McKesson Co. (MCK) to Issue Quarterly Dividend of $0.62 on July 1st

McKesson Co. (NYSE:MCK) announced a quarterly dividend on Wednesday, April 24th, RTT News reports. Shareholders 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 yield of 0.46%. The ex-dividend date is Monday, June 3rd.

McKesson has raised its dividend by an average of 11.8% per year over the last three years and has increased its dividend annually for the last 16 consecutive years. McKesson has a dividend payout ratio of 7.0% indicating that its dividend is sufficiently covered by earnings. Equities 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 Price Performance

Shares of MCK opened at $539.94 on Friday. The firm has a market cap of $70.95 billion, a P/E ratio of 24.46, a P/E/G ratio of 1.42 and a beta of 0.45. McKesson has a 1 year low of $352.34 and a 1 year high of $543.00. The stock has a 50 day simple moving average of $527.50 and a two-hundred day simple moving average of $488.84.

McKesson (NYSE:MCK) last released its quarterly earnings data on Wednesday, February 7th. The company reported $7.74 earnings per share for the quarter, beating analysts’ consensus estimates of $7.05 by $0.69. The firm had revenue of $80.90 billion during the quarter, compared to analyst estimates of $77.93 billion. McKesson had a negative return on equity of 262.63% and a net margin of 0.99%. The business’s quarterly revenue was up 14.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $6.90 earnings per share. On average, equities analysts anticipate that McKesson will post 27.59 earnings per share for the current year.

Insider Activity

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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related 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 sale, the executive vice president now directly owns 1,511 shares of the company’s stock, valued at $749,456. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Brian S. Tyler sold 3,473 shares of the 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 sale, the chief executive officer now directly owns 43,445 shares in the company, 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.

Analyst Ratings Changes

MCK has been the subject of a number of analyst reports. StockNews.com raised McKesson from a “buy” rating to a “strong-buy” rating in a research note on Thursday. SVB Leerink started coverage on McKesson in a report on Monday, February 26th. They set an “outperform” rating and a $600.00 target price for the company. Citigroup upped their target price on McKesson from $530.00 to $575.00 and gave the company a “buy” rating in a report on Thursday, February 8th. Leerink Partnrs restated an “outperform” rating on shares of McKesson in a report on Monday, February 26th. Finally, Morgan Stanley upped their target price on McKesson from $522.00 to $548.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Two research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $533.50.

McKesson Company 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.