE Ltd. acquired a new stake in McKesson in the 4th quarter valued at about $26,000. State of Wyoming acquired a new stake in McKesson in the 2nd quarter valued at about $29,000. Board of the Pension Protection Fund purchased a new position in McKesson in the 4th quarter worth approximately $33,000. Finally, Kingdom Financial Group LLC. purchased a new position in McKesson in the 4th quarter worth approximately $33,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Insiders Place Their Bets

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 133 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $764.00, for a total value of $101,612.00. Following the sale, the chief accounting officer owned 632 shares of the company’s stock, valued at $482,848. The trade was 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 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 on Tuesday, June 2nd. The stock was sold at an average price of $735.27, for a total value of $513,953.73. Following the transaction, the executive vice president owned 2,268 shares in the company, valued at $1,667,592.36. This trade represents a 23.56% 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. Insiders sold a total of 28,748 shares of company stock valued at $22,262,035 over the last 90 days. Company insiders own 0.06% of the company’s stock.

McKesson Price Performance

Shares of NYSE MCK opened at $840.18 on Friday. The company has a market capitalization of $98.37 billion, a P/E ratio of 21.84, a P/E/G ratio of 1.31 and a beta of 0.31. The company has a 50 day simple moving average of $769.18 and a 200-day simple moving average of $838.30. McKesson Corporation has a 1 year low of $637.00 and a 1 year high of $999.00.

McKesson (NYSE:MCK) last released its quarterly earnings data on Thursday, May 7th. The company reported $11.69 EPS for the quarter, beating analysts’ consensus estimates of $11.56 by $0.13. The firm had revenue of $96.30 billion for the quarter, compared to analysts’ expectations of $101.35 billion. McKesson had a negative return on equity of 345.35% and a net margin of 1.18%.The firm’s quarterly revenue was up 6.0% on a year-over-year basis. During the same period in the prior year, the firm posted $10.12 earnings per share. McKesson has set its FY 2027 guidance at 43.800-44.600 EPS. As a group, research analysts expect that McKesson Corporation will post 44.28 EPS for the current year.

McKesson Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st were issued a dividend of $0.82 per share. The ex-dividend date was 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 currently 8.53%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on MCK shares. William Blair began coverage on McKesson in a research report on Tuesday, April 28th. They issued an “outperform” rating for the company. Weiss Ratings downgraded McKesson from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, July 7th. Bank of America lowered their price objective on McKesson from $1,040.00 to $1,000.00 and set a “buy” rating on the stock in a research note on Monday, April 6th. Barclays dropped their target price on McKesson from $1,050.00 to $925.00 and set an “overweight” rating for the company in a report on Wednesday, June 10th. Finally, Wall Street Zen downgraded McKesson from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Fourteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, McKesson presently has a consensus rating of “Moderate Buy” and an average price target of $960.53.

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.