OVERSEA CHINESE BANKING Corp Ltd Makes New Investment in McKesson Corporation $MCK

OVERSEA CHINESE BANKING Corp Ltd purchased a new position in shares of McKesson Corporation (NYSE:MCK) during the 2nd quarter, HoldingsChannel reports. The firm purchased 1,262 shares of the company’s stock, valued at approximately $953,000.

A number of other hedge funds and other institutional investors have also modified their holdings of MCK. BlackRock Inc. bought a new stake in McKesson in the second quarter worth $8,156,743,000. Norges Bank acquired a new position in McKesson during the fourth quarter worth $1,651,137,000. Bank of New York Mellon Corp acquired a new position in McKesson during the second quarter worth $599,060,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in McKesson during the second quarter valued at about $495,737,000. Finally, Deutsche Bank AG acquired a new stake in shares of McKesson in the second quarter worth about $337,316,000. Institutional investors own 85.07% of the company’s stock.

Insider Activity at McKesson

In other news, CEO Brian S. Tyler sold 8,463 shares of the firm’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 sale, the chief executive officer owned 5,919 shares in the company, valued at approximately $4,697,081.64. This trade represents a 58.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bradley E. Lerman sold 301 shares of the company’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $892.33, for a total transaction of $268,591.33. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 29,049 shares of company stock valued at $22,530,626. 0.06% of the stock is owned by corporate insiders.

McKesson Price Performance

McKesson stock opened at $862.27 on Friday. McKesson Corporation has a fifty-two week low of $673.38 and a fifty-two week high of $999.00. The firm has a fifty day moving average price of $820.97 and a two-hundred day moving average price of $843.86. The firm has a market cap of $100.53 billion, a price-to-earnings ratio of 23.07, a P/E/G ratio of 1.65 and a beta of 0.30.

McKesson (NYSE:MCK) last issued its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $103.88 billion. McKesson had a negative return on equity of 253.21% and a net margin of 1.12%.The firm’s revenue was up 7.7% compared to the same quarter last year. During the same period last year, the business posted $8.26 earnings per share. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. As a group, sell-side analysts expect that McKesson Corporation will post 44.65 earnings per share for the current year.

McKesson Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders 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 annualized dividend and a yield of 0.4%. This is an increase from McKesson’s previous quarterly dividend of $0.82. McKesson’s dividend payout ratio (DPR) is presently 8.78%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MCK. Robert W. Baird set a $1,015.00 price target on McKesson in a research note on Thursday, August 6th. Royal Bank Of Canada began coverage on McKesson in a research note on Wednesday. They issued a “sector perform” rating and a $845.00 price objective on the stock. Evercore restated an “outperform” rating on shares of McKesson in a report on Thursday, August 6th. TD Cowen upped their target price on McKesson from $989.00 to $1,006.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Finally, Morgan Stanley reiterated an “overweight” rating on shares of McKesson in a report on Friday, August 7th. Fourteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $973.44.

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.