McKesson Corporation $MCK Shares Sold by State of Alaska Department of Revenue

Key Points

• The State of Alaska Department of Revenue reduced its holdings in McKesson Corporation by 2.7%, owning 22,511 shares valued at $16.5 million after selling 630 shares.
• Several institutional investors increased their stakes in McKesson significantly, with CBIZ Investment Advisory Services raising its stake by 1,366.7% during the 1st quarter.
• McKesson declared an increased quarterly dividend of $0.82 per share, up from $0.71, with a payout date set for October 1st.

State of Alaska Department of Revenue lessened its holdings in McKesson Corporation (NYSE:MCK - Free Report) by 2.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 22,511 shares of the company's stock after selling 630 shares during the period. State of Alaska Department of Revenue's holdings in McKesson were worth $16,495,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Bank of Jackson Hole Trust lifted its stake in shares of McKesson by 64.3% in the 1st quarter. Bank of Jackson Hole Trust now owns 46 shares of the company's stock valued at $29,000 after purchasing an additional 18 shares during the last quarter. CBIZ Investment Advisory Services LLC lifted its stake in shares of McKesson by 1,366.7% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company's stock valued at $30,000 after purchasing an additional 41 shares during the last quarter. Saudi Central Bank acquired a new position in shares of McKesson in the 1st quarter valued at $34,000. Flaharty Asset Management LLC acquired a new position in shares of McKesson in the 1st quarter valued at $39,000. Finally, Pandora Wealth Inc. acquired a new position in shares of McKesson in the 1st quarter valued at $40,000. Institutional investors and hedge funds own 85.07% of the company's stock.

Insider Activity

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the company's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $663.67, for a total transaction of $218,347.43. Following the sale, the chief accounting officer owned 657 shares in the company, valued at $436,031.19. This represents a 33.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Brian S. Tyler sold 11,930 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $705.63, for a total value of $8,418,165.90. Following the completion of the transaction, the chief executive officer owned 4,012 shares in the company, valued at approximately $2,830,987.56. The trade was a 74.83% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,560 shares of company stock worth $30,438,602. 0.08% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft increased their target price on McKesson from $775.00 to $856.00 and gave the stock a "buy" rating in a research note on Wednesday. Wells Fargo & Company increased their target price on McKesson from $772.00 to $816.00 and gave the stock an "equal weight" rating in a research note on Wednesday. Evercore ISI increased their target price on McKesson from $800.00 to $825.00 and gave the stock an "outperform" rating in a research note on Wednesday. JPMorgan Chase & Co. increased their target price on McKesson from $821.00 to $853.00 and gave the stock an "overweight" rating in a research note on Friday. Finally, UBS Group increased their target price on McKesson from $820.00 to $860.00 and gave the stock a "buy" rating in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $829.08.

McKesson Price Performance

Shares of NYSE MCK opened at $760.82 on Friday. The stock's 50-day moving average is $697.79 and its two-hundred day moving average is $699.19. McKesson Corporation has a 1-year low of $479.15 and a 1-year high of $770.00. The company has a market cap of $94.63 billion, a price-to-earnings ratio of 30.34, a price-to-earnings-growth ratio of 1.32 and a beta of 0.51.

McKesson (NYSE:MCK - Get Free Report) last issued its quarterly earnings results 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). McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The company had revenue of $97.83 billion for the quarter, compared to analysts' expectations of $95.93 billion. During the same quarter last year, the company earned $7.88 EPS. McKesson's revenue for the quarter was up 23.4% compared to the same quarter last year. Equities research analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.82 per share. This is a positive change from McKesson's previous quarterly dividend of $0.71. The ex-dividend date is Tuesday, September 2nd. This represents a $3.28 annualized dividend and a yield of 0.4%. McKesson's dividend payout ratio (DPR) is currently 13.08%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.