New York State Teachers Retirement System Sells 1,271 Shares of McKesson Corporation $MCK

Key Points

• New York State Teachers Retirement System reduced its holdings in McKesson Corporation (NYSE:MCK) by 1.2%, selling 1,271 shares in the second quarter, leaving them with a total of 102,058 shares worth approximately $74.8 million.
• McKesson announced a quarterly dividend of $0.82, an increase from the previous $0.71, resulting in an annualized dividend of $3.28 with a yield of 0.4%.
• Despite reporting a quarterly earnings miss with earnings per share of $8.26 against the estimated $8.33, McKesson achieved a revenue increase of 23.4% year-over-year, totaling $97.83 billion.

New York State Teachers Retirement System cut its stake in shares of McKesson Corporation (NYSE:MCK - Free Report) by 1.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 102,058 shares of the company's stock after selling 1,271 shares during the quarter. New York State Teachers Retirement System owned approximately 0.08% of McKesson worth $74,786,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. MassMutual Private Wealth & Trust FSB increased its stake in shares of McKesson by 1.6% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 863 shares of the company's stock worth $632,000 after purchasing an additional 14 shares in the last quarter. Palisade Asset Management LLC boosted its position in shares of McKesson by 2.1% in the first quarter. Palisade Asset Management LLC now owns 715 shares of the company's stock valued at $481,000 after acquiring an additional 15 shares during the period. SteelPeak Wealth LLC boosted its position in shares of McKesson by 0.5% in the first quarter. SteelPeak Wealth LLC now owns 2,771 shares of the company's stock valued at $1,867,000 after acquiring an additional 15 shares during the period. Cypress Wealth Services LLC boosted its position in shares of McKesson by 3.7% in the second 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 period. Finally, Keystone Financial Services boosted its position in shares of McKesson by 1.2% in the first quarter. Keystone Financial Services now owns 1,404 shares of the company's stock valued at $945,000 after acquiring an additional 17 shares during the period. 85.07% of the stock is owned by institutional investors.

McKesson Price Performance

Shares of McKesson stock opened at $791.40 on Thursday. McKesson Corporation has a 1 year low of $492.39 and a 1 year high of $792.34. The firm has a market cap of $98.43 billion, a PE ratio of 31.55, a PEG ratio of 1.41 and a beta of 0.52. The company has a 50 day simple moving average of $711.83 and a two-hundred day simple moving average of $708.47.

McKesson (NYSE:MCK - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 earnings per share for the quarter, missing analysts' consensus estimates of $8.33 by ($0.07). The business had revenue of $97.83 billion during the quarter, compared to the consensus estimate of $95.93 billion. McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The company's revenue was up 23.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $7.88 earnings per share. As a group, research analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were paid a $0.82 dividend. The ex-dividend date of this dividend was Tuesday, September 2nd. This is a positive change from McKesson's previous quarterly dividend of $0.71. This represents a $3.28 annualized dividend and a dividend yield of 0.4%. McKesson's payout ratio is presently 13.08%.

Insider Buying and Selling at McKesson

In related news, CEO Brian S. Tyler sold 11,930 shares of McKesson stock in a transaction on 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 transaction, the chief executive officer directly owned 4,012 shares of the company's stock, valued at $2,830,987.56. The trade was a 74.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction on Friday, August 8th. The stock was sold at an average price of $663.67, for a total transaction of $218,347.43. Following the completion of the transaction, the chief accounting officer directly owned 657 shares in the company, valued at approximately $436,031.19. The trade was a 33.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,189 shares of company stock worth $16,722,190. 0.08% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have recently commented on MCK. Cowen restated a "buy" rating on shares of McKesson in a research report on Wednesday, September 24th. Citigroup raised their price objective on shares of McKesson from $820.00 to $860.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of McKesson from $775.00 to $856.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. Wells Fargo & Company raised their price objective on shares of McKesson from $772.00 to $816.00 and gave the company an "equal weight" rating in a research report on Wednesday, September 24th. Finally, UBS Group raised their price objective on shares of McKesson from $820.00 to $860.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $834.54.

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.

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