NJ State Employees Deferred Compensation Plan Has $2.57 Million Stake in McKesson Corporation $MCK

NJ State Employees Deferred Compensation Plan decreased its position in McKesson Corporation (NYSE:MCK) by 30.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,500 shares of the company’s stock after selling 1,500 shares during the quarter. NJ State Employees Deferred Compensation Plan’s holdings in McKesson were worth $2,565,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Brighton Jones LLC boosted its stake in shares of McKesson by 46.3% in the fourth quarter. Brighton Jones LLC now owns 2,523 shares of the company’s stock valued at $1,438,000 after buying an additional 798 shares during the period. Burling Wealth Partners LLC bought a new stake in shares of McKesson in the first quarter valued at approximately $202,000. Capital Investment Advisory Services LLC bought a new stake in shares of McKesson in the first quarter valued at approximately $221,000. Concurrent Investment Advisors LLC boosted its stake in shares of McKesson by 5.9% in the first quarter. Concurrent Investment Advisors LLC now owns 1,776 shares of the company’s stock valued at $1,195,000 after buying an additional 99 shares during the period. Finally, Envestnet Asset Management Inc. boosted its stake in shares of McKesson by 4.0% in the first quarter. Envestnet Asset Management Inc. now owns 282,844 shares of the company’s stock valued at $190,351,000 after buying an additional 10,877 shares during the period. Institutional investors and hedge funds own 85.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on MCK shares. Morgan Stanley boosted their price target on McKesson from $810.00 to $857.00 and gave the company an “overweight” rating in a research note on Wednesday, September 24th. Wells Fargo & Company upped their target price on McKesson from $772.00 to $816.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 24th. Citigroup upped their target price on McKesson from $820.00 to $860.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Wall Street Zen upgraded McKesson from a “hold” rating to a “buy” rating in a research note on Sunday, September 28th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on McKesson from $775.00 to $856.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $839.15.

Insiders Place Their Bets

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of the stock in a transaction on Friday, August 8th. The stock was sold at an average price of $663.67, for a total value of $218,347.43. Following the completion of the transaction, the chief accounting officer directly owned 657 shares in the company, valued at approximately $436,031.19. This represents a 33.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Brian S. Tyler sold 11,930 shares of the stock in a transaction 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 owned 4,012 shares of the company’s stock, valued at $2,830,987.56. The trade was a 74.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 24,189 shares of company stock valued at $16,722,190 over the last quarter. 0.08% of the stock is owned by corporate insiders.

McKesson Price Performance

NYSE MCK opened at $843.19 on Wednesday. McKesson Corporation has a fifty-two week low of $520.20 and a fifty-two week high of $846.43. The stock has a market capitalization of $104.88 billion, a PE ratio of 33.62, a PEG ratio of 1.46 and a beta of 0.52. The business has a fifty day moving average price of $747.47 and a two-hundred day moving average price of $721.07.

McKesson (NYSE:MCK) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $8.26 EPS for the quarter, missing analysts’ consensus estimates of $8.33 by ($0.07). McKesson had a net margin of 0.84% and a negative return on equity of 196.66%. The firm had revenue of $97.83 billion during the quarter, compared to the consensus estimate of $95.93 billion. During the same quarter in the previous year, the company posted $7.88 earnings per share. The firm’s revenue was up 23.4% on a year-over-year basis. As a group, sell-side analysts expect that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 1st will be paid a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Monday, December 1st. McKesson’s dividend payout ratio is presently 13.08%.

About McKesson

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.