McKesson Corporation $MCK Shares Sold by NewEdge Wealth LLC

Key Points

• NewEdge Wealth cut its McKesson stake by 52.1% in the first quarter, selling 1,521 shares and retaining 1,399 shares worth approximately $1.21 million. Institutional investors and hedge funds collectively own 85.07% of MCK.
• McKesson reported quarterly adjusted EPS of $11.69, exceeding estimates of $11.56, while revenue rose 6% year over year to $96.3 billion but fell short of the $101.35 billion consensus.
• The company raised its quarterly dividend from $0.82 to $0.94 per share. Analysts remain broadly positive, with a “Moderate Buy” consensus rating and an average price target of $962.67, despite some recent rating and target-price reductions.

NewEdge Wealth LLC reduced its holdings in shares of McKesson Corporation (NYSE:MCK - Free Report) by 52.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,399 shares of the company's stock after selling 1,521 shares during the period. NewEdge Wealth LLC's holdings in McKesson were worth $1,211,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in MCK. Brighton Jones LLC boosted its holdings in McKesson by 46.3% in the fourth quarter. Brighton Jones LLC now owns 2,523 shares of the company's stock valued at $1,438,000 after purchasing an additional 798 shares during the period. Caxton Associates LLP acquired a new position in McKesson during the 1st quarter worth $233,000. Sivia Capital Partners LLC increased its holdings in McKesson by 77.9% during the 2nd quarter. Sivia Capital Partners LLC now owns 685 shares of the company's stock worth $502,000 after purchasing an additional 300 shares during the period. Treasurer of the State of North Carolina increased its holdings in McKesson by 0.9% during the 2nd quarter. Treasurer of the State of North Carolina now owns 58,623 shares of the company's stock worth $42,958,000 after purchasing an additional 508 shares during the period. Finally, Osterweis Capital Management Inc. acquired a new stake in McKesson in the 2nd quarter valued at about $166,000. 85.07% of the stock is currently owned by institutional investors and hedge funds.

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McKesson Stock Performance

NYSE:MCK opened at $840.76 on Monday. The stock has a 50-day simple moving average of $780.04 and a 200-day simple moving average of $838.56. The stock has a market cap of $98.44 billion, a P/E ratio of 21.85, a P/E/G ratio of 1.38 and a beta of 0.31. McKesson Corporation has a 1 year low of $637.00 and a 1 year high of $999.00.

McKesson (NYSE:MCK - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported $11.69 EPS for the quarter, beating analysts' consensus estimates of $11.56 by $0.13. McKesson had a negative return on equity of 345.35% and a net margin of 1.18%.The business had revenue of $96.30 billion for the quarter, compared to the consensus estimate of $101.35 billion. During the same quarter in the prior year, the business posted $10.12 EPS. The business'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. On average, equities research analysts predict that McKesson Corporation will post 44.28 EPS for the current year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 1st will be paid a $0.94 dividend. This is an increase 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 payout ratio is currently 8.53%.

Insider Activity at McKesson

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 133 shares of the firm's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $764.00, for a total transaction of $101,612.00. Following the sale, the chief accounting officer owned 632 shares of the company's stock, valued at approximately $482,848. This trade represents a 17.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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 the business's stock in a transaction that occurred on 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 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. Over the last three months, insiders have sold 28,748 shares of company stock valued at $22,262,035. Company insiders own 0.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MCK. Wall Street Zen cut McKesson from a "buy" rating to a "hold" rating in a research note on Saturday, June 27th. Weiss Ratings lowered shares of McKesson from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, July 7th. 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. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $875.00 price target on shares of McKesson in a research note on Friday, May 8th. Finally, Bank of America lowered their price target on shares of McKesson from $1,040.00 to $1,000.00 and set a "buy" rating for the company in a report on Monday, April 6th. Fourteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $962.67.

McKesson News Roundup

Here are the key news stories impacting McKesson this week:

• Positive Sentiment: McKesson boosted its quarterly dividend to $0.94 per share from $0.82, signaling management confidence in cash flow and returning more capital to shareholders. McKesson Raises Quarterly Dividend by 15%
• Positive Sentiment: Shareholders backed the board, auditors, and executive compensation at the annual meeting, reducing governance uncertainty. McKesson Shareholders Back Board, Auditors, and Executive Pay
• Neutral Sentiment: Recent commentary from analysts has been mixed, with one piece noting conflicting views on McKesson and other healthcare names, which may keep sentiment balanced in the near term. Analysts Have Conflicting Sentiments on These Healthcare Companies
• Neutral Sentiment: TD Cowen reportedly lowered expectations for McKesson’s stock price, adding a cautionary note despite the company’s strong operational backdrop. TD Cowen Has Lowered Expectations for McKesson NYSE: MCK Stock Price

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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