McKesson Co. (NYSE:MCK) Shares Sold by Varma Mutual Pension Insurance Co

Varma Mutual Pension Insurance Co lowered its stake in shares of McKesson Co. (NYSE:MCK) by 0.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 33,753 shares of the company’s stock after selling 47 shares during the quarter. Varma Mutual Pension Insurance Co’s holdings in McKesson were worth $19,713,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in MCK. Councilmark Asset Management LLC bought a new position in shares of McKesson during the first quarter worth about $5,160,000. Atlantic Edge Private Wealth Management LLC bought a new position in McKesson in the 4th quarter valued at about $2,487,000. Treasurer of the State of North Carolina increased its stake in McKesson by 6.5% during the 4th quarter. Treasurer of the State of North Carolina now owns 65,266 shares of the company’s stock valued at $30,217,000 after buying an additional 3,982 shares during the period. BDF Gestion bought a new stake in shares of McKesson during the 2nd quarter worth about $3,504,000. Finally, Bornite Capital Management LP acquired a new stake in shares of McKesson in the 4th quarter worth approximately $34,724,000. 85.07% of the stock is currently owned by institutional investors.

McKesson Trading Down 2.1 %

Shares of MCK traded down $10.58 during midday trading on Friday, hitting $504.17. The stock had a trading volume of 1,924,323 shares, compared to its average volume of 761,035. McKesson Co. has a fifty-two week low of $412.64 and a fifty-two week high of $637.51. The business has a 50-day simple moving average of $574.75 and a two-hundred day simple moving average of $557.64. The firm has a market cap of $65.51 billion, a P/E ratio of 22.53, a price-to-earnings-growth ratio of 1.29 and a beta of 0.44.

McKesson (NYSE:MCK) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $7.88 EPS for the quarter, topping analysts’ consensus estimates of $7.21 by $0.67. The firm had revenue of $79.28 billion during the quarter, compared to analyst estimates of $82.53 billion. McKesson had a net margin of 0.94% and a negative return on equity of 242.57%. The company’s revenue was up 6.4% on a year-over-year basis. During the same quarter last year, the business posted $7.27 EPS. On average, analysts expect that McKesson Co. will post 32.14 earnings per share for the current fiscal year.

McKesson Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 2nd will be paid a $0.71 dividend. This is an increase from McKesson’s previous quarterly dividend of $0.62. This represents a $2.84 annualized dividend and a yield of 0.56%. The ex-dividend date of this dividend is Friday, August 30th. McKesson’s dividend payout ratio is currently 12.69%.

Analysts Set New Price Targets

MCK has been the topic of a number of research analyst reports. Mizuho raised their price objective on shares of McKesson from $540.00 to $570.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. Barclays lifted their price target on McKesson from $596.00 to $616.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Citigroup raised their target price on McKesson from $620.00 to $670.00 and gave the company a “buy” rating in a research note on Friday, July 19th. Leerink Partners dropped their price target on shares of McKesson from $670.00 to $665.00 and set an “outperform” rating on the stock in a research report on Thursday. Finally, Bank of America upped their price target on shares of McKesson from $590.00 to $670.00 and gave the company a “buy” rating in a report on Tuesday, June 25th. Two analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $624.93.

Insiders Place Their Bets

In other news, EVP Leann B. Smith sold 600 shares of the company’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $585.53, for a total value of $351,318.00. Following the transaction, the executive vice president now owns 2,022 shares in the company, valued at approximately $1,183,941.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $626.03, for a total value of $2,349,490.59. Following the transaction, the chief executive officer now owns 82,339 shares in the company, valued at $51,546,684.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Leann B. Smith sold 600 shares of McKesson stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $585.53, for a total value of $351,318.00. Following the sale, the executive vice president now owns 2,022 shares of the company’s stock, valued at $1,183,941.66. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,859 shares of company stock worth $6,986,810. 0.11% of the stock is currently owned by company insiders.

McKesson 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.