The Manufacturers Life Insurance Company Has $703.03 Million Holdings in McKesson Corporation $MCK

The Manufacturers Life Insurance Company cut its holdings in shares of McKesson Corporation (NYSE:MCK - Free Report) by 16.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 812,411 shares of the company's stock after selling 154,217 shares during the period. McKesson makes up approximately 0.6% of The Manufacturers Life Insurance Company's investment portfolio, making the stock its 28th largest holding. The Manufacturers Life Insurance Company owned 0.68% of McKesson worth $703,026,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of McKesson during the fourth quarter worth about $25,000. Swiss RE Ltd. bought a new stake in McKesson during the 4th quarter worth approximately $26,000. State of Wyoming acquired a new stake in McKesson during the 2nd quarter worth approximately $29,000. Kingdom Financial Group LLC. bought a new position in McKesson in the fourth quarter valued at approximately $33,000. Finally, Birchwood Financial Partners Inc. acquired a new position in shares of McKesson in the fourth quarter valued at approximately $33,000. 85.07% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Thomas L. Rodgers sold 2,388 shares of the firm'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 directly owned 3,090 shares of the company's stock, valued at approximately $2,351,768.10. This trade represents a 43.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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, CEO Brian S. Tyler sold 8,463 shares of the business's stock in a transaction 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 transaction, the chief executive officer owned 5,919 shares in the company, valued at approximately $4,697,081.64. The trade was 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. Insiders sold 28,748 shares of company stock worth $22,262,035 over the last 90 days. Company insiders own 0.06% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Weiss Ratings lowered shares of McKesson from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, July 7th. Barclays lowered their target price on McKesson from $1,050.00 to $925.00 and set an "overweight" rating for the company in a report on Wednesday, June 10th. UBS Group upped their price objective on McKesson from $1,000.00 to $1,050.00 and gave the stock a "buy" rating in a research report on Friday, May 8th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $875.00 price objective on shares of McKesson in a report on Friday, May 8th. Finally, Wall Street Zen lowered McKesson from a "buy" rating to a "hold" rating in a research report on Saturday, June 27th. Fourteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, McKesson has a consensus rating of "Moderate Buy" and an average price target of $962.67.

McKesson Price Performance

McKesson stock opened at $850.94 on Tuesday. The firm has a 50-day moving average of $781.55 and a 200-day moving average of $838.73. McKesson Corporation has a one year low of $637.00 and a one year high of $999.00. The company has a market cap of $99.63 billion, a price-to-earnings ratio of 22.12, a P/E/G ratio of 1.38 and a beta of 0.31.

McKesson (NYSE:MCK - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $11.69 earnings per share (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 previous year, the business earned $10.12 earnings per share. McKesson'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. As a group, sell-side analysts expect that McKesson Corporation will post 44.28 earnings per share 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 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 of this dividend is Tuesday, September 1st. This represents a $3.76 annualized dividend and a dividend yield of 0.4%. McKesson's payout ratio is presently 9.77%.

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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