Public Sector Pension Investment Board Purchases 2,064 Shares of McKesson Co. (NYSE:MCK)

Public Sector Pension Investment Board increased its position in shares of McKesson Co. (NYSE:MCK) by 76.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,778 shares of the company’s stock after buying an additional 2,064 shares during the period. Public Sector Pension Investment Board’s holdings in McKesson were worth $2,791,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of MCK. RFP Financial Group LLC raised its position in shares of McKesson by 9.8% in the 2nd quarter. RFP Financial Group LLC now owns 191 shares of the company’s stock worth $112,000 after acquiring an additional 17 shares in the last quarter. Modera Wealth Management LLC increased its holdings in McKesson by 2.2% in the second quarter. Modera Wealth Management LLC now owns 804 shares of the company’s stock worth $470,000 after purchasing an additional 17 shares in the last quarter. Larson Financial Group LLC lifted its stake in McKesson by 1.6% in the second quarter. Larson Financial Group LLC now owns 1,094 shares of the company’s stock valued at $639,000 after buying an additional 17 shares during the period. First Western Trust Bank boosted 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 worth $490,000 after buying an additional 18 shares in the last quarter. Finally, KCM Investment Advisors LLC grew its position 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 worth $727,000 after buying an additional 19 shares during the period. Institutional investors and hedge funds own 85.07% of the company’s stock.

Insider Buying and Selling at McKesson

In related news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $626.03, for a total value of $2,349,490.59. Following the transaction, the chief executive officer now directly owns 82,339 shares of the company’s stock, valued at approximately $51,546,684.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders sold 11,259 shares of company stock worth $6,635,492 in the last quarter. 0.11% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MCK. Leerink Partners dropped their target price on shares of McKesson from $670.00 to $665.00 and set an “outperform” rating on the stock in a research report on Thursday, September 5th. Citigroup cut their price objective on shares of McKesson from $670.00 to $630.00 and set a “buy” rating on the stock in a research report on Tuesday, September 10th. Argus upped their price target on McKesson from $570.00 to $670.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. Wells Fargo & Company reduced their price objective on McKesson from $576.00 to $535.00 and set an “equal weight” rating for the company in a research note on Friday, September 13th. Finally, Baird R W lowered McKesson from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 24th. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $613.36.

McKesson Price Performance

Shares of MCK stock opened at $488.25 on Friday. The firm has a 50-day moving average of $550.84 and a 200-day moving average of $555.40. McKesson Co. has a one year low of $431.35 and a one year high of $637.51. The company has a market cap of $63.44 billion, a P/E ratio of 21.82, a P/E/G ratio of 1.18 and a beta of 0.44.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, beating the consensus estimate of $7.21 by $0.67. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The firm had revenue of $79.28 billion during the quarter, compared to analyst estimates of $82.53 billion. During the same quarter last year, the business posted $7.27 EPS. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. As a group, research analysts expect that McKesson Co. will post 32.07 earnings per share for the current fiscal year.

McKesson Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 2nd will be given a $0.71 dividend. The ex-dividend date is Friday, August 30th. This represents a $2.84 annualized dividend and a yield of 0.58%. This is a boost from McKesson’s previous quarterly dividend of $0.62. McKesson’s payout ratio is currently 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.