Wedge Capital Management L L P NC Has $29.42 Million Position in McKesson Corporation $MCK

Key Points

• Wedge Capital Management increased its McKesson position by 22.5% in the second quarter, bringing its holdings to 38,937 shares valued at approximately $29.42 million. Institutional investors and hedge funds collectively own 85.07% of MCK.
• McKesson reported quarterly EPS of $9.93, exceeding the $9.56 consensus estimate, while revenue rose 7.7% year over year to $105.38 billion. The company also raised its quarterly dividend from $0.82 to $0.94 per share.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $977.00. Shares recently traded at $901.66, while insiders sold approximately $22.53 million of stock over the past 90 days.

Wedge Capital Management L L P NC increased its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 22.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 38,937 shares of the company's stock after acquiring an additional 7,141 shares during the quarter. Wedge Capital Management L L P NC's holdings in McKesson were worth $29,421,000 at the end of the most recent quarter.

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

McKesson Trading Up 2.5%

Shares of NYSE MCK opened at $901.66 on Wednesday. The firm has a market cap of $105.12 billion, a PE ratio of 24.13, a PEG ratio of 1.73 and a beta of 0.30. McKesson Corporation has a 1-year low of $637.00 and a 1-year high of $999.00. The company has a fifty day moving average price of $806.83 and a 200 day moving average price of $841.94.

McKesson (NYSE:MCK - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $9.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.56 by $0.37. The firm had revenue of $105.38 billion for the quarter, compared to the consensus estimate of $103.88 billion. McKesson had a negative return on equity of 253.21% and a net margin of 1.12%.The company's revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter last year, the business posted $8.26 EPS. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. Equities research analysts forecast that McKesson Corporation will post 44.6 EPS for the current year.

McKesson Increases Dividend

The company 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 an increase 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 dividend on an annualized basis and a yield of 0.4%. McKesson's payout ratio is currently 10.06%.

Insider Buying and Selling

In related news, EVP Thomas L. Rodgers sold 699 shares of the stock in a transaction 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 completion of the transaction, the executive vice president owned 2,268 shares in the company, valued at approximately $1,667,592.36. This represents a 23.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Brian S. Tyler sold 8,463 shares of McKesson stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $793.56, for a total transaction of $6,715,898.28. Following the completion of the sale, the chief executive officer owned 5,919 shares in the company, valued at $4,697,081.64. The trade was a 58.84% decrease in their ownership of the stock. 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 29,049 shares of company stock valued at $22,530,626 over the last ninety days. Insiders own 0.06% of the company's stock.

Analyst Upgrades and Downgrades

MCK has been the subject of a number of recent analyst reports. Barclays dropped their price objective 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 boosted their price target on shares of McKesson from $1,050.00 to $1,080.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Weiss Ratings downgraded McKesson from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, July 7th. Wall Street Zen downgraded McKesson from a "buy" rating to a "hold" rating in a report on Saturday, June 27th. Finally, Evercore reiterated an "outperform" rating on shares of McKesson in a report on Thursday, August 6th. Fourteen research 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 has a consensus rating of "Moderate Buy" and a consensus price target of $977.00.

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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