McKesson Corporation $MCK Shares Sold by Park National Corp OH

Key Points

• Park National Corp OH reduced its McKesson stake by 8.2% in the third quarter, selling 1,183 shares and retaining 13,304 shares valued at approximately $11.36 million.
• Institutional investors own 85.07% of McKesson, while analysts maintain a broadly positive outlook: the stock carries a “Moderate Buy” consensus rating and an average price target of $973.44.
• McKesson reported quarterly earnings of $9.93 per share, beating estimates, while revenue rose 7.7% year over year to $105.38 billion. The company also increased its quarterly dividend to $0.94 per share.

Park National Corp OH lowered its stake in shares of McKesson Corporation (NYSE:MCK - Free Report) by 8.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,304 shares of the company's stock after selling 1,183 shares during the quarter. Park National Corp OH's holdings in McKesson were worth $11,359,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. bought a new position in McKesson during the 2nd quarter valued at $8,156,743,000. State Street Corp lifted its position in shares of McKesson by 0.5% during the fourth quarter. State Street Corp now owns 5,780,179 shares of the company's stock worth $4,746,118,000 after purchasing an additional 29,660 shares during the last quarter. Franklin Resources Inc. increased its holdings in McKesson by 5.4% in the fourth quarter. Franklin Resources Inc. now owns 2,825,954 shares of the company's stock valued at $2,318,102,000 after buying an additional 144,633 shares during the last quarter. Bank of America Corp DE increased its holdings in McKesson by 2.4% in the first quarter. Bank of America Corp DE now owns 1,538,726 shares of the company's stock valued at $1,331,552,000 after buying an additional 35,916 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in McKesson by 6.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,376,276 shares of the company's stock valued at $1,128,945,000 after buying an additional 87,513 shares in the last quarter. Hedge funds and other institutional investors own 85.07% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Robert W. Baird set a $1,015.00 price target on McKesson in a report on Thursday, August 6th. Citigroup boosted their target price on shares of McKesson from $945.00 to $1,000.00 and gave the company a "buy" rating in a research note on Friday, July 24th. Barclays increased their target price on shares of McKesson from $925.00 to $1,000.00 and gave the stock an "overweight" rating in a report on Wednesday, August 19th. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $845.00 price target on shares of McKesson in a report on Monday, September 14th. Finally, Weiss Ratings raised shares of McKesson from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, September 4th. Fourteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $973.44.

McKesson Trading Up 1.8%

NYSE:MCK traded up $16.05 during mid-day trading on Monday, hitting $918.33. The stock had a trading volume of 154,775 shares, compared to its average volume of 939,217. The company has a 50 day simple moving average of $880.02 and a 200-day simple moving average of $832.83. The stock has a market capitalization of $107.07 billion, a price-to-earnings ratio of 24.58, a P/E/G ratio of 1.79 and a beta of 0.30. McKesson Corporation has a 52 week low of $723.68 and a 52 week high of $999.00.

McKesson (NYSE:MCK - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $9.93 earnings per share for the quarter, beating analysts' consensus estimates of $9.56 by $0.37. McKesson had a negative return on equity of 253.21% and a net margin of 1.12%.The company had revenue of $105.38 billion for the quarter, compared to analysts' expectations of $103.88 billion. During the same quarter in the previous year, the company posted $8.26 earnings per share. The business's revenue for the quarter was up 7.7% compared to the same quarter last year. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. As a group, equities research analysts anticipate that McKesson Corporation will post 44.71 earnings per share for the current year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Tuesday, September 1st were given a dividend of $0.94 per share. This is a positive change from McKesson's previous quarterly dividend of $0.82. The ex-dividend date was Tuesday, September 1st. This represents a $3.76 dividend on an annualized basis and a dividend yield of 0.4%. McKesson's payout ratio is presently 10.06%.

Insiders Place Their Bets

In other news, CAO B Jr sold 111 shares of the stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $891.45, for a total value of $98,950.95. Following the completion of the transaction, the chief accounting officer directly owned 521 shares in the company, valued at $464,445.45. This trade represents a 17.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Brian Tyler sold 8,463 shares of the 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 directly owned 5,919 shares of the company's stock, valued at approximately $4,697,081.64. The trade was a 58.84% 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. In the last three months, insiders have sold 8,875 shares of company stock worth $7,083,441. 0.06% of the stock is owned by corporate insiders.

About McKesson

McKesson Corporation NYSE: MCK is a healthcare services and information technology company that distributes pharmaceuticals, specialty drugs, medical supplies and other healthcare products. The company serves pharmacies, hospitals, health systems, physician practices, biopharma manufacturers and other healthcare providers, helping move products from manufacturers to patients and care settings.

McKesson's principal operations include pharmaceutical distribution, medical-surgical supply distribution and technology-enabled services for pharmacies and providers.

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