2,012,870 Shares in McKesson Corporation $MCK Acquired by Norges Bank

Key Points

• Norges Bank disclosed a new fourth-quarter position in McKesson, buying 2,012,870 shares valued at about $1.65 billion, which gave it roughly 1.64% ownership of the company.
• Wall Street sentiment remains positive on McKesson, with 14 Buy ratings and 3 Hold ratings, and analysts’ consensus price target stands at $968.87.
• McKesson recently beat quarterly EPS expectations, reporting $11.69 per share versus the $11.56 estimate, and also declared a quarterly dividend of $0.82 per share payable July 1.

Norges Bank bought a new position in McKesson Corporation (NYSE:MCK - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 2,012,870 shares of the company's stock, valued at approximately $1,651,137,000. Norges Bank owned about 1.64% of McKesson at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of MCK. Swedbank AB boosted its stake in shares of McKesson by 42.2% during the 4th quarter. Swedbank AB now owns 886,283 shares of the company's stock worth $727,009,000 after acquiring an additional 263,189 shares during the last quarter. SurgoCap Partners LP boosted its stake in shares of McKesson by 68.7% during the 3rd quarter. SurgoCap Partners LP now owns 452,261 shares of the company's stock worth $349,390,000 after acquiring an additional 184,106 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in shares of McKesson by 73.7% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 432,578 shares of the company's stock worth $354,839,000 after acquiring an additional 183,590 shares during the last quarter. Danica Pension Livsforsikringsaktieselskab purchased a new position in shares of McKesson during the 3rd quarter worth $135,352,000. Finally, Danske Bank A S purchased a new position in shares of McKesson during the 3rd quarter worth $127,487,000. Hedge funds and other institutional investors own 85.07% of the company's stock.

Wall Street Analysts Forecast Growth

MCK has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $875.00 price target on shares of McKesson in a research note on Friday, May 8th. Leerink Partners restated an "outperform" rating and set a $1,085.00 target price on shares of McKesson in a research note on Thursday, March 5th. William Blair assumed coverage on shares of McKesson in a research note on Tuesday, April 28th. They set an "outperform" rating on the stock. Mizuho lifted their target price on shares of McKesson from $880.00 to $885.00 and gave the company a "neutral" rating in a research note on Thursday, February 5th. Finally, TD Cowen lifted their target price on shares of McKesson from $1,000.00 to $1,012.00 and gave the company a "buy" rating in a research note on Thursday, February 5th. Fourteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $968.87.

Insiders Place Their Bets

In other McKesson news, EVP Thomas L. Rodgers sold 2,388 shares of McKesson stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $761.09, for a total value of $1,817,482.92. Following the sale, the executive vice president directly owned 3,090 shares in the company, valued at approximately $2,351,768.10. The trade was a 43.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Michele Lau sold 3,550 shares of McKesson stock in a transaction on 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 completion of the sale, the executive vice president owned 3,247 shares in the company, valued at approximately $2,471,259.23. This represents a 52.23% decrease in their ownership of the stock. 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 sold 8,663 shares of company stock worth $7,217,102. 0.08% of the stock is currently owned by insiders.

McKesson Stock Performance

MCK opened at $741.47 on Friday. McKesson Corporation has a fifty-two week low of $637.00 and a fifty-two week high of $999.00. The firm's fifty day moving average is $819.93 and its 200 day moving average is $852.44. The stock has a market cap of $89.13 billion, a price-to-earnings ratio of 19.27, a price-to-earnings-growth ratio of 1.13 and a beta of 0.35.

McKesson (NYSE:MCK - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $11.69 earnings per share for the quarter, beating analysts' consensus estimates of $11.56 by $0.13. McKesson had a net margin of 1.18% and a negative return on equity of 345.35%. The company had revenue of $96.30 billion for the quarter, compared to analysts' expectations of $101.35 billion. During the same quarter in the previous year, the company earned $10.12 EPS. McKesson'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. On average, equities research analysts predict that McKesson Corporation will post 44.29 earnings per share for the current year.

McKesson Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st will be issued a $0.82 dividend. 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 payout ratio is currently 8.53%.

McKesson Company 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.

Want to see what other hedge funds are holding MCK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for McKesson Corporation (NYSE:MCK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.