State of New Jersey Common Pension Fund D Sells 127 Shares of McKesson Corporation $MCK

State of New Jersey Common Pension Fund D cut its holdings in shares of McKesson Corporation (NYSE:MCK) by 0.3% in the 2nd quarter, HoldingsChannel reports. The fund owned 42,356 shares of the company’s stock after selling 127 shares during the period. State of New Jersey Common Pension Fund D’s holdings in McKesson were worth $31,038,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in MCK. Bank of Jackson Hole Trust increased its position in shares of McKesson by 64.3% during the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company’s stock worth $29,000 after acquiring an additional 18 shares in the last quarter. CBIZ Investment Advisory Services LLC increased its stake in McKesson by 1,366.7% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company’s stock valued at $30,000 after buying an additional 41 shares during the last quarter. GFG Capital LLC purchased a new stake in McKesson in the 2nd quarter valued at about $30,000. Saudi Central Bank purchased a new stake in McKesson in the 1st quarter valued at about $34,000. Finally, Flaharty Asset Management LLC purchased a new stake in McKesson in the 1st quarter valued at about $39,000. 85.07% of the stock is owned by institutional investors.

McKesson Stock Up 1.2%

McKesson stock opened at $802.17 on Friday. McKesson Corporation has a twelve month low of $492.39 and a twelve month high of $807.75. The firm has a 50 day moving average price of $728.97 and a 200-day moving average price of $713.82. The company has a market capitalization of $99.77 billion, a P/E ratio of 31.98, a P/E/G ratio of 1.43 and a beta of 0.52.

McKesson (NYSE:MCK) last released its quarterly earnings data on Wednesday, August 6th. The company reported $8.26 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 quarterly revenue was up 23.4% on a year-over-year basis. During the same period last year, the business posted $7.88 earnings per share. Equities analysts expect that McKesson Corporation will post 32.77 EPS for the current fiscal year.

McKesson Increases Dividend

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

Insider Activity at McKesson

In related news, CEO Brian S. Tyler sold 11,930 shares of the firm’s 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 completion of the transaction, the chief executive officer directly owned 4,012 shares of the company’s stock, valued at approximately $2,830,987.56. This trade represents a 74.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the firm’s stock in a transaction on Friday, August 8th. The shares were 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 of the company’s stock, 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 valued at $16,722,190. 0.08% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have commented on MCK. Mizuho increased their price objective on shares of McKesson from $750.00 to $770.00 and gave the company a “neutral” rating in a research note on Wednesday, September 24th. Jefferies Financial Group increased their price objective on shares of McKesson from $820.00 to $900.00 and gave the company a “buy” rating in a research note on Monday, October 13th. Wells Fargo & Company increased their price objective on shares of McKesson from $772.00 to $816.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 24th. TD Cowen increased their price objective on shares of McKesson from $830.00 to $864.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. Finally, Cowen reiterated a “buy” rating on shares of McKesson in a research note on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, McKesson presently has a consensus rating of “Moderate Buy” and an average target price of $834.54.

McKesson Company 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.