McKesson Co. (NYSE:MCK – Get Free Report) announced a quarterly dividend on Thursday, August 1st, RTT News reports. Stockholders of record on Monday, September 2nd will be given a dividend of 0.71 per share on Tuesday, October 1st. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.45%. The ex-dividend date of this dividend is Friday, August 30th. This is a boost from McKesson’s previous quarterly dividend of $0.62.
McKesson has raised its dividend by an average of 11.8% per year over the last three years and has increased its dividend every year for the last 16 years. McKesson has a payout ratio of 6.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect McKesson to earn $35.70 per share next year, which means the company should continue to be able to cover its $2.48 annual dividend with an expected future payout ratio of 6.9%.
McKesson Price Performance
Shares of McKesson stock opened at $629.09 on Friday. The business has a fifty day simple moving average of $587.35 and a two-hundred day simple moving average of $545.68. McKesson has a 1 year low of $404.72 and a 1 year high of $631.37. The company has a market capitalization of $81.74 billion, a price-to-earnings ratio of 28.11, a P/E/G ratio of 1.44 and a beta of 0.45.
Insider Activity
In other news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $580.92, for a total transaction of $2,180,192.76. Following the completion of the transaction, the chief executive officer now owns 86,092 shares of the company’s stock, valued at $50,012,564.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of McKesson stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $580.92, for a total transaction of $2,180,192.76. Following the completion of the sale, the chief executive officer now owns 86,092 shares of the company’s stock, valued at $50,012,564.64. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Leann B. Smith sold 600 shares of the firm’s 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 transaction, the executive vice president now directly owns 2,022 shares in the company, valued at $1,183,941.66. The disclosure for this sale can be found here. Insiders sold 29,567 shares of company stock worth $16,691,841 in the last three months. Corporate insiders own 0.11% of the company’s stock.
Analyst Upgrades and Downgrades
MCK has been the topic of several research reports. UBS Group lifted their price target on shares of McKesson from $620.00 to $630.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Evercore ISI raised their price objective on McKesson from $600.00 to $660.00 and gave the company an “outperform” rating in a report on Tuesday, July 9th. Morgan Stanley increased their target price on McKesson from $522.00 to $548.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. StockNews.com raised McKesson from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, July 23rd. Finally, Robert W. Baird lifted their target price on shares of McKesson from $679.00 to $694.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 9th. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $599.33.
Get Our Latest Stock Analysis on MCK
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.
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