Public Employees Retirement System of Ohio Lowers Position in McKesson Corporation $MCK

Key Points

• The Public Employees Retirement System of Ohio decreased its stake in McKesson Corporation by 2.1%, holding 61,965 shares valued at approximately $45.4 million.
• McKesson recently announced an increase in its quarterly dividend from $0.71 to $0.82, representing a 0.4% dividend yield.
• The company reported a 23.4% increase in revenue year-over-year for the last quarter, though it missed earnings expectations with an EPS of $8.26 compared to the consensus estimate of $8.33.

Public Employees Retirement System of Ohio decreased its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 2.1% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 61,965 shares of the company's stock after selling 1,333 shares during the period. Public Employees Retirement System of Ohio's holdings in McKesson were worth $45,407,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC raised its holdings in shares of McKesson by 75,632.7% during the 1st quarter. GAMMA Investing LLC now owns 2,393,152 shares of the company's stock valued at $1,610,567,000 after buying an additional 2,389,992 shares in the last quarter. Northern Trust Corp raised its holdings in shares of McKesson by 0.7% during the 1st quarter. Northern Trust Corp now owns 1,542,382 shares of the company's stock valued at $1,038,008,000 after buying an additional 10,179 shares in the last quarter. Boston Partners raised its holdings in shares of McKesson by 33.3% during the 1st quarter. Boston Partners now owns 1,461,785 shares of the company's stock valued at $984,927,000 after buying an additional 365,484 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of McKesson by 9.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,290,116 shares of the company's stock valued at $868,237,000 after buying an additional 107,638 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of McKesson by 16.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,284,881 shares of the company's stock valued at $864,712,000 after buying an additional 181,831 shares in the last quarter. 85.07% of the stock is currently owned by institutional investors.

McKesson Price Performance

NYSE MCK opened at $739.48 on Wednesday. The stock has a market capitalization of $91.98 billion, a PE ratio of 29.48, a PEG ratio of 1.39 and a beta of 0.51. McKesson Corporation has a 1 year low of $464.42 and a 1 year high of $748.75. The business's 50-day moving average is $695.33 and its 200 day moving average is $697.47.

McKesson (NYSE:MCK - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm's revenue for the quarter was up 23.4% compared to the same quarter last year. During the same period in the previous year, the business earned $7.88 earnings per share. As a group, equities research analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be paid a $0.82 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a boost 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 13.08%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Morgan Stanley reissued an "overweight" rating and set a $810.00 price objective (up from $770.00) on shares of McKesson in a report on Wednesday, July 16th. Evercore ISI lifted their price objective on McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. Wall Street Zen downgraded McKesson from a "buy" rating to a "hold" rating in a report on Saturday. Cowen reiterated a "buy" rating on shares of McKesson in a report on Thursday, August 7th. Finally, Wells Fargo & Company lifted their price objective on McKesson from $766.00 to $772.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, McKesson has a consensus rating of "Moderate Buy" and an average target price of $725.10.

Insider Activity at McKesson

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction that occurred 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 sale, the chief accounting officer directly owned 657 shares of the company's stock, valued at approximately $436,031.19. The trade was a 33.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Brian S. Tyler sold 11,930 shares of McKesson stock in a transaction that occurred 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 sale, the chief executive officer directly owned 4,012 shares in the company, valued at approximately $2,830,987.56. The trade was a 74.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 43,560 shares of company stock worth $30,438,602. Insiders own 0.08% of the company's stock.

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.