McKesson Co. (NYSE:MCK) Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio reduced its holdings in McKesson Co. (NYSE:MCK) by 11.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 67,344 shares of the company’s stock after selling 8,971 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in McKesson were worth $38,380,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Atomi Financial Group Inc. boosted its stake in McKesson by 24.8% in the fourth quarter. Atomi Financial Group Inc. now owns 1,072 shares of the company’s stock valued at $611,000 after acquiring an additional 213 shares during the period. Beaumont Financial Advisors LLC bought a new stake in shares of McKesson in the 4th quarter worth approximately $227,000. Simon Quick Advisors LLC boosted its position in McKesson by 15.4% during the 4th quarter. Simon Quick Advisors LLC now owns 666 shares of the company’s stock valued at $380,000 after purchasing an additional 89 shares during the period. Dakota Wealth Management boosted its position in McKesson by 2.8% during the 4th quarter. Dakota Wealth Management now owns 1,582 shares of the company’s stock valued at $902,000 after purchasing an additional 43 shares during the period. Finally, Cerro Pacific Wealth Advisors LLC grew its stake in McKesson by 3.0% during the 4th quarter. Cerro Pacific Wealth Advisors LLC now owns 1,251 shares of the company’s stock worth $713,000 after buying an additional 36 shares during the last quarter. 85.07% of the stock is owned by institutional investors and hedge funds.

McKesson Stock Up 0.7%

NYSE:MCK opened at $715.44 on Friday. The business’s 50-day moving average price is $689.88 and its 200 day moving average price is $633.70. McKesson Co. has a 52-week low of $464.42 and a 52-week high of $731.00. The firm has a market cap of $89.51 billion, a P/E ratio of 32.76, a PEG ratio of 1.29 and a beta of 0.53.

McKesson (NYSE:MCK) last announced its quarterly earnings data on Thursday, May 8th. The company reported $10.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.83 by $0.29. McKesson had a net margin of 0.82% and a negative return on equity of 181.26%. The company had revenue of $90.82 billion for the quarter, compared to analysts’ expectations of $94 billion. During the same quarter in the previous year, the company posted $6.18 EPS. The business’s revenue was up 18.9% compared to the same quarter last year. Sell-side analysts expect that McKesson Co. will post 32.77 EPS for the current year.

McKesson Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd will be issued a $0.71 dividend. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $2.84 annualized dividend and a dividend yield of 0.40%. McKesson’s dividend payout ratio is currently 10.99%.

Insider Activity

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the company’s stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $726.51, for a total transaction of $394,494.93. Following the completion of the sale, the chief accounting officer now directly owns 1,972 shares of the company’s stock, valued at approximately $1,432,677.72. This represents a 21.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Britt J. Vitalone sold 6,336 shares of McKesson stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $717.30, for a total transaction of $4,544,812.80. Following the completion of the transaction, the chief financial officer now directly owns 14,760 shares in the company, valued at approximately $10,587,348. This trade represents a 30.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 8,127 shares of company stock worth $5,834,498. Insiders own 0.11% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Wall Street Zen cut McKesson from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. Morgan Stanley increased their price objective on McKesson from $642.00 to $745.00 and gave the stock an “overweight” rating in a report on Wednesday, April 2nd. Bank of America lifted their target price on McKesson from $755.00 to $800.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Cfra Research cut McKesson from a “moderate buy” rating to a “hold” rating in a research note on Friday, April 4th. Finally, Evercore ISI raised their price target on McKesson from $650.00 to $675.00 and gave the company an “outperform” rating in a report on Thursday, February 6th. Three research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $686.69.

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.