McKesson Co. (NYSE:MCK) Announces $0.62 Quarterly Dividend

McKesson Co. (NYSE:MCK) announced a quarterly dividend on Wednesday, April 24th, RTT News reports. Investors of record on Monday, June 3rd will be paid a dividend of 0.62 per share on Monday, July 1st. This represents a $2.48 annualized dividend and a dividend yield of 0.46%.

McKesson has raised its dividend payment 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 7.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect McKesson to earn $31.06 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 8.0%.

McKesson Trading Up 0.7 %

Shares of NYSE:MCK opened at $535.56 on Thursday. The firm has a market cap of $70.38 billion, a price-to-earnings ratio of 24.27, a P/E/G ratio of 1.41 and a beta of 0.45. McKesson has a 1 year low of $352.34 and a 1 year high of $543.00. The business has a fifty day simple moving average of $526.81 and a 200 day simple moving average of $488.48.

McKesson (NYSE:MCK) last posted its earnings results on Wednesday, February 7th. The company reported $7.74 EPS for the quarter, topping the consensus estimate of $7.05 by $0.69. The firm had revenue of $80.90 billion for the quarter, compared to the consensus estimate of $77.93 billion. McKesson had a net margin of 0.99% and a negative return on equity of 262.63%. The business’s quarterly revenue was up 14.8% on a year-over-year basis. During the same period in the prior year, the business posted $6.90 earnings per share. On average, sell-side analysts forecast that McKesson will post 27.59 EPS for the current year.

Wall Street Analyst Weigh In

MCK has been the topic of a number of recent research reports. Mizuho lifted their target price on McKesson from $450.00 to $505.00 and gave the stock a “neutral” rating in a research report on Friday, February 9th. Barclays initiated coverage on McKesson in a research report on Wednesday, January 3rd. They set an “overweight” rating and a $537.00 target price on the stock. SVB Leerink initiated coverage on McKesson in a research report on Monday, February 26th. They set an “outperform” rating and a $600.00 target price on the stock. StockNews.com downgraded McKesson from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 4th. Finally, UBS Group lifted their target price on McKesson from $575.00 to $620.00 and gave the stock a “buy” rating in a research report on Wednesday, March 6th. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $533.50.

Insiders Place Their Bets

In other McKesson news, EVP Leann B. Smith sold 186 shares of the stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $496.00, for a total transaction of $92,256.00. Following the completion of the transaction, the executive vice president now directly owns 1,511 shares in the company, valued at $749,456. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Leann B. Smith sold 186 shares of the firm’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $496.00, for a total value of $92,256.00. Following the completion of the sale, the executive vice president now directly owns 1,511 shares in the company, valued at $749,456. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Brian S. Tyler sold 3,473 shares of the firm’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $524.55, for a total value of $1,821,762.15. Following the completion of the sale, the chief executive officer now owns 43,445 shares of the company’s stock, valued at $22,789,074.75. The disclosure for this sale can be found here. Corporate insiders own 0.21% of the company’s stock.

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.