CIBC Asset Management Inc Increases Stock Holdings in McKesson Corporation $MCK

CIBC Asset Management Inc lifted its stake in McKesson Corporation (NYSE:MCK) by 25.6% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 80,534 shares of the company’s stock after purchasing an additional 16,390 shares during the quarter. CIBC Asset Management Inc’s holdings in McKesson were worth $65,976,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of MCK. GGM Financials LLC purchased a new position in shares of McKesson in the 3rd quarter worth approximately $25,000. State of Wyoming purchased a new position in shares of McKesson in the 2nd quarter worth approximately $29,000. Hopwood Financial Services Inc. purchased a new position in shares of McKesson in the 3rd quarter worth approximately $31,000. Vermillion & White Wealth Management Group LLC purchased a new position in shares of McKesson during the 3rd quarter worth about $33,000. Finally, Board of the Pension Protection Fund purchased a new position in shares of McKesson during the 4th quarter worth about $33,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Insider Activity

In other McKesson news, EVP Thomas L. Rodgers sold 2,388 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $761.09, for a total value of $1,817,482.92. Following the completion of the sale, the executive vice president directly owned 3,090 shares in the company, valued at approximately $2,351,768.10. This represents a 43.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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. Also, EVP Michele Lau sold 3,550 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $761.09, for a total value of $2,701,869.50. Following the completion of the sale, the executive vice president owned 3,247 shares of the company’s stock, valued at $2,471,259.23. This represents a 52.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.08% of the stock is owned by insiders.

Analysts Set New Price Targets

MCK has been the subject of a number of recent analyst reports. Wall Street Zen raised shares of McKesson from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Barclays lifted their price target on shares of McKesson from $960.00 to $1,050.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 18th. Leerink Partners reaffirmed an “outperform” rating and set a $1,085.00 price target on shares of McKesson in a research note on Thursday, March 5th. JPMorgan Chase & Co. dropped their price target on shares of McKesson from $1,107.00 to $1,015.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. Finally, UBS Group boosted their price objective on McKesson from $1,000.00 to $1,050.00 and gave the company a “buy” rating in a report on Friday, May 8th. Fourteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, McKesson has a consensus rating of “Moderate Buy” and a consensus price target of $968.87.

McKesson Stock Up 0.1%

MCK opened at $735.76 on Wednesday. The business has a fifty day moving average of $816.69 and a 200 day moving average of $851.56. McKesson Corporation has a 52-week low of $637.00 and a 52-week high of $999.00. The stock has a market cap of $88.44 billion, a P/E ratio of 19.13, a PEG ratio of 1.10 and a beta of 0.31.

McKesson (NYSE:MCK) last released its quarterly earnings data on Thursday, May 7th. The company reported $11.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $11.56 by $0.13. The company had revenue of $96.30 billion during the quarter, compared to analysts’ expectations of $101.35 billion. McKesson had a net margin of 1.18% and a negative return on equity of 345.35%. The firm’s quarterly revenue was up 6.0% on a year-over-year basis. During the same period in the previous year, the company earned $10.12 EPS. McKesson has set its FY 2027 guidance at 43.800-44.600 EPS. Equities analysts anticipate that McKesson Corporation will post 44.29 EPS for the current fiscal year.

McKesson Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 1st will be given a $0.82 dividend. This represents a $3.28 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Monday, June 1st. McKesson’s payout ratio is 8.53%.

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.