Legal & General Group Plc Buys New Holdings in McKesson Corporation $MCK

Legal & General Group Plc purchased a new stake in shares of McKesson Corporation (NYSE:MCK) in the second quarter, HoldingsChannel.com reports. The firm purchased 868,933 shares of the company’s stock, valued at approximately $656,566,000.

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

Wall Street Analysts Forecast Growth

MCK has been the topic of a number of recent research reports. Morgan Stanley reaffirmed an “overweight” rating on shares of McKesson in a research report on Friday, August 7th. Wells Fargo & Company raised their target price on shares of McKesson from $812.00 to $933.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 11th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $875.00 target price on shares of McKesson in a report on Friday, May 8th. Citigroup upped their price target on shares of McKesson from $945.00 to $1,000.00 and gave the stock a “buy” rating in a research report on Friday, July 24th. Finally, Royal Bank Of Canada began coverage on McKesson in a report on Wednesday, August 19th. They issued a “sector perform” rating and a $845.00 price target for the company. Fourteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, McKesson presently has an average rating of “Moderate Buy” and an average price target of $973.44.

Insider Activity

In related news, EVP Thomas L. Rodgers sold 699 shares of McKesson 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 sale, the executive vice president owned 2,268 shares of the company’s stock, valued at $1,667,592.36. The trade was a 23.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Napoleon B. Rutledge, Jr. sold 133 shares of the business’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $764.00, for a total transaction 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. 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 a total of 23,111 shares of company stock valued at $18,011,274 in the last 90 days. Company insiders own 0.06% of the company’s stock.

McKesson Stock Performance

McKesson stock opened at $874.20 on Tuesday. The firm has a market capitalization of $101.92 billion, a PE ratio of 23.39, a price-to-earnings-growth ratio of 1.69 and a beta of 0.30. McKesson Corporation has a one year low of $673.38 and a one year high of $999.00. The stock’s 50 day moving average price is $822.86 and its 200 day moving average price is $844.00.

McKesson (NYSE:MCK) last issued its quarterly earnings data 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 company had revenue of $105.38 billion during the quarter, compared to the consensus estimate of $103.88 billion. McKesson had a net margin of 1.12% and a negative return on equity of 253.21%. McKesson’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter last year, the company earned $8.26 earnings per share. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. On average, analysts forecast that McKesson Corporation will post 44.65 earnings per share for the current fiscal year.

McKesson Increases Dividend

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

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.