SouthState Corp Makes New Investment in McKesson Co. (NYSE:MCK)

SouthState Corp acquired a new position in shares of McKesson Co. (NYSE:MCK) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 549 shares of the company’s stock, valued at approximately $109,000.

A number of other hedge funds have also made changes to their positions in the business. Field & Main Bank purchased a new stake in McKesson during the third quarter valued at $27,000. Maverick Capital Ltd. boosted its position in shares of McKesson by 97.4% during the 2nd quarter. Maverick Capital Ltd. now owns 227 shares of the company’s stock valued at $43,000 after acquiring an additional 112 shares during the last quarter. Old North State Trust LLC raised its holdings in McKesson by 39.8% in the 3rd quarter. Old North State Trust LLC now owns 232 shares of the company’s stock valued at $46,000 after buying an additional 66 shares during the period. Financial Insights Inc. purchased a new stake in McKesson during the second quarter worth about $51,000. Finally, Evermay Wealth Management LLC acquired a new position in McKesson in the second quarter valued at approximately $53,000. 85.12% of the stock is owned by institutional investors and hedge funds.

McKesson stock opened at $256.52 on Friday. McKesson Co. has a 52 week low of $169.34 and a 52 week high of $256.85. The stock has a market capitalization of $39.17 billion, a P/E ratio of -8.52, a PEG ratio of 1.24 and a beta of 0.79. The stock has a 50-day simple moving average of $233.38 and a 200 day simple moving average of $212.52.

McKesson (NYSE:MCK) last released its quarterly earnings results on Sunday, October 31st. The company reported $6.15 earnings per share for the quarter, beating analysts’ consensus estimates of $4.66 by $1.49. McKesson had a negative net margin of 1.92% and a negative return on equity of 5,793.16%. The company had revenue of $66.58 billion during the quarter, compared to the consensus estimate of $63.23 billion. During the same period in the previous year, the business earned $4.80 earnings per share. The firm’s quarterly revenue was up 9.5% on a year-over-year basis. On average, sell-side analysts anticipate that McKesson Co. will post 22.71 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, January 3rd. Shareholders of record on Wednesday, December 1st were given a dividend of $0.47 per share. The ex-dividend date was Tuesday, November 30th. This represents a $1.88 dividend on an annualized basis and a yield of 0.73%. McKesson’s dividend payout ratio (DPR) is currently -6.25%.

A number of analysts recently commented on the company. Bank of America increased their price objective on McKesson from $250.00 to $265.00 and gave the company a “buy” rating in a research note on Thursday, December 9th. Argus raised their target price on McKesson from $230.00 to $270.00 and gave the company a “buy” rating in a report on Monday, November 8th. Cowen lifted their target price on McKesson from $268.00 to $300.00 and gave the stock an “outperform” rating in a research report on Monday, December 6th. Credit Suisse Group upgraded McKesson from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $230.00 to $333.00 in a research report on Friday, January 7th. Finally, Mizuho boosted their price target on McKesson from $236.00 to $250.00 and gave the stock a “neutral” rating in a research report on Monday, December 20th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, McKesson presently has an average rating of “Buy” and a consensus price target of $277.42.

In related news, CEO Brian S. Tyler sold 6,214 shares of the firm’s stock in a transaction that occurred on Tuesday, November 2nd. The shares were sold at an average price of $220.00, for a total value of $1,367,080.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Britt J. Vitalone sold 1,095 shares of the firm’s stock in a transaction on Tuesday, November 2nd. The shares were sold at an average price of $216.00, for a total transaction of $236,520.00. The disclosure for this sale can be found here. Insiders have sold 67,633 shares of company stock worth $15,322,645 in the last quarter. Company insiders own 0.28% of the company’s stock.

McKesson Profile

McKesson Corp. engages in the provision of supply chain management solutions, retail pharmacy, community oncology and specialty care, and healthcare information technology. It operates through the following segments: U.S. Pharmaceutical; International; Medical-Surgical Solutions; and Prescription Technology Solutions (“RxTS“).

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Institutional Ownership by Quarter for McKesson (NYSE:MCK)

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