Bank of New York Mellon Corp Has $714.46 Million Stock Holdings in McKesson Corporation $MCK

Key Points

• Bank of New York Mellon trimmed its McKesson stake by 3.4% in Q1, but still held 825,622 shares valued at about $714.5 million, or roughly 0.67% of the company.
• Insiders have been selling shares: CEO Brian Tyler and EVP Michele Lau both reduced their holdings in recent transactions, and insiders have sold 28,748 shares worth about $22.3 million over the last three months.
• Wall Street remains constructive on McKesson, with 14 Buy ratings and 3 Hold ratings, while the consensus price target stands at $960.53; the stock recently traded at $840.18 after reporting earnings that beat EPS estimates.

Bank of New York Mellon Corp decreased its stake in McKesson Corporation (NYSE:MCK - Free Report) by 3.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 825,622 shares of the company's stock after selling 29,162 shares during the period. Bank of New York Mellon Corp owned about 0.67% of McKesson worth $714,460,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of McKesson during the 4th quarter valued at $25,000. Swiss RE Ltd. bought a new stake in McKesson during the 4th quarter worth $26,000. State of Wyoming acquired a new position in McKesson in the 2nd quarter worth about $29,000. Board of the Pension Protection Fund acquired a new position in McKesson in the 4th quarter worth about $33,000. Finally, Kingdom Financial Group LLC. bought a new position in McKesson in the fourth quarter valued at about $33,000. Institutional investors and hedge funds own 85.07% of the company's stock.

Insider Activity

In other news, CEO Brian S. Tyler sold 8,463 shares of McKesson stock in a transaction dated Tuesday, July 7th. The stock was 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 directly owned 5,919 shares of the company's stock, valued at approximately $4,697,081.64. This trade represents a 58.84% decrease in their position. The transaction 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. Also, EVP Michele Lau sold 3,550 shares of McKesson stock in a transaction dated 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 approximately $2,471,259.23. This trade 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. Insiders have sold 28,748 shares of company stock worth $22,262,035 in the last three months. Corporate insiders own 0.06% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on MCK shares. Citigroup cut their price target on McKesson from $975.00 to $945.00 and set a "buy" rating on the stock in a research note on Thursday, May 14th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $875.00 price objective on shares of McKesson in a research note on Friday, May 8th. William Blair initiated coverage on shares of McKesson in a research report on Tuesday, April 28th. They set an "outperform" rating on the stock. Bank of America reduced their target price on shares of McKesson from $1,040.00 to $1,000.00 and set a "buy" rating on the stock in a report on Monday, April 6th. Finally, Wells Fargo & Company decreased their price target on shares of McKesson from $925.00 to $812.00 and set an "equal weight" rating for the company in a research report on Tuesday, May 12th. Fourteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $960.53.

McKesson Price Performance

Shares of MCK stock opened at $840.18 on Friday. The stock has a market capitalization of $98.37 billion, a PE ratio of 21.84, a PEG ratio of 1.31 and a beta of 0.31. The business's 50 day simple moving average is $769.18 and its 200 day simple moving average is $838.30. McKesson Corporation has a one year low of $637.00 and a one year high of $999.00.

McKesson (NYSE:MCK - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $11.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $11.56 by $0.13. McKesson had a net margin of 1.18% and a negative return on equity of 345.35%. The firm had revenue of $96.30 billion during the quarter, compared to analyst estimates of $101.35 billion. During the same quarter last year, the business earned $10.12 EPS. The company's revenue was up 6.0% compared to the same quarter last year. 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 earnings per share for the current year.

McKesson Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 1st were paid a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Monday, June 1st. McKesson's dividend payout ratio (DPR) is currently 8.53%.

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.

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