Fisher Funds Management LTD Buys 8,921 Shares of McKesson Corporation $MCK

Key Points

• Fisher Funds Management LTD increased its McKesson stake by 25.5% in Q1, buying 8,921 additional shares and bringing its total holdings to 43,890 shares worth about $38 million.
• Wall Street sentiment remains constructive: McKesson has a “Moderate Buy” consensus rating, with 14 Buy ratings and 3 Hold ratings, and an average price target of $960.53.
• Recent insider activity has been mostly selling, including transactions by EVP Thomas L. Rodgers and CAO Napoleon B. Rutledge Jr., while the stock also trades below its recent moving averages after opening at $750.23.

Fisher Funds Management LTD lifted its position in McKesson Corporation (NYSE:MCK - Free Report) by 25.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 43,890 shares of the company's stock after purchasing an additional 8,921 shares during the period. McKesson accounts for about 1.1% of Fisher Funds Management LTD's investment portfolio, making the stock its 29th biggest position. Fisher Funds Management LTD's holdings in McKesson were worth $37,981,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC increased its stake in shares of McKesson by 46.3% during the fourth quarter. Brighton Jones LLC now owns 2,523 shares of the company's stock valued at $1,438,000 after buying an additional 798 shares during the period. Caxton Associates LLP bought a new position in McKesson in the first quarter worth approximately $233,000. Sivia Capital Partners LLC lifted its holdings in McKesson by 77.9% during the second quarter. Sivia Capital Partners LLC now owns 685 shares of the company's stock worth $502,000 after buying an additional 300 shares during the period. Treasurer of the State of North Carolina lifted its holdings in McKesson by 0.9% during the second quarter. Treasurer of the State of North Carolina now owns 58,623 shares of the company's stock worth $42,958,000 after buying an additional 508 shares during the period. Finally, Osterweis Capital Management Inc. bought a new stake in McKesson during the 2nd quarter valued at $166,000. Institutional investors own 85.07% of the company's stock.

Analyst Ratings Changes

MCK has been the topic of a number of analyst reports. Wall Street Zen upgraded McKesson from a "hold" rating to a "buy" rating in a report on Saturday, May 2nd. Evercore restated an "outperform" rating on shares of McKesson in a research note on Thursday, March 5th. Barclays dropped their price objective on McKesson from $1,050.00 to $925.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 10th. Bank of America cut their target price on 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. Finally, Leerink Partners reiterated an "outperform" rating and issued a $1,085.00 target price on shares of McKesson in a report on Thursday, March 5th. Fourteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, McKesson currently has a consensus rating of "Moderate Buy" and an average target price of $960.53.

Insiders Place Their Bets

In other McKesson news, EVP Thomas L. Rodgers sold 699 shares of the stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $735.27, for a total value of $513,953.73. Following the completion of the sale, the executive vice president directly owned 2,268 shares in the company, valued at approximately $1,667,592.36. This trade represents a 23.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed 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 the firm'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 completion of the sale, the chief accounting officer directly owned 632 shares of the company's stock, valued at approximately $482,848. This represents 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. In the last ninety days, insiders have sold 20,285 shares of company stock valued at $15,546,137. 0.06% of the stock is owned by corporate insiders.

McKesson Trading Down 0.1%

NYSE MCK opened at $750.23 on Monday. The firm's fifty day simple moving average is $787.94 and its two-hundred day simple moving average is $842.32. The firm has a market capitalization of $87.84 billion, a P/E ratio of 19.50, a P/E/G ratio of 1.24 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 issued 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. The firm had revenue of $96.30 billion during the quarter, compared to analyst estimates of $101.35 billion. McKesson had a negative return on equity of 345.35% and a net margin of 1.18%.The business's revenue for the quarter was up 6.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $10.12 EPS. McKesson has set its FY 2027 guidance at 43.800-44.600 EPS. As a group, sell-side analysts predict that McKesson Corporation will post 44.28 earnings per share for the current fiscal year.

McKesson Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 1st will be given a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Monday, June 1st. McKesson's dividend payout ratio is currently 8.53%.

Key Stories Impacting McKesson

Here are the key news stories impacting McKesson this week:

• Negative Sentiment: CEO Brian Tyler sold 8,463 shares at an average price of $775.13 under a pre-arranged 10b5-1 plan. Even though the sale was planned, insider selling can still weigh on investor sentiment. Article Title
• Neutral Sentiment: McKesson continues to get attention for its Medical-Surgical Solutions carve-out and new financing tied to that unit, which investors may be reassessing after a strong earnings report and upbeat FY2027 guidance. Article Title
• Neutral Sentiment: The company recently announced a fiscal 2024 fourth-quarter earnings release date, a routine event that does not appear to be a major market driver on its own. Article Title

McKesson Company 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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