McKesson Corporation $MCK Shares Purchased by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon boosted its McKesson stake by 3.3% in the fourth quarter, adding 27,386 shares to bring its total to 854,784 shares valued at about $701.2 million.
• Several McKesson insiders sold shares recently, including EVPs Thomas L. Rodgers and Michele Lau, with the sales made under pre-arranged 10b5-1 plans and tied to tax withholding on equity awards.
• McKesson reported better-than-expected quarterly EPS of $11.69 and announced a quarterly dividend of $0.82 per share, while analysts maintain a Moderate Buy consensus with an average price target of $968.87.

Bank of New York Mellon Corp increased its holdings in shares of McKesson Corporation (NYSE:MCK - Free Report) by 3.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 854,784 shares of the company's stock after acquiring an additional 27,386 shares during the quarter. Bank of New York Mellon Corp owned about 0.70% of McKesson worth $701,171,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. GGM Financials LLC acquired a new position in McKesson in the 3rd quarter valued at about $25,000. State of Wyoming acquired a new position in McKesson in the 2nd quarter valued at about $29,000. Hopwood Financial Services Inc. acquired a new position in McKesson in the 3rd quarter valued at about $31,000. Vermillion & White Wealth Management Group LLC purchased a new stake in shares of McKesson in the 3rd quarter valued at approximately $33,000. Finally, Board of the Pension Protection Fund purchased a new stake in shares of McKesson in the 4th quarter valued at approximately $33,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at McKesson

In other news, EVP Thomas L. Rodgers sold 2,388 shares of the company's stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $761.09, for a total value of $1,817,482.92. Following the completion of the transaction, the executive vice president owned 3,090 shares in the company, valued at approximately $2,351,768.10. This represents a 43.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 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. Also, EVP Michele Lau sold 3,550 shares of the company's stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $761.09, for a total transaction of $2,701,869.50. Following the completion of the transaction, the executive vice president owned 3,247 shares of the company's stock, valued at approximately $2,471,259.23. The trade was a 52.23% 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. In the last 90 days, insiders sold 6,760 shares of company stock valued at $5,123,773. Company insiders own 0.08% of the company's stock.

McKesson Stock Up 0.5%

NYSE MCK opened at $740.43 on Thursday. McKesson Corporation has a 52 week low of $637.00 and a 52 week high of $999.00. The stock has a market capitalization of $89.00 billion, a PE ratio of 19.25, a price-to-earnings-growth ratio of 1.10 and a beta of 0.31. The firm has a 50 day moving average of $810.87 and a two-hundred day moving average of $850.07.

McKesson (NYSE:MCK - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported $11.69 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 company had revenue of $96.30 billion during the quarter, compared to analysts' expectations of $101.35 billion. During the same quarter in the previous year, the business posted $10.12 EPS. The firm's revenue was up 6.0% on a year-over-year basis. McKesson has set its FY 2027 guidance at 43.800-44.600 EPS. On average, equities research analysts expect that McKesson Corporation will post 44.29 earnings per share for the current fiscal year.

McKesson Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st will be issued a $0.82 dividend. The ex-dividend date is 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 Analysts Forecast Growth

MCK has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $875.00 price target on shares of McKesson in a research note on Friday, May 8th. Mizuho boosted their price target on shares of McKesson from $880.00 to $885.00 and gave the company a "neutral" rating in a research note on Thursday, February 5th. Wall Street Zen raised shares of McKesson from a "hold" rating to a "buy" rating in a research note on Saturday, May 2nd. Citigroup reduced their price target on shares of McKesson from $975.00 to $945.00 and set a "buy" rating on the stock in a research note on Thursday, May 14th. Finally, Leerink Partners reissued an "outperform" rating and issued a $1,085.00 price target on shares of McKesson in a research note on Thursday, March 5th. Fourteen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $968.87.

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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