State Board of Administration of Florida Retirement System lessened its stake in McKesson Co. (NYSE:MCK) by 2.9% in the third quarter, Holdings Channel reports. The firm owned 271,633 shares of the company’s stock after selling 8,227 shares during the period. State Board of Administration of Florida Retirement System’s holdings in McKesson were worth $36,032,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Brandes Investment Partners LP increased its holdings in shares of McKesson by 0.5% in the second quarter. Brandes Investment Partners LP now owns 727,626 shares of the company’s stock worth $97,066,000 after acquiring an additional 3,289 shares in the last quarter. Martingale Asset Management L P increased its holdings in shares of McKesson by 38.6% in the second quarter. Martingale Asset Management L P now owns 6,443 shares of the company’s stock worth $860,000 after acquiring an additional 1,796 shares in the last quarter. MAI Capital Management increased its holdings in shares of McKesson by 15.7% in the second quarter. MAI Capital Management now owns 4,095 shares of the company’s stock worth $546,000 after acquiring an additional 555 shares in the last quarter. Unigestion Holding SA bought a new stake in shares of McKesson in the second quarter worth about $35,787,000. Finally, Victory Capital Management Inc. increased its holdings in shares of McKesson by 284.7% in the second quarter. Victory Capital Management Inc. now owns 77,291 shares of the company’s stock worth $10,311,000 after acquiring an additional 57,201 shares in the last quarter. Institutional investors and hedge funds own 89.19% of the company’s stock.
NYSE:MCK opened at $127.12 on Tuesday. The company has a quick ratio of 0.56, a current ratio of 0.99 and a debt-to-equity ratio of 0.69. The stock has a market cap of $24.50 billion, a P/E ratio of 10.07, a PEG ratio of 1.43 and a beta of 1.05. McKesson Co. has a 52-week low of $117.19 and a 52-week high of $178.86.
McKesson (NYSE:MCK) last posted its quarterly earnings data on Thursday, October 25th. The company reported $3.60 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.28 by $0.32. The business had revenue of $53.08 billion during the quarter, compared to the consensus estimate of $53.56 billion. McKesson had a return on equity of 26.55% and a net margin of 0.06%. On average, research analysts predict that McKesson Co. will post 13.41 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 2nd. Investors of record on Monday, December 3rd will be issued a dividend of $0.39 per share. The ex-dividend date is Friday, November 30th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.23%. McKesson’s payout ratio is presently 12.36%.
Several brokerages have issued reports on MCK. ValuEngine upgraded McKesson from a “strong sell” rating to a “sell” rating in a report on Monday, October 29th. Barclays lowered their price target on McKesson from $150.00 to $136.00 and set an “equal weight” rating for the company in a report on Friday, October 26th. Robert W. Baird downgraded McKesson from an “outperform” rating to a “neutral” rating in a report on Friday, July 20th. Royal Bank of Canada set a $155.00 price target on McKesson and gave the stock a “hold” rating in a report on Friday, October 26th. Finally, Standpoint Research upgraded McKesson from a “hold” rating to a “buy” rating in a report on Tuesday, July 10th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $150.26.
In related news, Director N Anthony Coles sold 1,350 shares of the stock in a transaction dated Friday, August 31st. The stock was sold at an average price of $128.69, for a total transaction of $173,731.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.87% of the stock is currently owned by company insiders.
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McKesson Company Profile
McKesson Corporation provides pharmaceuticals and medical supplies in the United States and internationally. It operates in three segments: U.S. Pharmaceutical and Specialty Solutions, European Pharmaceutical Solutions, and Medical-Surgical Solutions. The company distributes branded, generic, specialty, biosimilar, and over-the-counter pharmaceutical drugs, as well as other healthcare-related products; and offers practice management, technology, clinical support, and business solutions to community-based oncology and other specialty practices.
Further Reading: Return on Equity (ROE)
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