State of Alaska Department of Revenue Reduces Stock Position in McKesson Co. (NYSE:MCK)

State of Alaska Department of Revenue reduced its holdings in McKesson Co. (NYSE:MCKGet Rating) by 1.1% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 20,862 shares of the company’s stock after selling 225 shares during the period. State of Alaska Department of Revenue’s holdings in McKesson were worth $6,805,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Dorsey & Whitney Trust CO LLC boosted its stake in shares of McKesson by 3.4% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 961 shares of the company’s stock worth $295,000 after purchasing an additional 32 shares during the period. Keystone Financial Services boosted its stake in shares of McKesson by 1.4% during the 1st quarter. Keystone Financial Services now owns 2,323 shares of the company’s stock worth $758,000 after purchasing an additional 33 shares during the period. Covestor Ltd boosted its stake in shares of McKesson by 72.3% during the 1st quarter. Covestor Ltd now owns 81 shares of the company’s stock worth $25,000 after purchasing an additional 34 shares during the period. Lindbrook Capital LLC boosted its stake in shares of McKesson by 9.9% during the 1st quarter. Lindbrook Capital LLC now owns 389 shares of the company’s stock worth $119,000 after purchasing an additional 35 shares during the period. Finally, Cambridge Trust Co. boosted its stake in shares of McKesson by 6.9% during the 1st quarter. Cambridge Trust Co. now owns 556 shares of the company’s stock worth $170,000 after purchasing an additional 36 shares during the period. 86.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Mizuho lifted their price target on shares of McKesson from $331.00 to $345.00 and gave the stock a “neutral” rating in a research note on Thursday, August 4th. Credit Suisse Group lifted their price objective on shares of McKesson from $377.00 to $385.00 and gave the company an “outperform” rating in a report on Monday, August 8th. Cowen lifted their price objective on shares of McKesson to $384.00 in a report on Tuesday, August 9th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of McKesson from $378.00 to $409.00 in a report on Monday, August 8th. Finally, UBS Group lifted their price objective on shares of McKesson from $380.00 to $400.00 and gave the company a “buy” rating in a report on Thursday, August 4th. One equities research analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, McKesson currently has an average rating of “Buy” and a consensus target price of $352.46.

McKesson Stock Up 0.8 %

NYSE MCK opened at $348.95 on Tuesday. The firm has a market cap of $50.15 billion, a PE ratio of 36.89, a price-to-earnings-growth ratio of 1.41 and a beta of 0.59. The company has a 50 day moving average price of $350.20 and a 200 day moving average price of $327.00. McKesson Co. has a 52 week low of $193.89 and a 52 week high of $375.23.

McKesson Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Thursday, September 1st will be paid a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 0.62%. The ex-dividend date is Wednesday, August 31st. This is a positive change from McKesson’s previous quarterly dividend of $0.47. McKesson’s payout ratio is 22.83%.

Insider Buying and Selling

In related news, EVP Lori A. Schechter sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $343.94, for a total transaction of $2,579,550.00. Following the completion of the transaction, the executive vice president now owns 11,678 shares in the company, valued at approximately $4,016,531.32. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other McKesson news, EVP Lori A. Schechter sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $343.94, for a total transaction of $2,579,550.00. Following the sale, the executive vice president now owns 11,678 shares of the company’s stock, valued at approximately $4,016,531.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Thomas L. Rodgers sold 1,300 shares of the company’s stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $367.21, for a total transaction of $477,373.00. Following the completion of the sale, the executive vice president now directly owns 2,544 shares in the company, valued at $934,182.24. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by company insiders.

McKesson Company Profile

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McKesson Corporation provides healthcare services in the United States and internationally. It operates through four segments: U.S. Pharmaceutical, International, Medical-Surgical Solutions, and Prescription Technology Solutions (RxTS). The U.S. Pharmaceutical segment distributes branded, generic, specialty, biosimilar, and over-the-counter pharmaceutical drugs and other healthcare-related products.

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Institutional Ownership by Quarter for McKesson (NYSE:MCK)

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