McKesson Corporation $MCK Stake Cut by New York State Common Retirement Fund

New York State Common Retirement Fund lessened its holdings in shares of McKesson Corporation (NYSE:MCK) by 15.6% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 202,630 shares of the company’s stock after selling 37,332 shares during the period. New York State Common Retirement Fund owned 0.16% of McKesson worth $148,483,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in MCK. MassMutual Private Wealth & Trust FSB raised its holdings in shares of McKesson by 1.6% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 863 shares of the company’s stock valued at $632,000 after buying an additional 14 shares during the last quarter. Cardinal Point Capital Management ULC raised its holdings in shares of McKesson by 2.2% in the 2nd quarter. Cardinal Point Capital Management ULC now owns 645 shares of the company’s stock worth $473,000 after purchasing an additional 14 shares in the last quarter. Cypress Wealth Services LLC lifted its position in shares of McKesson by 3.7% during the 2nd quarter. Cypress Wealth Services LLC now owns 417 shares of the company’s stock valued at $305,000 after acquiring an additional 15 shares during the last quarter. HBK Sorce Advisory LLC lifted its holdings in shares of McKesson by 1.4% in the second quarter. HBK Sorce Advisory LLC now owns 1,182 shares of the company’s stock valued at $866,000 after purchasing an additional 16 shares in the last quarter. Finally, Valmark Advisers Inc. grew its holdings in shares of McKesson by 2.1% during the second quarter. Valmark Advisers Inc. now owns 843 shares of the company’s stock valued at $618,000 after buying an additional 17 shares in the last quarter. 85.07% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company’s stock in a transaction on Friday, November 7th. The stock was sold at an average price of $861.63, for a total value of $283,476.27. Following the sale, the chief accounting officer directly owned 328 shares in the company, valued at $282,614.64. This represents a 50.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.08% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on MCK shares. Cowen reissued a “buy” rating on shares of McKesson in a research report on Wednesday, September 24th. Morgan Stanley increased their price objective on McKesson from $857.00 to $916.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Mizuho boosted their target price on McKesson from $750.00 to $770.00 and gave the stock a “neutral” rating in a report on Wednesday, September 24th. Jefferies Financial Group upped their target price on McKesson from $820.00 to $900.00 and gave the stock a “buy” rating in a research report on Monday, October 13th. Finally, Citigroup increased their price target on McKesson from $820.00 to $860.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $887.69.

McKesson Price Performance

Shares of MCK stock opened at $879.00 on Friday. McKesson Corporation has a one year low of $558.13 and a one year high of $895.58. The stock has a fifty day moving average price of $807.11 and a 200 day moving average price of $740.86. The stock has a market cap of $108.49 billion, a P/E ratio of 35.05, a price-to-earnings-growth ratio of 1.46 and a beta of 0.51.

McKesson (NYSE:MCK) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $9.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.84 by $1.02. McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The company had revenue of $103.15 billion during the quarter, compared to analysts’ expectations of $103.80 billion. During the same quarter in the prior year, the company posted $7.07 EPS. The business’s revenue was up 10.2% on a year-over-year basis. Equities research analysts anticipate that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 1st will be issued a $0.82 dividend. The ex-dividend date of this dividend is Monday, December 1st. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.4%. McKesson’s dividend payout ratio is presently 10.21%.

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.