Public Sector Pension Investment Board Has $70.81 Million Position in McKesson Corporation (NYSE:MCK)

Public Sector Pension Investment Board boosted its position in shares of McKesson Corporation (NYSE:MCK) by 571.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 105,212 shares of the company’s stock after purchasing an additional 89,539 shares during the quarter. Public Sector Pension Investment Board owned 0.08% of McKesson worth $70,807,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the company. Todd Asset Management LLC boosted its holdings in shares of McKesson by 48.0% in the first quarter. Todd Asset Management LLC now owns 56,849 shares of the company’s stock valued at $38,259,000 after buying an additional 18,428 shares during the period. Motley Fool Asset Management LLC boosted its holdings in shares of McKesson by 0.7% in the first quarter. Motley Fool Asset Management LLC now owns 6,746 shares of the company’s stock valued at $4,540,000 after buying an additional 48 shares during the period. Independent Advisor Alliance boosted its holdings in shares of McKesson by 2.8% in the first quarter. Independent Advisor Alliance now owns 2,223 shares of the company’s stock valued at $1,496,000 after buying an additional 60 shares during the period. Cove Private Wealth LLC boosted its holdings in shares of McKesson by 14.7% in the first quarter. Cove Private Wealth LLC now owns 4,675 shares of the company’s stock valued at $3,146,000 after buying an additional 600 shares during the period. Finally, SouthState Corp lifted its position in shares of McKesson by 48.4% in the first quarter. SouthState Corp now owns 469 shares of the company’s stock worth $316,000 after purchasing an additional 153 shares in the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.

McKesson Trading Up 0.6%

NYSE MCK opened at $667.14 on Monday. The firm’s fifty day moving average price is $714.12 and its two-hundred day moving average price is $680.33. McKesson Corporation has a 1 year low of $464.42 and a 1 year high of $737.89. The firm has a market capitalization of $82.98 billion, a P/E ratio of 26.60, a price-to-earnings-growth ratio of 1.32 and a beta of 0.50.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 earnings per share for the quarter, missing the consensus estimate of $8.33 by ($0.07). The company had revenue of $97.83 billion during the quarter, compared to the consensus estimate of $95.93 billion. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. McKesson’s revenue for the quarter was up 23.4% compared to the same quarter last year. During the same period in the previous year, the company earned $7.88 earnings per share. On average, research analysts anticipate that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be given a $0.82 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a boost from McKesson’s previous quarterly dividend of $0.71. This represents a $3.28 annualized dividend and a dividend yield of 0.5%. McKesson’s payout ratio is currently 11.32%.

Insider Buying and Selling

In related news, CEO Brian S. Tyler sold 19,371 shares of the company’s stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $708.09, for a total value of $13,716,411.39. Following the transaction, the chief executive officer directly owned 27,872 shares in the company, valued at approximately $19,735,884.48. This represents a 41.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Thomas L. Rodgers sold 2,891 shares of the company’s stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $712.18, for a total transaction of $2,058,912.38. Following the completion of the transaction, the executive vice president owned 2,544 shares in the company, valued at $1,811,785.92. This trade represents a 53.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 52,488 shares of company stock valued at $37,242,862. 0.08% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on MCK. Evercore ISI boosted their price objective on shares of McKesson from $760.00 to $800.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 9th. Bank of America boosted their price objective on shares of McKesson from $755.00 to $800.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Wells Fargo & Company set a $766.00 price objective on shares of McKesson and gave the stock an “equal weight” rating in a research report on Tuesday, June 3rd. Wall Street Zen lowered shares of McKesson from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 13th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $810.00 price objective (up previously from $770.00) on shares of McKesson in a research report on Wednesday, July 16th. Three investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $718.73.

McKesson Profile

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.