Gabelli Funds LLC Cuts Holdings in McKesson Corporation $MCK

Gabelli Funds LLC reduced its position in McKesson Corporation (NYSE:MCK) by 8.5% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 8,820 shares of the company’s stock after selling 815 shares during the period. Gabelli Funds LLC’s holdings in McKesson were worth $7,235,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. GGM Financials LLC purchased a new position in shares of McKesson in the 3rd quarter worth $25,000. State of Wyoming purchased a new position in shares of McKesson in the 2nd quarter worth $29,000. Hopwood Financial Services Inc. purchased a new position in shares of McKesson in the 3rd quarter worth $31,000. Vermillion & White Wealth Management Group LLC purchased a new position in shares of McKesson in the 3rd quarter worth $33,000. Finally, Board of the Pension Protection Fund purchased a new position in shares of McKesson in the 4th quarter worth $33,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Bank of America cut their price objective on McKesson from $1,040.00 to $1,000.00 and set a “buy” rating on the stock in a research report on Monday, April 6th. Citigroup cut their price objective on McKesson from $975.00 to $945.00 and set a “buy” rating on the stock in a research report on Thursday, May 14th. UBS Group raised their price objective on McKesson from $1,000.00 to $1,050.00 and gave the company a “buy” rating in a research report on Friday, May 8th. TD Cowen raised their price objective on McKesson from $1,000.00 to $1,012.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. Finally, Barclays raised their price objective on McKesson from $960.00 to $1,050.00 and gave the company an “overweight” rating in a research report on Wednesday, February 18th. Fourteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, McKesson has a consensus rating of “Moderate Buy” and a consensus price target of $968.87.

Insider Buying and Selling

In related news, EVP Michele Lau sold 2,725 shares of McKesson stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $990.00, for a total value of $2,697,750.00. Following the completion of the transaction, the executive vice president directly owned 3,247 shares in the company, valued at approximately $3,214,530. This trade represents a 45.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.08% of the company’s stock.

McKesson Stock Performance

Shares of NYSE MCK opened at $755.39 on Thursday. McKesson Corporation has a 1 year low of $637.00 and a 1 year high of $999.00. The firm has a market cap of $90.80 billion, a price-to-earnings ratio of 19.64, a PEG ratio of 1.14 and a beta of 0.35. The stock’s 50-day simple moving average is $844.88 and its 200-day simple moving average is $856.50.

McKesson (NYSE:MCK) last announced its earnings results on Thursday, May 7th. The company reported $11.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $11.56 by $0.13. The business had revenue of $96.30 billion for the quarter, compared to analyst estimates of $101.35 billion. McKesson had a negative return on equity of 345.35% and a net margin of 1.18%.The company’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period in the previous year, the company earned $10.12 earnings per share. McKesson has set its FY 2027 guidance at 43.800-44.600 EPS. As a group, research analysts predict that McKesson Corporation will post 44.29 EPS for the current year.

McKesson Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 1st will be paid a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Monday, June 1st. McKesson’s dividend payout ratio (DPR) is 8.53%.

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.