Clear Harbor Asset Management LLC Takes $4.05 Million Position in McKesson Corporation $MCK

Key Points

• Clear Harbor Asset Management acquired a new $4.05 million stake in McKesson during the second quarter, purchasing 5,357 shares. Institutional investors collectively own 85.07% of the company.
• McKesson reported quarterly earnings of $9.93 per share, exceeding estimates of $9.56, while revenue rose 7.7% year over year to $105.38 billion.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $973.44 price target. McKesson also raised its quarterly dividend to $0.94 per share from $0.82.

Clear Harbor Asset Management LLC acquired a new stake in McKesson Corporation (NYSE:MCK - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 5,357 shares of the company's stock, valued at approximately $4,048,000.

Other large investors have also bought and sold shares of the company. BlackRock Inc. bought a new position in McKesson in the second quarter valued at approximately $8,156,743,000. Norges Bank acquired a new position in shares of McKesson in the fourth quarter valued at approximately $1,651,137,000. Bank of New York Mellon Corp bought a new stake in shares of McKesson during the second quarter worth $599,060,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of McKesson during the second quarter worth $495,737,000. Finally, Deutsche Bank AG acquired a new stake in shares of McKesson during the second quarter worth $337,316,000. 85.07% of the stock is owned by institutional investors.

Insider Activity at McKesson

In related news, Director Bradley E. Lerman sold 301 shares of McKesson stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $892.33, for a total value of $268,591.33. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Napoleon B. Rutledge, Jr. sold 133 shares of the company's stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $764.00, for a total value of $101,612.00. Following the sale, the chief accounting officer owned 632 shares in the company, valued at $482,848. The trade was a 17.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 29,049 shares of company stock worth $22,530,626. Corporate insiders own 0.06% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on MCK shares. JPMorgan Chase & Co. cut their price objective on shares of McKesson from $1,107.00 to $1,015.00 and set an "overweight" rating on the stock in a research report on Friday, May 8th. Royal Bank Of Canada began coverage on McKesson in a report on Wednesday. They set a "sector perform" rating and a $845.00 target price for the company. Citigroup lifted their price target on McKesson from $945.00 to $1,000.00 and gave the company a "buy" rating in a research note on Friday, July 24th. Morgan Stanley restated an "overweight" rating on shares of McKesson in a report on Friday, August 7th. Finally, Weiss Ratings cut McKesson from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, July 7th. Fourteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $973.44.

McKesson Stock Up 2.8%

NYSE MCK opened at $862.27 on Friday. The firm's 50 day moving average is $820.97 and its 200-day moving average is $843.86. The company has a market capitalization of $100.53 billion, a PE ratio of 23.07, a price-to-earnings-growth ratio of 1.69 and a beta of 0.30. McKesson Corporation has a 12-month low of $673.38 and a 12-month high of $999.00.

McKesson (NYSE:MCK - Get Free Report) last announced 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 business 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 firm's revenue was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $8.26 earnings per share. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. As a group, sell-side analysts expect that McKesson Corporation will post 44.65 EPS for the current year.

McKesson Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 1st will be paid a dividend of $0.94 per share. The ex-dividend date is Tuesday, September 1st. This represents a $3.76 dividend on an annualized basis and a dividend yield of 0.4%. This is a positive change from McKesson's previous quarterly dividend of $0.82. McKesson's dividend payout ratio (DPR) is currently 8.78%.

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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