Maryland State Retirement & Pension System Cuts Position in McKesson Co. (NYSE:MCK)

Maryland State Retirement & Pension System trimmed its position in McKesson Co. (NYSE:MCK) by 2.1% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,243 shares of the company’s stock after selling 222 shares during the quarter. Maryland State Retirement & Pension System’s holdings in McKesson were worth $5,982,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. RFP Financial Group LLC raised its holdings in shares of McKesson by 9.8% during the 2nd quarter. RFP Financial Group LLC now owns 191 shares of the company’s stock valued at $112,000 after buying an additional 17 shares during the period. Modera Wealth Management LLC raised its holdings in shares of McKesson by 2.2% during the 2nd quarter. Modera Wealth Management LLC now owns 804 shares of the company’s stock valued at $470,000 after buying an additional 17 shares during the period. First Western Trust Bank raised its holdings in shares of McKesson by 2.0% during the 1st quarter. First Western Trust Bank now owns 913 shares of the company’s stock valued at $490,000 after buying an additional 18 shares during the period. Lindbrook Capital LLC raised its holdings in shares of McKesson by 1.7% during the 1st quarter. Lindbrook Capital LLC now owns 1,133 shares of the company’s stock valued at $608,000 after buying an additional 19 shares during the period. Finally, KCM Investment Advisors LLC raised its holdings in shares of McKesson by 1.4% during the 1st quarter. KCM Investment Advisors LLC now owns 1,355 shares of the company’s stock valued at $727,000 after buying an additional 19 shares during the period. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at McKesson

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $574.41, for a total transaction of $2,155,760.73. Following the completion of the sale, the chief executive officer now directly owns 89,845 shares in the company, valued at approximately $51,607,866.45. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, EVP Leann B. Smith sold 600 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $585.53, for a total value of $351,318.00. Following the transaction, the executive vice president now owns 2,022 shares of the company’s stock, valued at approximately $1,183,941.66. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $574.41, for a total transaction of $2,155,760.73. Following the transaction, the chief executive officer now directly owns 89,845 shares in the company, valued at approximately $51,607,866.45. The disclosure for this sale can be found here. Insiders sold 12,342 shares of company stock worth $7,319,742 over the last three months. Company insiders own 0.11% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. StockNews.com lowered McKesson from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 9th. Barclays upped their target price on McKesson from $596.00 to $616.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Evercore ISI cut their target price on McKesson from $660.00 to $630.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. UBS Group upped their target price on McKesson from $620.00 to $630.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Finally, Citigroup boosted their price target on McKesson from $620.00 to $670.00 and gave the company a “buy” rating in a report on Friday, July 19th. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $620.29.

McKesson Stock Up 1.0 %

Shares of NYSE MCK opened at $561.08 on Friday. McKesson Co. has a twelve month low of $404.72 and a twelve month high of $637.51. The business’s 50 day moving average price is $580.03 and its two-hundred day moving average price is $555.96. The company has a market cap of $72.90 billion, a PE ratio of 25.07, a price-to-earnings-growth ratio of 1.46 and a beta of 0.45.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.21 by $0.67. McKesson had a negative return on equity of 245.88% and a net margin of 0.97%. The business had revenue of $79.28 billion during the quarter, compared to analysts’ expectations of $82.53 billion. During the same period in the previous year, the company posted $7.27 earnings per share. The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. As a group, research analysts anticipate that McKesson Co. will post 31.68 EPS for the current fiscal year.

McKesson Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.51%. This is a boost from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Friday, August 30th. McKesson’s dividend payout ratio is presently 12.69%.

About McKesson

McKesson Corporation provides healthcare services in the United States and internationally. It operates through four segments: U.S. Pharmaceutical, Prescription Technology Solutions (RxTS), Medical-Surgical Solutions, and International. The U.S. Pharmaceutical segment distributes branded, generic, specialty, biosimilar and over-the-counter pharmaceutical drugs, and other healthcare-related products.