656,084 Shares in McKesson Corporation $MCK Acquired by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management acquired 656,084 McKesson shares valued at approximately $495.7 million, giving it a 0.56% stake. Institutional investors collectively own 85.07% of the company.
• Analysts maintain a favorable outlook, with 14 Buy ratings and three Holds, resulting in a consensus “Moderate Buy” rating and a $977 price target.
• McKesson exceeded quarterly earnings and revenue expectations, reporting $9.93 in EPS and $105.38 billion in revenue. The company also raised its quarterly dividend to $0.94 per share from $0.82.

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in McKesson Corporation (NYSE:MCK - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 656,084 shares of the company's stock, valued at approximately $495,737,000. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.56% of McKesson at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MCK. Vanguard Group Inc. grew its holdings in shares of McKesson by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 12,104,719 shares of the company's stock worth $9,929,380,000 after purchasing an additional 73,109 shares during the last quarter. State Street Corp raised its holdings in McKesson by 0.5% during the 4th quarter. State Street Corp now owns 5,780,179 shares of the company's stock valued at $4,746,118,000 after buying an additional 29,660 shares during the last quarter. Geode Capital Management LLC raised its holdings in McKesson by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 2,857,344 shares of the company's stock valued at $2,333,520,000 after buying an additional 25,082 shares during the last quarter. Franklin Resources Inc. boosted its position in McKesson by 5.4% during the 4th quarter. Franklin Resources Inc. now owns 2,825,954 shares of the company's stock valued at $2,318,102,000 after buying an additional 144,633 shares during the period. Finally, Norges Bank purchased a new stake in McKesson during the 4th quarter valued at $1,651,137,000. Institutional investors own 85.07% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. cut their price target 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. Robert W. Baird set a $1,015.00 target price on shares of McKesson in a report on Thursday, August 6th. Morgan Stanley reissued an "overweight" rating on shares of McKesson in a research note on Friday, August 7th. Evercore restated an "outperform" rating on shares of McKesson in a report on Thursday, August 6th. Finally, Citigroup upped their price target on McKesson from $945.00 to $1,000.00 and gave the company a "buy" rating in a research report on Friday, July 24th. Fourteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, McKesson currently has an average rating of "Moderate Buy" and a consensus target price of $977.00.

Insiders Place Their Bets

In other McKesson news, EVP Thomas L. Rodgers sold 699 shares of the company's stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $735.27, for a total transaction of $513,953.73. Following the transaction, the executive vice president owned 2,268 shares in the company, valued at approximately $1,667,592.36. This represents a 23.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through 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 stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $761.09, for a total value of $2,701,869.50. Following the completion of the transaction, the executive vice president directly owned 3,247 shares of the company's stock, valued at $2,471,259.23. This represents a 52.23% 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. Insiders sold a total of 29,049 shares of company stock valued at $22,530,626 over the last ninety days. 0.06% of the stock is owned by corporate insiders.

McKesson Trading Down 0.9%

Shares of McKesson stock opened at $861.59 on Tuesday. McKesson Corporation has a 12-month low of $667.50 and a 12-month high of $999.00. The company has a market cap of $100.45 billion, a P/E ratio of 23.06, a PEG ratio of 1.71 and a beta of 0.30. The company's fifty day simple moving average is $815.34 and its two-hundred day simple moving average is $843.12.

McKesson (NYSE:MCK - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $9.93 EPS for the quarter, topping the consensus estimate of $9.56 by $0.37. The firm had revenue of $105.38 billion during the quarter, compared to analysts' expectations of $103.88 billion. McKesson had a net margin of 1.12% and a negative return on equity of 253.21%. The company's quarterly revenue was up 7.7% compared to the same quarter last year. During the same period last year, the company posted $8.26 EPS. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. Analysts predict that McKesson Corporation will post 44.65 EPS for the current fiscal year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 1st will be paid a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This is an increase from McKesson's previous quarterly dividend of $0.82. This represents a $3.76 dividend on an annualized basis and a yield of 0.4%. McKesson's payout ratio is currently 10.06%.

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.

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