Flputnam Investment Management Co. Purchases New Holdings in McKesson Corporation $MCK

Flputnam Investment Management Co. bought a new position in shares of McKesson Corporation (NYSE:MCK) during the second quarter, Holdings Channel reports. The firm bought 46,864 shares of the company’s stock, valued at approximately $35,411,000.

Several other institutional investors have also bought and sold shares of MCK. University of Texas Texas AM Investment Management Co. purchased a new stake in McKesson in the fourth quarter worth $25,000. Swiss RE Ltd. purchased a new stake in McKesson during the fourth quarter valued at about $26,000. State of Wyoming purchased a new stake in shares of McKesson during the 2nd quarter valued at approximately $29,000. Kingdom Financial Group LLC. bought a new position in shares of McKesson in the fourth quarter worth $33,000. Finally, Birchwood Financial Partners Inc. bought a new position in McKesson in the 4th quarter worth about $33,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MCK. William Blair started coverage on shares of McKesson in a report on Tuesday, April 28th. They set an “outperform” rating on the stock. Robert W. Baird set a $1,015.00 price objective on shares of McKesson in a research report on Thursday, August 6th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $875.00 price target on shares of McKesson in a research note on Friday, May 8th. Wall Street Zen cut shares of McKesson from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Finally, Evercore restated an “outperform” rating on shares of McKesson in a report on Thursday, August 6th. Fourteen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $977.00.

Insider Buying and Selling

In related news, Director Bradley E. Lerman sold 301 shares of the stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $892.33, for a total value of $268,591.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michele Lau sold 3,550 shares of the business’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 $2,701,869.50. Following the sale, the executive vice president directly owned 3,247 shares in the company, valued at $2,471,259.23. The trade was a 52.23% 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 29,049 shares of company stock worth $22,530,626 over the last 90 days. Corporate insiders own 0.06% of the company’s stock.

McKesson Trading Down 0.0%

Shares of NYSE MCK opened at $868.72 on Monday. McKesson Corporation has a 12 month low of $667.50 and a 12 month high of $999.00. The firm has a fifty day simple moving average of $813.45 and a two-hundred day simple moving average of $842.94. The firm has a market capitalization of $101.28 billion, a PE ratio of 23.25, a price-to-earnings-growth ratio of 1.71 and a beta of 0.30.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $9.93 earnings per share for the quarter, beating the consensus estimate of $9.56 by $0.37. The business had revenue of $105.38 billion for the quarter, compared to analysts’ expectations of $103.88 billion. McKesson had a negative return on equity of 253.21% and a net margin of 1.12%.The business’s revenue was up 7.7% on a year-over-year basis. During the same period in the previous year, the firm posted $8.26 EPS. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. On average, sell-side analysts predict that McKesson Corporation will post 44.65 earnings per share for the current year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 1st will be given a $0.94 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $3.76 dividend on an annualized basis and a dividend yield of 0.4%. This is a boost from McKesson’s previous quarterly dividend of $0.82. McKesson’s payout ratio is currently 8.78%.

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.