Forsta AP Fonden Increases Holdings in McKesson Corporation $MCK

Key Points

• Forsta AP Fonden increased its McKesson stake by 23.4% in the fourth quarter, adding 9,200 shares to bring its total to 48,447 shares worth about $39.7 million.
• Insiders have been selling shares: EVP Michele Lau and EVP Thomas L. Rodgers both sold stock on May 26 under pre-arranged 10b5-1 plans, and insiders have sold 8,663 shares worth about $7.2 million over the past three months.
• Wall Street remains constructive on McKesson, with 14 Buy ratings and 3 Hold ratings, a consensus Moderate Buy, and an average price target of $968.87. The company also beat quarterly EPS estimates, though revenue came in below expectations, and it recently declared a $0.82 quarterly dividend.

Forsta AP Fonden grew its holdings in McKesson Corporation (NYSE:MCK - Free Report) by 23.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 48,447 shares of the company's stock after acquiring an additional 9,200 shares during the period. Forsta AP Fonden's holdings in McKesson were worth $39,741,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. GGM Financials LLC purchased a new position in shares of McKesson in the third quarter valued at about $25,000. State of Wyoming purchased a new position in shares of McKesson in the second quarter valued at about $29,000. Hopwood Financial Services Inc. purchased a new position in shares of McKesson in the third quarter valued at about $31,000. Vermillion & White Wealth Management Group LLC purchased a new position in shares of McKesson in the third quarter valued at about $33,000. Finally, Board of the Pension Protection Fund purchased a new position in shares of McKesson in the fourth quarter valued at about $33,000. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at McKesson

In other McKesson news, EVP Michele Lau sold 3,550 shares of the business's stock in a transaction that occurred on 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 of the company's stock, valued at $2,471,259.23. The trade was a 52.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Thomas L. Rodgers sold 2,388 shares of the business's stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $761.09, for a total value of $1,817,482.92. Following the sale, the executive vice president directly owned 3,090 shares in the company, valued at $2,351,768.10. The trade was a 43.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 8,663 shares of company stock worth $7,217,102 over the last three months. 0.08% of the stock is currently owned by insiders.

Analysts Set New Price Targets

MCK has been the topic of several research reports. Barclays lifted their target price on McKesson from $960.00 to $1,050.00 and gave the stock an "overweight" rating in a report on Wednesday, February 18th. TD Cowen lifted their target price on McKesson from $1,000.00 to $1,012.00 and gave the stock a "buy" rating in a report on Thursday, February 5th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $875.00 target price on shares of McKesson in a report on Friday, May 8th. William Blair initiated coverage on McKesson in a report on Tuesday, April 28th. They issued an "outperform" rating on the stock. Finally, Weiss Ratings cut McKesson from a "buy (b+)" rating to a "buy (b)" rating in a report on Monday, May 18th. Fourteen investment 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 has a consensus rating of "Moderate Buy" and a consensus price target of $968.87.

McKesson Price Performance

Shares of NYSE MCK opened at $741.47 on Friday. The business's 50 day moving average is $819.93 and its two-hundred day moving average is $852.44. McKesson Corporation has a 1-year low of $637.00 and a 1-year high of $999.00. The stock has a market capitalization of $89.13 billion, a P/E ratio of 19.27, a PEG ratio of 1.13 and a beta of 0.35.

McKesson (NYSE:MCK - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported $11.69 earnings per share for the quarter, topping 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 company had revenue of $96.30 billion for the quarter, compared to analysts' expectations of $101.35 billion. During the same period in the previous year, the firm posted $10.12 earnings per share. The firm'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. As a group, equities research analysts anticipate that McKesson Corporation will post 44.29 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st will be paid 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 payout ratio is presently 8.53%.

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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