McKesson Corporation (MCK) to Issue Quarterly Dividend of $0.34 on October 2nd
McKesson Corporation (NYSE:MCK) declared a quarterly dividend on Wednesday, July 26th, RTT News reports. Shareholders of record on Friday, September 1st will be paid a dividend of 0.34 per share on Monday, October 2nd. This represents a $1.36 dividend on an annualized basis and a yield of 0.92%. The ex-dividend date is Wednesday, August 30th. This is a boost from McKesson Corporation’s previous quarterly dividend of $0.28.
McKesson Corporation has increased its dividend payment by an average of 10.1% per year over the last three years and has increased its dividend annually for the last 4 consecutive years. McKesson Corporation has a dividend payout ratio of 11.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect McKesson Corporation to earn $12.90 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 10.5%.
McKesson Corporation (NYSE MCK) opened at 148.33 on Tuesday. McKesson Corporation has a one year low of $114.53 and a one year high of $186.28. The firm has a 50-day moving average price of $157.94 and a 200-day moving average price of $152.42. The stock has a market cap of $31.19 billion, a price-to-earnings ratio of 6.73 and a beta of 1.13.
McKesson Corporation (NYSE:MCK) last posted its earnings results on Thursday, July 27th. The company reported $2.46 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.81 by $0.35. McKesson Corporation had a net margin of 2.42% and a return on equity of 25.76%. The company had revenue of $51.05 billion for the quarter, compared to the consensus estimate of $51.22 billion. During the same quarter last year, the business earned $3.50 earnings per share. McKesson Corporation’s quarterly revenue was up 2.7% on a year-over-year basis. On average, equities analysts predict that McKesson Corporation will post $12.08 earnings per share for the current year.
MCK has been the topic of several recent research reports. TheStreet upgraded McKesson Corporation from a “c+” rating to a “b” rating in a report on Thursday, May 25th. Vetr lowered McKesson Corporation from a “strong-buy” rating to a “buy” rating and set a $157.86 target price on the stock. in a report on Wednesday, May 10th. Barclays PLC set a $187.00 target price on McKesson Corporation and gave the company a “buy” rating in a report on Sunday, June 4th. Zacks Investment Research upgraded McKesson Corporation from a “hold” rating to a “buy” rating and set a $184.00 target price on the stock in a report on Wednesday, July 12th. Finally, Jefferies Group LLC upgraded McKesson Corporation from a “hold” rating to a “buy” rating and set a $153.00 target price on the stock in a report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $171.21.
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In related news, SVP Erin M. Lampert sold 809 shares of the business’s stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $160.66, for a total transaction of $129,973.94. Following the transaction, the senior vice president now directly owns 59 shares in the company, valued at $9,478.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman John H. Hammergren sold 38,619 shares of the business’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $163.76, for a total value of $6,324,247.44. Following the transaction, the chairman now owns 19,309 shares in the company, valued at $3,162,041.84. The disclosure for this sale can be found here. Insiders have sold 41,594 shares of company stock worth $6,787,764 over the last 90 days. Corporate insiders own 1.20% of the company’s stock.
About McKesson Corporation
McKesson Corporation (McKesson) is engaged in delivering pharmaceuticals, medical supplies and healthcare information technology. The Company operates through two segments: McKesson Distribution Solutions and Technology Solutions. The McKesson Distribution Solutions segment distributes drugs and equipment, and health and beauty care products across North America and internationally.
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