Meeder Asset Management Inc. Cuts Stock Holdings in McKesson Co. (NYSE:MCK)

19 Nov 2024, 12:25 by Tristan Rich · The Markets Daily

Meeder Asset Management Inc. lowered its stake in shares of McKesson Co. (NYSE:MCK – Free Report) by 7.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,818 shares of the company’s stock after selling 309 shares during the quarter. Meeder Asset Management Inc.’s holdings in McKesson were worth $1,888,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. UniSuper Management Pty Ltd lifted its position in shares of McKesson by 212.0% during the first quarter. UniSuper Management Pty Ltd now owns 3,572 shares of the company’s stock valued at $1,918,000 after purchasing an additional 2,427 shares in the last quarter. Lake Street Advisors Group LLC lifted its position in shares of McKesson by 33.9% during the 1st quarter. Lake Street Advisors Group LLC now owns 2,063 shares of the company’s stock worth $1,109,000 after buying an additional 522 shares in the last quarter. American International Group Inc. boosted its stake in shares of McKesson by 6.5% in the 1st quarter. American International Group Inc. now owns 36,003 shares of the company’s stock worth $19,328,000 after buying an additional 2,205 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of McKesson in the first quarter valued at approximately $81,000. Finally, Castle Hook Partners LP purchased a new stake in shares of McKesson during the first quarter valued at approximately $63,774,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. JPMorgan Chase & Co. upped their price objective on McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Barclays raised their price objective on shares of McKesson from $596.00 to $616.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. StockNews.com upgraded shares of McKesson from a “hold” rating to a “buy” rating in a research note on Wednesday, November 6th. Robert W. Baird upgraded shares of McKesson from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $531.00 to $688.00 in a research note on Thursday, November 7th. Finally, Leerink Partners lowered their price target on shares of McKesson from $665.00 to $630.00 and set an “outperform” rating on the stock in a report on Monday, October 7th. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $631.57.

View Our Latest Report on MCK

McKesson Trading Up 1.5 %

Shares of McKesson stock opened at $615.61 on Tuesday. The company’s 50-day moving average price is $522.14 and its 200-day moving average price is $555.17. McKesson Co. has a 12-month low of $431.35 and a 12-month high of $637.51. The company has a market cap of $78.15 billion, a price-to-earnings ratio of 31.88, a PEG ratio of 1.31 and a beta of 0.44.

McKesson (NYSE:MCK – Get Free Report) last released its quarterly earnings results on Wednesday, November 6th. The company reported $7.07 EPS for the quarter, beating analysts’ consensus estimates of $6.88 by $0.19. The firm had revenue of $93.65 billion during the quarter, compared to analyst estimates of $89.33 billion. McKesson had a net margin of 0.77% and a negative return on equity of 207.50%. The business’s revenue for the quarter was up 21.3% on a year-over-year basis. During the same period in the previous year, the business earned $6.23 EPS. On average, sell-side analysts predict that McKesson Co. will post 32.81 earnings per share for the current year.

McKesson Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 2nd will be paid a $0.71 dividend. The ex-dividend date is Monday, December 2nd. This represents a $2.84 dividend on an annualized basis and a yield of 0.46%. McKesson’s dividend payout ratio is presently 14.71%.

Insider Transactions at McKesson

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the firm’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $561.10, for a total transaction of $2,105,808.30. Following the sale, the chief executive officer now owns 78,586 shares in the company, valued at $44,094,604.60. This trade represents a 4.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.11% of the stock is currently owned by insiders.

McKesson Company Profile

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