Amundi Reduces Stake in McKesson Corporation $MCK

Key Points

• Amundi reduced its McKesson stake by 26.6% in the second quarter, selling 165,693 shares and retaining 458,056 shares valued at approximately $346.1 million. Institutional investors collectively own 85.07% of the company.
• McKesson reported quarterly earnings of $9.93 per share, beating estimates of $9.56, while revenue rose 7.7% year over year to $105.38 billion. The company also raised its quarterly dividend to $0.94 per share.
• Analyst sentiment remains positive: 14 analysts rate the stock a Buy and four rate it Hold, producing a “Moderate Buy” consensus and an average price target of $973.44 versus the reported share price of $907.35.

Amundi cut its stake in McKesson Corporation (NYSE:MCK - Free Report) by 26.6% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 458,056 shares of the company's stock after selling 165,693 shares during the quarter. Amundi owned about 0.39% of McKesson worth $346,107,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of MCK. California State Teachers Retirement System increased its position in McKesson by 73,780.3% during the second quarter. California State Teachers Retirement System now owns 141,246,575 shares of the company's stock worth $106,725,912,000 after purchasing an additional 141,055,392 shares during the last quarter. BlackRock Inc. purchased a new stake in shares of McKesson in the 2nd quarter valued at approximately $8,156,743,000. State Street Corp increased its holdings in shares of McKesson by 0.5% during the 4th quarter. State Street Corp now owns 5,780,179 shares of the company's stock worth $4,746,118,000 after buying an additional 29,660 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of McKesson by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 2,857,344 shares of the company's stock worth $2,333,520,000 after buying an additional 25,082 shares during the last quarter. Finally, Franklin Resources Inc. raised its position in shares of 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. Hedge funds and other institutional investors own 85.07% of the company's stock.

Insider Activity

In related news, CEO Brian S. Tyler sold 8,463 shares of McKesson stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $793.56, for a total value of $6,715,898.28. Following the completion of the transaction, the chief executive officer owned 5,919 shares in the company, valued at approximately $4,697,081.64. The trade was a 58.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bradley E. Lerman sold 301 shares of the company's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $892.33, for a total transaction of $268,591.33. The SEC filing for this sale provides additional information. Insiders have sold 17,227 shares of company stock worth $13,544,415 in the last three months. Corporate insiders own 0.06% of the company's stock.

McKesson Stock Down 0.1%

NYSE:MCK opened at $907.35 on Tuesday. The stock's fifty day moving average is $851.29 and its two-hundred day moving average is $842.17. McKesson Corporation has a 52 week low of $682.35 and a 52 week high of $999.00. The stock has a market capitalization of $105.79 billion, a price-to-earnings ratio of 24.28, a price-to-earnings-growth ratio of 1.81 and a beta of 0.30.

McKesson (NYSE:MCK - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $9.93 earnings per share for the quarter, beating analysts' consensus estimates of $9.56 by $0.37. McKesson had a negative return on equity of 253.21% and a net margin of 1.12%.The business had revenue of $105.38 billion during the quarter, compared to analysts' expectations of $103.88 billion. During the same period in the previous year, the firm posted $8.26 earnings per share. The company's revenue was up 7.7% on a year-over-year basis. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. On average, sell-side analysts expect that McKesson Corporation will post 44.65 EPS for the current fiscal year.

McKesson Increases Dividend

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

Wall Street Analyst Weigh In

Several brokerages recently weighed in on MCK. Royal Bank Of Canada initiated coverage on McKesson in a research report on Wednesday, August 19th. They issued a "sector perform" rating and a $845.00 price objective for the company. Citigroup increased their price target on McKesson from $945.00 to $1,000.00 and gave the stock a "buy" rating in a report on Friday, July 24th. Wells Fargo & Company raised their price objective on McKesson from $812.00 to $933.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 11th. Barclays boosted their price objective on shares of McKesson from $925.00 to $1,000.00 and gave the company an "overweight" rating in a report on Wednesday, August 19th. Finally, Robert W. Baird set a $1,015.00 target price on shares of McKesson in a research report on Thursday, August 6th. Fourteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, McKesson has an average rating of "Moderate Buy" and an average target price of $973.44.

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.

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