McKesson Corporation (NYSE:MCK) Shares Sold by Maryland State Retirement & Pension System

Key Points

• Maryland State Retirement & Pension System reduced its holdings in McKesson Corporation by 14.9% during the first quarter, now owning 5,945 shares valued at approximately $4 million.
• Insider sales include Chief Executive Officer Brian S. Tyler selling 19,371 shares worth about $13.7 million, representing a 41% reduction in his ownership.
• McKesson recently announced a quarterly dividend increase to $0.82 per share, with an ex-dividend date on September 2nd and a payout ratio of 10.99%.

Maryland State Retirement & Pension System decreased its holdings in shares of McKesson Corporation (NYSE:MCK - Free Report) by 14.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,945 shares of the company's stock after selling 1,044 shares during the quarter. Maryland State Retirement & Pension System's holdings in McKesson were worth $4,001,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in MCK. CVA Family Office LLC grew its holdings in McKesson by 6.0% in the first quarter. CVA Family Office LLC now owns 265 shares of the company's stock valued at $178,000 after purchasing an additional 15 shares during the period. Palisade Asset Management LLC lifted its position in McKesson by 2.1% during the first quarter. Palisade Asset Management LLC now owns 715 shares of the company's stock valued at $481,000 after buying an additional 15 shares in the last quarter. SteelPeak Wealth LLC lifted its position in McKesson by 0.5% during the first quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company's stock valued at $1,867,000 after buying an additional 15 shares in the last quarter. Parallel Advisors LLC lifted its position in McKesson by 0.6% during the first quarter. Parallel Advisors LLC now owns 2,501 shares of the company's stock valued at $1,683,000 after buying an additional 16 shares in the last quarter. Finally, Eagle Rock Investment Company LLC lifted its position in McKesson by 0.4% during the first quarter. Eagle Rock Investment Company LLC now owns 4,798 shares of the company's stock valued at $3,229,000 after buying an additional 17 shares in the last quarter. Institutional investors and hedge funds own 85.07% of the company's stock.

Insider Activity at McKesson

In other McKesson news, EVP Leann B. Smith sold 1,248 shares of the firm's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $717.30, for a total value of $895,190.40. Following the completion of the transaction, the executive vice president directly owned 2,621 shares in the company, valued at $1,880,043.30. This trade represents a 32.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Brian S. Tyler sold 19,371 shares of the firm's stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $708.09, for a total transaction of $13,716,411.39. Following the completion of the transaction, the chief executive officer owned 27,872 shares of the company's stock, valued at approximately $19,735,884.48. The trade was a 41.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,488 shares of company stock worth $37,242,862. Company insiders own 0.08% of the company's stock.

McKesson Stock Down 5.6%

MCK stock opened at $664.10 on Friday. The firm's 50-day simple moving average is $715.17 and its 200 day simple moving average is $678.53. The stock has a market cap of $83.09 billion, a PE ratio of 26.48, a price-to-earnings-growth ratio of 1.42 and a beta of 0.50. McKesson Corporation has a fifty-two week low of $464.42 and a fifty-two week high of $737.89.

McKesson (NYSE:MCK - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 180.77%. The business's quarterly revenue was up 23.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $7.88 EPS. Equities analysts forecast that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

The firm 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 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 dividend yield of 0.5%. McKesson's payout ratio is 10.99%.

Analyst Ratings Changes

A number of brokerages have weighed in on MCK. UBS Group lifted their price target on shares of McKesson from $708.00 to $805.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Bank of America lifted their price target on shares of McKesson from $755.00 to $800.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Cowen reaffirmed a "buy" rating on shares of McKesson in a research report on Thursday. Wall Street Zen cut shares of McKesson from a "strong-buy" rating to a "buy" rating in a research report on Sunday, July 13th. Finally, Evercore ISI upped their price objective on shares of McKesson from $760.00 to $800.00 and gave the company an "outperform" rating in a research report on Wednesday, July 9th. 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 stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $710.17.

McKesson Company 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.

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