Louisiana State Employees Retirement System Cuts Position in McKesson Co. (NYSE:MCK)

Louisiana State Employees Retirement System lowered its holdings in shares of McKesson Co. (NYSE:MCK) by 1.4% during the third quarter, HoldingsChannel.com reports. The firm owned 7,300 shares of the company’s stock after selling 100 shares during the period. Louisiana State Employees Retirement System’s holdings in McKesson were worth $3,609,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Allworth Financial LP raised its stake in shares of McKesson by 0.8% during the 3rd quarter. Allworth Financial LP now owns 2,894 shares of the company’s stock worth $1,431,000 after buying an additional 23 shares during the period. Highland Capital Management LLC increased its holdings in McKesson by 19.7% in the 3rd quarter. Highland Capital Management LLC now owns 9,375 shares of the company’s stock worth $4,635,000 after acquiring an additional 1,545 shares in the last quarter. Mediolanum International Funds Ltd raised its position in McKesson by 7.1% during the third quarter. Mediolanum International Funds Ltd now owns 40,645 shares of the company’s stock worth $19,812,000 after acquiring an additional 2,689 shares during the period. Warther Private Wealth LLC lifted its holdings in McKesson by 1,017.7% during the third quarter. Warther Private Wealth LLC now owns 19,939 shares of the company’s stock valued at $9,858,000 after purchasing an additional 18,155 shares in the last quarter. Finally, Mainstay Capital Management LLC ADV grew its position in shares of McKesson by 15.0% in the third quarter. Mainstay Capital Management LLC ADV now owns 3,146 shares of the company’s stock valued at $1,555,000 after purchasing an additional 411 shares during the period. 85.07% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Brian S. Tyler sold 3,753 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $561.10, for a total transaction of $2,105,808.30. Following the completion of the transaction, the chief executive officer now owns 78,586 shares of the company’s stock, valued at approximately $44,094,604.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.11% of the company’s stock.

Analysts Set New Price Targets

MCK has been the topic of a number of research reports. Barclays raised their price target on shares of McKesson from $596.00 to $616.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Leerink Partners decreased their target price on McKesson from $665.00 to $630.00 and set an “outperform” rating on the stock in a research report on Monday, October 7th. Robert W. Baird reiterated a “neutral” rating and set a $531.00 price target (down from $603.00) on shares of McKesson in a research report on Tuesday, September 24th. Baird R W downgraded McKesson from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Finally, Mizuho lifted their target price on shares of McKesson from $540.00 to $570.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, McKesson currently has an average rating of “Moderate Buy” and a consensus price target of $610.86.

McKesson Stock Performance

MCK opened at $507.41 on Monday. The stock has a market capitalization of $65.80 billion, a PE ratio of 22.69, a P/E/G ratio of 1.18 and a beta of 0.44. McKesson Co. has a one year low of $431.35 and a one year high of $637.51. The business’s 50 day moving average price is $516.67 and its 200 day moving average price is $551.19.

McKesson (NYSE:MCK) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, beating the consensus estimate of $7.21 by $0.67. The business had revenue of $79.28 billion for the quarter, compared to analyst estimates of $82.53 billion. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The company’s quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $7.27 EPS. As a group, equities research analysts forecast that McKesson Co. will post 31.91 earnings per share for the current fiscal year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 2nd were given a dividend of $0.71 per share. The ex-dividend date was Friday, August 30th. This is a boost from McKesson’s previous quarterly dividend of $0.62. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.56%. McKesson’s dividend payout ratio (DPR) is currently 12.70%.

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.