Handelsbanken Fonder AB Cuts Stock Holdings in McKesson Corporation $MCK

Key Points

• Handelsbanken Fonder cut its McKesson stake by 13.5% in the second quarter, selling 24,987 shares and retaining 160,354 shares worth approximately $121.2 million. Institutional investors collectively own 85.07% of the company.
• Analysts maintain a generally positive outlook, with 14 Buy ratings and three Holds, an average “Moderate Buy” rating, and an average price target of $968.93.
• McKesson exceeded quarterly expectations, reporting $9.93 in EPS and $105.38 billion in revenue, while revenue rose 7.7% year over year. The company also raised its quarterly dividend from $0.82 to $0.94 per share.

Handelsbanken Fonder AB lowered its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 13.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 160,354 shares of the company's stock after selling 24,987 shares during the period. Handelsbanken Fonder AB owned approximately 0.14% of McKesson worth $121,163,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in MCK. University of Texas Texas AM Investment Management Co. purchased a new position in shares of McKesson in the fourth quarter worth $25,000. Swiss RE Ltd. bought a new position in shares of McKesson during the fourth quarter valued at $26,000. State of Wyoming purchased a new stake in shares of McKesson during the second quarter valued at $29,000. Kingdom Financial Group LLC. purchased a new stake in shares of McKesson during the fourth quarter valued at $33,000. Finally, Birchwood Financial Partners Inc. bought a new stake in McKesson in the 4th quarter worth about $33,000. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on MCK. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $875.00 target price on shares of McKesson in a research report on Friday, May 8th. Barclays reduced their price target on shares of McKesson from $1,050.00 to $925.00 and set an "overweight" rating for the company in a research note on Wednesday, June 10th. Citigroup boosted their price objective 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. Weiss Ratings downgraded shares of McKesson from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, July 7th. Finally, Wall Street Zen downgraded shares of McKesson from a "buy" rating to a "hold" rating in a research report on Saturday, June 27th. Fourteen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, McKesson has an average rating of "Moderate Buy" and an average target price of $968.93.

Insider Buying and Selling

In other news, CAO Napoleon B. Rutledge, Jr. sold 133 shares of the company's stock in a transaction on 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 in the company, valued at $482,848. This represents a 17.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Brian S. Tyler sold 8,463 shares of McKesson stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $793.56, for a total value of $6,715,898.28. Following the transaction, the chief executive officer owned 5,919 shares in the company, valued at $4,697,081.64. This trade represents a 58.84% decrease in their ownership of the stock. 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 quarter, insiders have sold 28,748 shares of company stock valued at $22,262,035. Company insiders own 0.06% of the company's stock.

McKesson Stock Up 1.0%

Shares of NYSE:MCK opened at $878.01 on Tuesday. The firm's 50 day moving average price is $803.51 and its 200-day moving average price is $841.38. McKesson Corporation has a twelve month low of $637.00 and a twelve month high of $999.00. The stock has a market capitalization of $102.37 billion, a PE ratio of 23.50, a price-to-earnings-growth ratio of 1.71 and a beta of 0.30.

McKesson (NYSE:MCK - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $9.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.56 by $0.37. McKesson had a net margin of 1.12% and a negative return on equity of 253.21%. The company had revenue of $105.38 billion during the quarter, compared to analyst estimates of $103.88 billion. During the same period in the previous year, the business posted $8.26 earnings per share. The firm's quarterly revenue was up 7.7% compared to the same quarter last year. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. Analysts expect that McKesson Corporation will post 44.59 earnings per share for the current fiscal 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 given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Tuesday, September 1st. This is a positive change from McKesson's previous quarterly dividend of $0.82. McKesson's payout ratio is presently 8.78%.

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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