Tobam Cuts Stock Position in McKesson Co. (NYSE:MCK)

10 Oct 2024, 15:44 by Amy Steele · The Cerbat Gem

Tobam lowered its position in McKesson Co. (NYSE:MCK – Free Report) by 9.0% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 26,089 shares of the company’s stock after selling 2,565 shares during the period. McKesson accounts for about 2.4% of Tobam’s investment portfolio, making the stock its 8th largest holding. Tobam’s holdings in McKesson were worth $12,899,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in MCK. Swedbank AB purchased a new stake in McKesson in the first quarter worth about $669,326,000. Bessemer Group Inc. grew its stake in shares of McKesson by 3,621.7% in the 1st quarter. Bessemer Group Inc. now owns 349,395 shares of the company’s stock worth $187,572,000 after buying an additional 340,007 shares during the last quarter. Bristol Gate Capital Partners Inc. bought a new position in McKesson during the 1st quarter valued at approximately $97,510,000. Third Point LLC purchased a new position in McKesson during the fourth quarter valued at $76,392,000. Finally, American Century Companies Inc. boosted its holdings in McKesson by 134.6% in the second quarter. American Century Companies Inc. now owns 220,619 shares of the company’s stock worth $128,850,000 after acquiring an additional 126,567 shares in the last quarter. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Stock Up 0.7 %

MCK traded up $3.71 during midday trading on Thursday, reaching $505.83. The company had a trading volume of 361,876 shares, compared to its average volume of 806,945. The business has a 50-day moving average of $533.68 and a two-hundred day moving average of $553.37. McKesson Co. has a 1 year low of $431.35 and a 1 year high of $637.51. The company has a market cap of $65.73 billion, a P/E ratio of 22.42, a P/E/G ratio of 1.18 and a beta of 0.44.

McKesson (NYSE:MCK – Get Free Report) last released its earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.21 by $0.67. The company had revenue of $79.28 billion during the quarter, compared to analyst estimates of $82.53 billion. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The firm’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $7.27 EPS. On average, equities research analysts predict that McKesson Co. will post 32.07 EPS for the current year.

McKesson Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 2nd were issued a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, August 30th. This is a boost from McKesson’s previous quarterly dividend of $0.62. This represents a $2.84 dividend on an annualized basis and a yield of 0.56%. McKesson’s dividend payout ratio (DPR) is currently 12.69%.

Insider Activity

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $561.10, for a total value of $2,105,808.30. Following the completion of the transaction, the chief executive officer now directly owns 78,586 shares in the company, valued at $44,094,604.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.11% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Argus raised their price target on McKesson from $570.00 to $670.00 and gave the company a “buy” rating in a report on Monday, June 24th. Barclays boosted their price target on McKesson from $596.00 to $616.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. Citigroup decreased their target price on McKesson from $670.00 to $630.00 and set a “buy” rating for the company in a research report on Tuesday, September 10th. Evercore ISI lowered their target price on shares of McKesson from $660.00 to $630.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Finally, Wells Fargo & Company decreased their price objective on shares of McKesson from $576.00 to $535.00 and set an “equal weight” rating for the company in a report on Friday, September 13th. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy 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 $610.86.

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