Royal Bank of Canada Sells 167,301 Shares of McKesson Corporation $MCK

Royal Bank of Canada decreased its stake in shares of McKesson Corporation (NYSE:MCK) by 11.5% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 1,282,325 shares of the company’s stock after selling 167,301 shares during the period. Royal Bank of Canada’s holdings in McKesson were worth $1,109,672,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of MCK. University of Texas Texas AM Investment Management Co. acquired a new position in shares of McKesson during the 4th quarter valued at $25,000. Swiss RE Ltd. acquired a new stake in McKesson in the fourth quarter worth $26,000. State of Wyoming acquired a new stake in McKesson in the second quarter worth $29,000. Kingdom Financial Group LLC. bought a new stake in McKesson in the fourth quarter valued at $33,000. Finally, Birchwood Financial Partners Inc. acquired a new position in shares of McKesson during the fourth quarter valued at about $33,000. Institutional investors own 85.07% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MCK. TD Cowen cut their price objective on shares of McKesson from $1,012.00 to $989.00 and set a “buy” rating on the stock in a research report on Tuesday, July 21st. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $875.00 price objective on shares of McKesson in a research note on Friday, May 8th. JPMorgan Chase & Co. lowered their target price on McKesson from $1,107.00 to $1,015.00 and set an “overweight” rating on the stock in a research report on Friday, May 8th. Bank of America cut their target price on McKesson from $1,040.00 to $1,000.00 and set a “buy” rating on the stock in a report on Monday, April 6th. Finally, Barclays reduced their price target on shares of McKesson from $1,050.00 to $925.00 and set an “overweight” rating for the company in a research report on Wednesday, June 10th. Fourteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $962.67.

Insiders Place Their Bets

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 133 shares of the company’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $764.00, for a total value of $101,612.00. Following the completion of the transaction, the chief accounting officer owned 632 shares in the company, valued at $482,848. This represents a 17.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 2,388 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $761.09, for a total transaction of $1,817,482.92. Following the sale, the executive vice president owned 3,090 shares of the company’s stock, valued at $2,351,768.10. This trade represents a 43.59% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 28,748 shares of company stock worth $22,262,035 in the last ninety days. Company insiders own 0.06% of the company’s stock.

McKesson Price Performance

MCK opened at $891.37 on Wednesday. McKesson Corporation has a fifty-two week low of $637.00 and a fifty-two week high of $999.00. The company’s 50-day moving average is $784.12 and its 200 day moving average is $839.21. The firm has a market capitalization of $104.36 billion, a P/E ratio of 23.17, a PEG ratio of 1.40 and a beta of 0.31.

McKesson (NYSE:MCK) last posted its earnings results on Thursday, May 7th. The company reported $11.69 EPS for the quarter, topping the consensus estimate of $11.56 by $0.13. McKesson had a net margin of 1.18% and a negative return on equity of 345.35%. The firm had revenue of $96.30 billion for the quarter, compared to analysts’ expectations of $101.35 billion. During the same quarter last year, the firm earned $10.12 EPS. The company’s quarterly revenue was up 6.0% compared to the same quarter last year. McKesson has set its FY 2027 guidance at 43.800-44.600 EPS. On average, equities research analysts expect that McKesson Corporation will post 44.28 earnings per share for the current year.

McKesson Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 1st will be given 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 of this dividend is Tuesday, September 1st. McKesson’s payout ratio is presently 8.53%.

McKesson 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.