Fulton Bank Reduces Stake in McKesson Corporation by 15.1%

Fulton Bank N.A. has reduced its holdings in McKesson Corporation (NYSE: MCK) by 15.1% during the third quarter of 2023, according to data from Holdings Channel.com. The bank now owns 5,375 shares of McKesson, valued at approximately $4,152,000 after divesting 954 shares during this period.

The activity among institutional investors continues to evolve as several firms adjust their stakes in McKesson. For instance, IAM Advisory LLC increased its position by 0.3%, now holding 3,908 shares worth about $3,019,000 after buying an additional 13 shares. Similarly, PDS Planning Inc raised its stake by 1.1%, owning 1,209 shares valued at $934,000 following a purchase of 13 shares.

Other notable investors include MassMutual Private Wealth & Trust FSB, which grew its holdings by 1.6%, and Cardinal Point Capital Management ULC, which increased its position by 2.2%. The latter now owns 645 shares worth $473,000. Additionally, Goldstein Advisors LLC boosted its investment by 4.4%, acquiring 334 shares valued at $258,000.

Institutional investors collectively own approximately 85.07% of McKesson’s stock.

Stock Performance and Analyst Ratings

On Friday, McKesson’s shares opened at $823.28. The company boasts a market capitalization of $101.62 billion, a price-to-earnings (PE) ratio of 25.62, and a price-to-earnings-growth (PEG) ratio of 1.35. The stock’s performance has shown volatility, with a fifty-two week low of $568.23 and a high of $895.58.

Recently, McKesson announced a quarterly dividend, which was paid on January 2, 2024. Shareholders of record as of December 1, 2023, received a dividend of $0.82 per share. This translates to an annualized dividend of $3.28 and a yield of 0.4%. The company’s payout ratio currently stands at 10.21%.

Analysts have provided varying assessments of McKesson’s stock. Cowen reaffirmed a “buy” rating in a report published on December 22, 2023, while Barclays initiated coverage with an “overweight” rating, setting a target price of $960.00. Additionally, TD Cowen raised its price target from $830.00 to $864.00, maintaining a “buy” rating.

On the other hand, Zacks Research downgraded McKesson from a “strong-buy” to a “hold” rating on November 25, 2023. Overall, two analysts have rated the stock as a Strong Buy, twelve as Buy, and four as Hold. According to MarketBeat.com, McKesson has an average rating of “Moderate Buy” with a target price of $892.86.

Insider Transactions and Company Overview

In related news, Napoleon B. Rutledge, Jr., Chief Accounting Officer at McKesson, sold 329 shares on November 7, 2023, at an average price of $861.63, totaling approximately $283,476.27. After this transaction, Rutledge holds 328 shares valued at around $282,614.64, reflecting a decrease of 50.08% in ownership. This transaction has been disclosed through the Securities and Exchange Commission (SEC).

Company insiders own a minimal 0.08% of McKesson’s stock.

Founded in 1833 and headquartered in Irving, Texas, McKesson Corporation operates as a global healthcare services and distribution company. The firm specializes in supplying pharmaceuticals, medical-surgical products, and healthcare technology solutions. McKesson connects manufacturers, pharmacies, hospitals, and health systems, managing the distribution of medicines and clinical supplies. Its core operations include pharmaceutical wholesale distribution, specialty pharmacy services, and the provision of medical-surgical supplies to various healthcare providers.