Fifth Third Bancorp Raises Holdings in McKesson Corporation $MCK

Fifth Third Bancorp lifted its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 472.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 48,529 shares of the company's stock after acquiring an additional 40,054 shares during the quarter. Fifth Third Bancorp's holdings in McKesson were worth $41,995,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Sovran Advisors LLC boosted its position in McKesson by 8.6% during the first quarter. Sovran Advisors LLC now owns 342 shares of the company's stock worth $279,000 after purchasing an additional 27 shares during the period. WealthShield Partners LLC bought a new stake in shares of McKesson in the first quarter valued at approximately $376,000. Simplicity Wealth LLC raised its position in shares of McKesson by 20.3% in the first quarter. Simplicity Wealth LLC now owns 563 shares of the company's stock valued at $487,000 after purchasing an additional 95 shares during the period. Candriam S.C.A. lifted its stake in shares of McKesson by 16.7% during the 1st quarter. Candriam S.C.A. now owns 239,664 shares of the company's stock valued at $207,396,000 after buying an additional 34,370 shares in the last quarter. Finally, Sequoia Financial Advisors LLC lifted its stake in shares of McKesson by 1.8% during the 1st quarter. Sequoia Financial Advisors LLC now owns 9,710 shares of the company's stock valued at $8,402,000 after buying an additional 168 shares in the last quarter. Hedge funds and other institutional investors own 85.07% of the company's stock.

Insiders Place Their Bets

In related news, EVP Michele Lau sold 3,550 shares of the stock in a transaction on 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 sale, the executive vice president owned 3,247 shares in the company, valued at approximately $2,471,259.23. This trade represents a 52.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through 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 McKesson stock in a transaction on Friday, June 5th. The shares were sold at an average price of $764.00, for a total value of $101,612.00. Following the sale, the chief accounting officer directly owned 632 shares of the company's stock, valued at $482,848. This represents a 17.39% 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. Over the last ninety days, insiders have sold 28,748 shares of company stock worth $22,262,035. 0.06% of the stock is currently owned by corporate insiders.

McKesson Trading Down 0.1%

Shares of NYSE:MCK opened at $805.31 on Monday. The company has a 50 day moving average of $766.35 and a 200 day moving average of $838.68. The stock has a market cap of $94.29 billion, a P/E ratio of 20.93, a P/E/G ratio of 1.33 and a beta of 0.31. McKesson Corporation has a 12 month low of $637.00 and a 12 month high of $999.00.

McKesson (NYSE:MCK - Get Free Report) last posted its 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 business had revenue of $96.30 billion for the quarter, compared to analysts' expectations of $101.35 billion. During the same period in the prior year, the company posted $10.12 EPS. The business's revenue for the quarter was up 6.0% compared to the same quarter last year. McKesson has set its FY 2027 guidance at 43.800-44.600 EPS. On average, equities analysts forecast that McKesson Corporation will post 44.28 earnings per share for the current fiscal year.

McKesson Announces Dividend

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

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MCK. Citigroup reduced their price objective on shares of McKesson from $975.00 to $945.00 and set a "buy" rating for the company in a research note on Thursday, May 14th. Weiss Ratings lowered McKesson from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, July 7th. JPMorgan Chase & Co. cut their price target on McKesson from $1,107.00 to $1,015.00 and set an "overweight" rating for the company in a report on Friday, May 8th. Wells Fargo & Company reduced their price target on McKesson from $925.00 to $812.00 and set an "equal weight" rating for the company in a research report on Tuesday, May 12th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $875.00 price objective on shares of McKesson in a research note on Friday, May 8th. Fourteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $960.53.

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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