Meeder Asset Management Inc. Grows Stock Position in McKesson Corporation $MCK

Key Points

• Meeder Asset Management dramatically increased its McKesson stake in Q1, boosting holdings by 20,237.5% to 8,135 shares worth about $7.04 million.
• Several analysts trimmed price targets on McKesson, but sentiment remains positive overall with 14 Buy ratings, 3 Hold ratings, and a consensus Moderate Buy target of $960.53.
• McKesson reported EPS of $11.69, beating estimates, while revenue came in below expectations; the company also paid a quarterly dividend of $0.82 per share and carries a low 0.4% yield.

Meeder Asset Management Inc. lifted its holdings in McKesson Corporation (NYSE:MCK - Free Report) by 20,237.5% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 8,135 shares of the company's stock after purchasing an additional 8,095 shares during the period. Meeder Asset Management Inc.'s holdings in McKesson were worth $7,040,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in MCK. Brighton Jones LLC boosted its stake in shares of McKesson by 46.3% during the 4th quarter. Brighton Jones LLC now owns 2,523 shares of the company's stock worth $1,438,000 after acquiring an additional 798 shares during the last quarter. Caxton Associates LLP purchased a new stake in shares of McKesson in the 1st quarter worth $233,000. Sivia Capital Partners LLC increased its stake in shares of McKesson by 77.9% in 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 in the last quarter. Treasurer of the State of North Carolina raised its holdings in McKesson by 0.9% in 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. bought a new position in McKesson in the 2nd quarter worth $166,000. Hedge funds and other institutional investors own 85.07% of the company's stock.

Analysts Set New Price Targets

MCK has been the subject of several recent research reports. JPMorgan Chase & Co. cut their price target on McKesson from $1,107.00 to $1,015.00 and set an "overweight" rating for the company in a report on Friday, May 8th. Wells Fargo & Company decreased their price objective on McKesson from $925.00 to $812.00 and set an "equal weight" rating on the stock in a research note on Tuesday, May 12th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $875.00 price objective on shares of McKesson in a research report on Friday, May 8th. Citigroup cut their price objective on McKesson from $975.00 to $945.00 and set a "buy" rating for the company in a research note on Thursday, May 14th. Finally, Weiss Ratings lowered shares of McKesson from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, July 7th. Fourteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, McKesson has a consensus rating of "Moderate Buy" and a consensus price target of $960.53.

Insiders Place Their Bets

In other McKesson news, EVP Michele Lau sold 3,550 shares of the stock in a transaction that occurred 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 sale, the executive vice president directly owned 3,247 shares of the company's stock, valued at $2,471,259.23. This trade represents a 52.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Thomas L. Rodgers sold 699 shares of McKesson stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $735.27, for a total transaction of $513,953.73. Following the sale, the executive vice president owned 2,268 shares in the company, valued at approximately $1,667,592.36. The trade was a 23.56% 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. Insiders sold a total of 28,748 shares of company stock worth $22,262,035 over the last quarter. Company insiders own 0.06% of the company's stock.

McKesson Stock Performance

Shares of McKesson stock opened at $842.14 on Monday. The company has a market capitalization of $98.60 billion, a P/E ratio of 21.89, a P/E/G ratio of 1.38 and a beta of 0.31. The company has a fifty day moving average of $771.33 and a 200 day moving average of $838.39. McKesson Corporation has a fifty-two week low of $637.00 and a fifty-two week high of $999.00.

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, 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 analysts' expectations of $101.35 billion. During the same period last year, the firm earned $10.12 earnings per share. The business's quarterly revenue was up 6.0% on a year-over-year basis. McKesson has set its FY 2027 guidance at 43.800-44.600 EPS. Analysts forecast that McKesson Corporation will post 44.28 EPS for the current year.

McKesson Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 1st were paid a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Monday, June 1st. McKesson's dividend payout ratio (DPR) is 8.53%.

About McKesson

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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