Saudi Central Bank Boosts Holdings in McKesson Corporation $MCK

Saudi Central Bank increased its stake in shares of McKesson Corporation (NYSE:MCK) by 88.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,574 shares of the company’s stock after acquiring an additional 4,018 shares during the quarter. Saudi Central Bank’s holdings in McKesson were worth $6,479,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in MCK. Brighton Jones LLC increased its position in 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 period. Caxton Associates LLP acquired a new stake in shares of McKesson in the first quarter valued at approximately $233,000. Sivia Capital Partners LLC boosted its holdings in shares of 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 period. Treasurer of the State of North Carolina grew its position in shares of McKesson by 0.9% during the second 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 last quarter. Finally, Osterweis Capital Management Inc. purchased a new position in shares of McKesson during the second quarter worth approximately $166,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on MCK. TD Cowen lifted their target price on shares of McKesson from $989.00 to $1,006.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Robert W. Baird set a $1,015.00 price objective on shares of McKesson in a research report on Thursday, August 6th. Wall Street Zen downgraded shares of McKesson from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Morgan Stanley reaffirmed an “overweight” rating on shares of McKesson in a report on Friday, August 7th. Finally, Weiss Ratings upgraded shares of McKesson from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday. Fourteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $973.44.

Insider Buying and Selling

In other McKesson news, Director Bradley E. Lerman sold 301 shares of the business’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $892.33, for a total transaction of $268,591.33. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Brian S. Tyler sold 8,463 shares of the company’s stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $793.56, for a total value of $6,715,898.28. Following the completion of the sale, the chief executive officer directly owned 5,919 shares in the company, valued at $4,697,081.64. This trade represents a 58.84% 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. In the last 90 days, insiders sold 22,156 shares of company stock worth $17,305,242. Insiders own 0.06% of the company’s stock.

McKesson Stock Down 1.5%

Shares of MCK opened at $907.35 on Friday. McKesson Corporation has a 52-week low of $682.35 and a 52-week high of $999.00. The company has a 50-day simple moving average of $848.13 and a 200-day simple moving average of $843.09. The company has a market capitalization of $105.79 billion, a PE ratio of 24.28, a P/E/G ratio of 1.81 and a beta of 0.30.

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

McKesson Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 1st will be paid a dividend of $0.94 per share. This is a positive change 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 annualized dividend and a dividend yield of 0.4%. McKesson’s dividend payout ratio is presently 10.06%.

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.