Louisiana State Employees Retirement System Sells 100 Shares of McKesson Corporation $MCK

Louisiana State Employees Retirement System lessened its stake in McKesson Corporation (NYSE:MCK) by 1.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,600 shares of the company’s stock after selling 100 shares during the quarter. Louisiana State Employees Retirement System’s holdings in McKesson were worth $4,836,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Venturi Wealth Management LLC increased its holdings in McKesson by 5.0% in the second quarter. Venturi Wealth Management LLC now owns 2,879 shares of the company’s stock valued at $2,110,000 after purchasing an additional 137 shares during the last quarter. Friedenthal Financial acquired a new position in McKesson in the second quarter valued at about $967,000. Shell Asset Management Co. grew its stake in McKesson by 19.4% in the second quarter. Shell Asset Management Co. now owns 7,857 shares of the company’s stock valued at $5,757,000 after acquiring an additional 1,278 shares during the period. Roundview Capital LLC grew its stake in McKesson by 3.4% in the second quarter. Roundview Capital LLC now owns 7,227 shares of the company’s stock valued at $5,296,000 after acquiring an additional 237 shares during the period. Finally, KLP Kapitalforvaltning AS grew its stake in McKesson by 15.7% in the second quarter. KLP Kapitalforvaltning AS now owns 66,910 shares of the company’s stock valued at $49,065,000 after acquiring an additional 9,100 shares during the period. Institutional investors own 85.07% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on MCK shares. TD Cowen boosted their target price on McKesson from $830.00 to $864.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. JPMorgan Chase & Co. boosted their target price on McKesson from $821.00 to $853.00 and gave the company an “overweight” rating in a research note on Friday, September 26th. Citigroup boosted their target price on McKesson from $820.00 to $860.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. Wall Street Zen raised McKesson from a “hold” rating to a “buy” rating in a research report on Sunday, September 28th. Finally, Mizuho upped their price objective on McKesson from $750.00 to $770.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $829.08.

McKesson Stock Performance

Shares of NYSE MCK opened at $755.32 on Thursday. The stock has a 50 day moving average price of $704.88 and a 200 day moving average price of $704.72. McKesson Corporation has a 52 week low of $492.39 and a 52 week high of $776.14. The stock has a market capitalization of $93.95 billion, a PE ratio of 30.12, a price-to-earnings-growth ratio of 1.35 and a beta of 0.52.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $8.26 EPS for the quarter, missing the consensus estimate of $8.33 by ($0.07). McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The company had revenue of $97.83 billion for the quarter, compared to analyst estimates of $95.93 billion. During the same period last year, the company posted $7.88 earnings per share. The business’s revenue for the quarter was up 23.4% on a year-over-year basis. As a group, research analysts forecast that McKesson Corporation will post 32.77 EPS for the current year.

McKesson Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd were given a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a yield of 0.4%. This is a boost from McKesson’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Tuesday, September 2nd. McKesson’s payout ratio is currently 13.08%.

Insider Activity at McKesson

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

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.