CI Investments Inc. Acquires 46,010 Shares of McKesson Corporation $MCK

Key Points

• CI Investments Inc. significantly increased its McKesson stake in the first quarter, buying 46,010 additional shares to bring its total holdings to 56,345 shares valued at about $48.8 million.
• McKesson shares were down slightly, opening at $828.08, while the company’s market cap stood near $97 billion and institutional investors continued to own the vast majority of the stock.
• The company recently beat earnings expectations with Q1 EPS of $11.69, though revenue came in below estimates; analysts remain mostly positive, with a consensus Moderate Buy rating and an average price target of $959.

CI Investments Inc. raised its holdings in shares of McKesson Corporation (NYSE:MCK - Free Report) by 445.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 56,345 shares of the company's stock after purchasing an additional 46,010 shares during the period. CI Investments Inc.'s holdings in McKesson were worth $48,759,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of MCK. Meiji Yasuda Asset Management Co Ltd. increased its stake in shares of McKesson by 0.5% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,262 shares of the company's stock valued at $1,855,000 after buying an additional 11 shares during the period. Investment Research Partners LLC raised its holdings in shares of McKesson by 0.7% during the fourth quarter. Investment Research Partners LLC now owns 1,624 shares of the company's stock valued at $1,332,000 after acquiring an additional 11 shares in the last quarter. IHT Wealth Management LLC lifted its stake in McKesson by 0.9% in the fourth quarter. IHT Wealth Management LLC now owns 1,196 shares of the company's stock worth $981,000 after acquiring an additional 11 shares during the period. LRI Investments LLC lifted its stake in McKesson by 12.1% in the fourth quarter. LRI Investments LLC now owns 111 shares of the company's stock worth $91,000 after acquiring an additional 12 shares during the period. Finally, Macroview Investment Management LLC boosted its holdings in McKesson by 3.9% in the fourth quarter. Macroview Investment Management LLC now owns 322 shares of the company's stock valued at $264,000 after acquiring an additional 12 shares in the last quarter. Hedge funds and other institutional investors own 85.07% of the company's stock.

McKesson Stock Down 0.4%

Shares of MCK stock opened at $828.08 on Wednesday. The business's fifty day moving average is $775.33 and its 200 day moving average is $838.48. The stock has a market cap of $96.95 billion, a price-to-earnings ratio of 21.53, a PEG ratio of 1.37 and a beta of 0.31. McKesson Corporation has a twelve month low of $637.00 and a twelve month high of $999.00.

McKesson (NYSE:MCK - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported $11.69 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $101.35 billion. During the same quarter last year, the firm posted $10.12 earnings per share. The company'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. Equities research analysts expect that McKesson Corporation will post 44.28 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. UBS Group boosted their price objective on shares of McKesson from $1,000.00 to $1,050.00 and gave the company a "buy" rating in a research report on Friday, May 8th. Bank of America cut 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 research note on Monday, April 6th. Barclays reduced their price target on shares of McKesson from $1,050.00 to $925.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 10th. Wall Street Zen downgraded shares of McKesson from a "buy" rating to a "hold" rating in a research note on Saturday, June 27th. Finally, TD Cowen lowered their price objective on shares of McKesson from $1,012.00 to $989.00 and set a "buy" rating for the company in a report on Tuesday. Fourteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, McKesson has a consensus rating of "Moderate Buy" and a consensus price target of $959.00.

Insider Buying and Selling at McKesson

In related news, CAO Napoleon B. Rutledge, Jr. sold 133 shares of McKesson stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $764.00, for a total transaction of $101,612.00. Following the completion of the transaction, the chief accounting officer directly owned 632 shares of the company's stock, valued at $482,848. This trade represents a 17.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michele Lau sold 3,550 shares of the business's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $761.09, for a total transaction of $2,701,869.50. Following the sale, the executive vice president directly owned 3,247 shares in the company, valued at $2,471,259.23. The trade was 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 have sold 28,748 shares of company stock valued at $22,262,035 in the last quarter. 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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