Bank of Nova Scotia Has $35.91 Million Stake in McKesson Corporation $MCK

Bank of Nova Scotia boosted its holdings in shares of McKesson Corporation (NYSE:MCK) by 109.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 41,502 shares of the company’s stock after buying an additional 21,656 shares during the period. Bank of Nova Scotia’s holdings in McKesson were worth $35,914,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Gibbs Wealth Management raised its position in McKesson by 22.3% in the 1st quarter. Gibbs Wealth Management now owns 395 shares of the company’s stock valued at $342,000 after buying an additional 72 shares during the last quarter. Sei Investments Co. grew its stake in shares of McKesson by 0.7% in the 1st quarter. Sei Investments Co. now owns 283,014 shares of the company’s stock worth $244,921,000 after acquiring an additional 2,036 shares in the last quarter. Alamar Capital Management LLC purchased a new stake in shares of McKesson in the first quarter valued at about $1,747,000. Cetera Investment Advisers lifted its position in shares of McKesson by 15.2% during the first quarter. Cetera Investment Advisers now owns 68,415 shares of the company’s stock valued at $59,203,000 after purchasing an additional 9,005 shares in the last quarter. Finally, Signature Equity Partners LLC lifted its position in shares of McKesson by 25.5% during the first quarter. Signature Equity Partners LLC now owns 256 shares of the company’s stock valued at $222,000 after purchasing an additional 52 shares in the last quarter. 85.07% of the stock is owned by institutional investors.

McKesson Price Performance

McKesson stock opened at $840.76 on Friday. The business has a fifty day moving average price of $780.04 and a 200-day moving average price of $838.46. McKesson Corporation has a one year low of $637.00 and a one year high of $999.00. The firm has a market capitalization of $98.43 billion, a P/E ratio of 21.85, a PEG ratio of 1.36 and a beta of 0.31.

McKesson (NYSE:MCK) last released its quarterly earnings data on Thursday, May 7th. The company reported $11.69 EPS for the quarter, beating analysts’ consensus estimates of $11.56 by $0.13. McKesson had a net margin of 1.18% and a negative return on equity of 345.35%. The company had revenue of $96.30 billion during the quarter, compared to analyst estimates of $101.35 billion. During the same period last year, the business earned $10.12 earnings per share. McKesson’s revenue was up 6.0% compared to the same quarter last year. McKesson has set its FY 2027 guidance at 43.800-44.600 EPS. Sell-side analysts expect that McKesson Corporation will post 44.28 earnings per share for the current fiscal year.

McKesson Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.94 per share. This is a boost from McKesson’s previous quarterly dividend of $0.82. The ex-dividend date is Tuesday, September 1st. This represents a $3.76 dividend on an annualized basis and a dividend yield of 0.4%. McKesson’s dividend payout ratio is 9.77%.

Insider Activity at McKesson

In related news, CEO Brian S. Tyler sold 8,463 shares of the business’s stock in a transaction that occurred on Tuesday, July 7th. The stock was 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 owned 5,919 shares in the company, valued at $4,697,081.64. The trade was a 58.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michele Lau sold 3,550 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $761.09, for a total transaction 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 approximately $2,471,259.23. The trade was 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. Insiders sold 28,748 shares of company stock worth $22,262,035 in the last 90 days. 0.06% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on MCK shares. JPMorgan Chase & Co. reduced their price objective on shares of McKesson from $1,107.00 to $1,015.00 and set an “overweight” rating for the company in a research report on Friday, May 8th. Wells Fargo & Company reduced their target price on McKesson from $925.00 to $812.00 and set an “equal weight” rating for the company in a report on Tuesday, May 12th. William Blair initiated coverage on McKesson in a research report on Tuesday, April 28th. They set an “outperform” rating for the company. TD Cowen cut their price objective on McKesson from $1,012.00 to $989.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, Bank of America reduced their price objective on McKesson from $1,040.00 to $1,000.00 and set a “buy” rating for the company in a research note on Monday, April 6th. Fourteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, McKesson currently has an average rating of “Moderate Buy” and an average price target of $962.67.

McKesson News Roundup

Here are the key news stories impacting McKesson this week:

• Positive Sentiment: McKesson boosted its quarterly dividend to $0.94 per share from $0.82, signaling management confidence in cash flow and returning more capital to shareholders. McKesson Raises Quarterly Dividend by 15%
• Positive Sentiment: Shareholders backed the board, auditors, and executive compensation at the annual meeting, reducing governance uncertainty. McKesson Shareholders Back Board, Auditors, and Executive Pay
• Neutral Sentiment: Recent commentary from analysts has been mixed, with one piece noting conflicting views on McKesson and other healthcare names, which may keep sentiment balanced in the near term. Analysts Have Conflicting Sentiments on These Healthcare Companies
• Neutral Sentiment: TD Cowen reportedly lowered expectations for McKesson’s stock price, adding a cautionary note despite the company’s strong operational backdrop. TD Cowen Has Lowered Expectations for McKesson (NYSE:MCK) Stock Price

McKesson 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.