Public Employees Retirement System of Ohio Acquires Shares of 54,389 McKesson Corporation $MCK

Public Employees Retirement System of Ohio bought a new position in McKesson Corporation (NYSE:MCK) during the 2nd quarter, Holdings Channel.com reports. The firm bought 54,389 shares of the company’s stock, valued at approximately $41,096,000.

Several other institutional investors have also added to or reduced their stakes in the company. University of Texas Texas AM Investment Management Co. purchased a new position in shares of McKesson in the fourth quarter valued at about $25,000. Swiss RE Ltd. purchased a new stake in shares of McKesson during the fourth quarter worth about $26,000. Delos Wealth Advisors LLC bought a new stake in shares of McKesson in the second quarter worth about $27,000. State of Wyoming purchased a new position in McKesson during the 2nd quarter valued at about $29,000. Finally, Kingdom Financial Group LLC. purchased a new position in McKesson during the 4th quarter valued at about $33,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Insiders Place Their Bets

In other McKesson news, EVP Thomas L. Rodgers sold 699 shares of the business’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $735.27, for a total value of $513,953.73. Following the sale, the executive vice president owned 2,268 shares in the company, valued at $1,667,592.36. The trade was a 23.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bradley E. Lerman sold 301 shares of the stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $892.33, for a total transaction of $268,591.33. The SEC filing for this sale provides additional information. Insiders sold a total of 23,111 shares of company stock valued at $18,011,274 in the last 90 days. 0.06% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on MCK. Robert W. Baird set a $1,015.00 target price on McKesson in a research note on Thursday, August 6th. Citigroup lifted their target price on shares of McKesson from $945.00 to $1,000.00 and gave the company a “buy” rating in a report on Friday, July 24th. Weiss Ratings lowered McKesson from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, July 7th. Morgan Stanley reissued an “overweight” rating on shares of McKesson in a report on Friday, August 7th. Finally, Wall Street Zen cut McKesson from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Fourteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $973.44.

McKesson Trading Down 0.7%

Shares of NYSE MCK opened at $890.20 on Friday. McKesson Corporation has a 12-month low of $677.28 and a 12-month high of $999.00. The firm has a market capitalization of $103.79 billion, a price-to-earnings ratio of 23.82, a price-to-earnings-growth ratio of 1.76 and a beta of 0.30. The firm has a 50 day moving average of $830.40 and a 200 day moving average of $843.76.

McKesson (NYSE:MCK) last released its quarterly earnings results on Wednesday, August 5th. The company reported $9.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.56 by $0.37. McKesson had a negative return on equity of 253.21% and a net margin of 1.12%.The business had revenue of $105.38 billion during the quarter, compared to analyst estimates of $103.88 billion. During the same quarter in the previous year, the company posted $8.26 earnings per share. McKesson’s revenue for the quarter was up 7.7% on a year-over-year basis. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. Sell-side analysts predict that McKesson Corporation will post 44.65 EPS for the current year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 1st will be paid a dividend of $0.94 per share. This is a boost from McKesson’s previous quarterly dividend of $0.82. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $3.76 annualized dividend and a yield of 0.4%. McKesson’s dividend payout ratio is 8.78%.

About McKesson

McKesson Corporation (NYSE: MCK) is a global healthcare services and distribution company that supplies pharmaceuticals, medical-surgical products and health care technology solutions. Founded in 1833 and headquartered in Irving, Texas, McKesson operates across the drug distribution and healthcare services value chain, connecting manufacturers, pharmacies, hospitals and health systems to help manage the movement of medicines and clinical supplies.

The company’s core activities include pharmaceutical wholesale distribution and logistics, specialty pharmacy services, and the provision of medical-surgical supplies to acute and non-acute care providers.