Retirement Systems of Alabama Has $15.57 Million Position in McKesson Co. (NYSE:MCK)

Retirement Systems of Alabama cut its position in McKesson Co. (NYSE:MCK) by 1.1% during the 1st quarter, HoldingsChannel reports. The firm owned 29,003 shares of the company’s stock after selling 323 shares during the quarter. Retirement Systems of Alabama’s holdings in McKesson were worth $15,570,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Intrust Bank NA bought a new stake in shares of McKesson in the fourth quarter worth $206,000. Raymond James & Associates boosted its position in McKesson by 6.1% during the fourth quarter. Raymond James & Associates now owns 153,180 shares of the company’s stock valued at $70,919,000 after purchasing an additional 8,784 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in McKesson by 6.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 85,779 shares of the company’s stock valued at $39,714,000 after purchasing an additional 5,425 shares in the last quarter. Heritage Wealth Management LLC acquired a new position in shares of McKesson during the 4th quarter worth approximately $1,538,000. Finally, Insight Wealth Strategies LLC acquired a new stake in shares of McKesson in the 4th quarter valued at approximately $1,813,000. Institutional investors own 85.07% of the company’s stock.

McKesson Price Performance

NYSE MCK traded up $4.41 on Friday, reaching $587.76. The company had a trading volume of 453,760 shares, compared to its average volume of 705,614. The firm has a market cap of $76.37 billion, a price-to-earnings ratio of 25.94, a P/E/G ratio of 1.36 and a beta of 0.45. McKesson Co. has a fifty-two week low of $395.30 and a fifty-two week high of $612.17. The business has a 50 day moving average of $569.95 and a two-hundred day moving average of $528.31.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $6.18 earnings per share for the quarter, missing the consensus estimate of $6.34 by ($0.16). McKesson had a net margin of 0.97% and a negative return on equity of 245.88%. The company had revenue of $76.36 billion during the quarter, compared to analyst estimates of $79.32 billion. During the same period in the previous year, the company posted $7.19 EPS. The company’s quarterly revenue was up 10.8% on a year-over-year basis. As a group, research analysts predict that McKesson Co. will post 31.54 earnings per share for the current fiscal year.

McKesson Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Monday, June 3rd were issued a dividend of $0.62 per share. The ex-dividend date was Monday, June 3rd. This represents a $2.48 dividend on an annualized basis and a yield of 0.42%. McKesson’s payout ratio is currently 11.08%.

Insider Transactions at McKesson

In related news, EVP Leann B. Smith sold 704 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $558.09, for a total transaction of $392,895.36. Following the completion of the sale, the executive vice president now owns 2,215 shares of the company’s stock, valued at $1,236,169.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other McKesson news, EVP Leann B. Smith sold 704 shares of McKesson stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $558.09, for a total value of $392,895.36. Following the completion of the sale, the executive vice president now directly owns 2,215 shares of the company’s stock, valued at $1,236,169.35. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Maria Martinez sold 483 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $585.88, for a total value of $282,980.04. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,814 shares of company stock valued at $14,511,649. Corporate insiders own 0.11% of the company’s stock.

Analyst Upgrades and Downgrades

MCK has been the topic of a number of recent analyst reports. Argus boosted their target price on shares of McKesson from $570.00 to $670.00 and gave the stock a “buy” rating in a report on Monday, June 24th. TD Cowen lifted their price target on McKesson from $563.00 to $652.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Bank of America upped their price objective on McKesson from $590.00 to $670.00 and gave the company a “buy” rating in a research note on Tuesday, June 25th. Barclays lifted their target price on McKesson from $571.00 to $596.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. Finally, Evercore ISI increased their price target on McKesson from $590.00 to $600.00 and gave the company an “outperform” rating in a research note on Wednesday, May 8th. Two research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $590.47.

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.