Assetmark Inc. Has $30.15 Million Holdings in McKesson Corporation $MCK

Key Points

• Assetmark Inc. trimmed its McKesson stake by 3.6% in the first quarter, selling 1,316 shares and ending with 34,842 shares valued at about $30.15 million.
• McKesson reported Q1 earnings of $11.69 per share, beating analyst expectations, while revenue came in below estimates at $96.3 billion even as sales rose 6% year over year.
• Wall Street remains broadly bullish on the stock, with 14 Buy ratings and 3 Hold ratings and a consensus price target of $960.53; the company also paid a quarterly dividend of $0.82 per share.

Assetmark Inc. decreased its holdings in McKesson Corporation (NYSE:MCK - Free Report) by 3.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 34,842 shares of the company's stock after selling 1,316 shares during the quarter. Assetmark Inc.'s holdings in McKesson were worth $30,151,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Angeles Wealth Management LLC raised its position in McKesson by 33.4% during the 1st quarter. Angeles Wealth Management LLC now owns 755 shares of the company's stock worth $654,000 after purchasing an additional 189 shares during the last quarter. Financiere des Professionnels Fonds d investissement inc. lifted its holdings in McKesson by 509.0% during the 1st quarter. Financiere des Professionnels Fonds d investissement inc. now owns 2,789 shares of the company's stock worth $2,413,000 after buying an additional 2,331 shares during the period. Bauman Advisory Group LLC bought a new stake in shares of McKesson in the 1st quarter valued at about $408,000. Allspring Global Investments Holdings LLC grew its position in shares of McKesson by 10.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 220,944 shares of the company's stock valued at $192,734,000 after buying an additional 21,588 shares during the last quarter. Finally, Independent Financial Group LLC acquired a new stake in shares of McKesson in the first quarter valued at about $642,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

McKesson Price Performance

Shares of McKesson stock opened at $842.14 on Friday. The stock's 50-day moving average is $771.33 and its 200 day moving average is $838.33. McKesson Corporation has a one year low of $637.00 and a one year high of $999.00. The firm has a market cap of $98.60 billion, a price-to-earnings ratio of 21.89, a PEG ratio of 1.38 and a beta of 0.31.

McKesson (NYSE:MCK - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $11.69 earnings per share 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 during the quarter, compared to the consensus estimate of $101.35 billion. During the same period in the previous year, the company posted $10.12 earnings per share. The firm'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, sell-side analysts expect that McKesson Corporation will post 44.28 EPS for the current fiscal year.

McKesson Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st were paid a $0.82 dividend. The ex-dividend date was Monday, June 1st. This represents a $3.28 annualized dividend and a dividend yield of 0.4%. McKesson's payout ratio is currently 8.53%.

Wall Street Analyst Weigh In

MCK has been the subject of a number of analyst reports. William Blair assumed coverage on McKesson in a research report on Tuesday, April 28th. They set an "outperform" rating for the company. JPMorgan Chase & Co. reduced their target price on McKesson from $1,107.00 to $1,015.00 and set an "overweight" rating on the stock in a report on Friday, May 8th. Bank of America decreased their target price on shares of McKesson from $1,040.00 to $1,000.00 and set a "buy" rating for the company in a research report on Monday, April 6th. Wall Street Zen lowered shares of McKesson from a "buy" rating to a "hold" rating in a report on Saturday, June 27th. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $875.00 price target on shares of McKesson in a research report on Friday, May 8th. Fourteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $960.53.

Insider Activity at McKesson

In related news, EVP Thomas L. Rodgers sold 699 shares of the business's 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 transaction, the executive vice president owned 2,268 shares in the company, valued at $1,667,592.36. The trade was a 23.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Napoleon B. Rutledge, Jr. sold 133 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $764.00, for a total transaction of $101,612.00. Following the transaction, the chief accounting officer directly owned 632 shares in the company, valued at approximately $482,848. This represents a 17.39% 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 90 days, insiders have sold 28,748 shares of company stock worth $22,262,035. 0.06% of the stock is owned by insiders.

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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