Glenview Trust Co Purchases New Shares in McKesson Corporation $MCK

Glenview Trust Co acquired a new position in McKesson Corporation (NYSE:MCK - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 3,366 shares of the company's stock, valued at approximately $2,543,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. University of Texas Texas AM Investment Management Co. purchased a new position in McKesson in the 4th quarter worth approximately $25,000. Swiss RE Ltd. bought a new position in McKesson in the fourth quarter valued at about $26,000. Delos Wealth Advisors LLC purchased a new position in shares of McKesson in the second quarter worth approximately $27,000. State of Wyoming purchased a new position in shares of McKesson during the 2nd quarter worth $29,000. Finally, Kingdom Financial Group LLC. bought a new stake in shares of McKesson during the 4th quarter valued at $33,000. 85.07% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

MCK has been the topic of several recent research reports. Evercore reaffirmed an "outperform" rating on shares of McKesson in a research note on Thursday, August 6th. Royal Bank Of Canada started coverage on shares of McKesson in a report on Wednesday, August 19th. They set a "sector perform" rating and a $845.00 price objective for the company. Citigroup raised their target price on shares of McKesson from $945.00 to $1,000.00 and gave the company a "buy" rating in a report on Friday, July 24th. Wall Street Zen lowered McKesson from a "buy" rating to a "hold" rating in a research report on Saturday, June 27th. Finally, Barclays boosted their price objective on shares of McKesson from $925.00 to $1,000.00 and gave the company an "overweight" rating in a research report on Wednesday, August 19th. Fourteen equities 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 currently has an average rating of "Moderate Buy" and an average price target of $973.44.

McKesson Stock Performance

NYSE:MCK opened at $895.59 on Friday. The company's 50-day simple moving average is $833.31 and its 200-day simple moving average is $844.13. McKesson Corporation has a fifty-two week low of $679.65 and a fifty-two week high of $999.00. The stock has a market capitalization of $104.42 billion, a P/E ratio of 23.97, a P/E/G ratio of 1.75 and a beta of 0.30.

McKesson (NYSE:MCK - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $9.93 EPS for the quarter, beating the consensus estimate of $9.56 by $0.37. The firm had revenue of $105.38 billion during the quarter, compared to analyst estimates of $103.88 billion. McKesson had a net margin of 1.12% and a negative return on equity of 253.21%. McKesson's revenue was up 7.7% on a year-over-year basis. During the same period last year, the firm posted $8.26 EPS. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. On average, research analysts forecast that McKesson Corporation will post 44.65 EPS for the current year.

McKesson Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 1st will be given a dividend of $0.94 per share. This is a boost from McKesson's previous quarterly dividend of $0.82. This represents a $3.76 annualized dividend and a yield of 0.4%. The ex-dividend date is Tuesday, September 1st. McKesson's dividend payout ratio (DPR) is 8.78%.

Insiders Place Their Bets

In other news, Director Bradley E. Lerman sold 301 shares of the business's stock in a transaction that occurred on 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian S. Tyler sold 8,463 shares of the business's stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $793.56, for a total transaction of $6,715,898.28. Following the sale, the chief executive officer directly owned 5,919 shares of the company's stock, valued at $4,697,081.64. This represents a 58.84% 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. Insiders have sold 23,111 shares of company stock valued at $18,011,274 over the last quarter. Insiders own 0.06% of the company's stock.

Trending Headlines about McKesson

Here are the key news stories impacting McKesson this week:

• Positive Sentiment: Expansion into precision medicine: McKesson agreed to acquire privately held Precision Medicine Group for approximately $2.25 billion. Precision Medicine provides clinical research, laboratory testing and commercialization services for biotechnology and pharmaceutical companies, giving McKesson greater exposure to oncology, personalized medicine and specialty care. McKesson Doubles Down on Healthcare Growth With Precision Medicine Acquisition
• Positive Sentiment: Higher-growth service mix: The acquisition is expected to strengthen McKesson’s clinical research and commercialization capabilities and deepen relationships with biopharmaceutical companies and oncology practices. Investors may view the transaction as a way to reduce reliance on lower-margin pharmaceutical distribution and participate in growth tied to new drug development. What Does McKesson Gain From Its Push Into Oncology And Clinical Research?
• Neutral Sentiment: Portfolio repositioning amid workforce changes: Coverage noted layoffs at Rx Savings while McKesson plans the Precision Medicine acquisition. The combination highlights an ongoing reallocation of resources, although the near-term effect on earnings and integration costs remains uncertain. Amid Layoffs, McKesson Plans Acquisition
• Negative Sentiment: Cybersecurity incident disclosed: McKesson reported discovering a cybersecurity incident on August 25 after the ShinyHunters group claimed it had stolen patient data. The company’s investigation and any resulting regulatory, remediation, privacy or reputational costs could weigh on sentiment, although the ultimate scope and financial impact were not yet clear. McKesson Discloses Breach After ShinyHunters Claims Patient Data Theft

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source