McKesson Co. (NYSE:MCK) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund reduced its stake in McKesson Co. (NYSE:MCK) by 3.0% during the 4th quarter, HoldingsChannel.com reports. The fund owned 240,090 shares of the company’s stock after selling 7,471 shares during the quarter. New York State Common Retirement Fund’s holdings in McKesson were worth $136,830,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Kentucky Retirement Systems Insurance Trust Fund raised its position in McKesson by 111.9% in the fourth quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 8,135 shares of the company’s stock valued at $4,636,000 after purchasing an additional 4,296 shares during the period. Creative Capital Management Investments LLC purchased a new position in McKesson during the 4th quarter valued at about $44,000. Kestra Investment Management LLC acquired a new position in McKesson in the 4th quarter valued at about $55,000. Atria Wealth Solutions Inc. increased its stake in McKesson by 3.0% during the fourth quarter. Atria Wealth Solutions Inc. now owns 8,635 shares of the company’s stock worth $4,926,000 after purchasing an additional 250 shares during the period. Finally, Venturi Wealth Management LLC lifted its position in shares of McKesson by 3.1% during the fourth quarter. Venturi Wealth Management LLC now owns 2,632 shares of the company’s stock worth $1,500,000 after purchasing an additional 80 shares in the last quarter. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Wall Street Analysts Forecast Growth

MCK has been the subject of several research reports. Wells Fargo & Company boosted their price target on shares of McKesson from $535.00 to $641.00 and gave the stock an “equal weight” rating in a research note on Friday, December 13th. Mizuho began coverage on shares of McKesson in a report on Wednesday, December 4th. They set a “neutral” rating and a $630.00 price target for the company. Robert W. Baird raised shares of McKesson from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $531.00 to $688.00 in a research report on Thursday, November 7th. Evercore ISI increased their target price on McKesson from $650.00 to $675.00 and gave the company an “outperform” rating in a report on Thursday, February 6th. Finally, StockNews.com downgraded McKesson from a “strong-buy” rating to a “buy” rating in a report on Friday, February 14th. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, McKesson has an average rating of “Moderate Buy” and a consensus price target of $645.79.

McKesson Stock Performance

Shares of McKesson stock opened at $598.61 on Wednesday. The company has a market capitalization of $75.99 billion, a P/E ratio of 27.41, a PEG ratio of 1.30 and a beta of 0.52. McKesson Co. has a 1 year low of $464.42 and a 1 year high of $637.51. The company’s fifty day moving average is $587.59 and its two-hundred day moving average is $561.91.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Wednesday, February 5th. The company reported $8.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.60 by ($0.57). McKesson had a net margin of 0.82% and a negative return on equity of 181.26%. As a group, equities analysts expect that McKesson Co. will post 32.69 earnings per share for the current year.

McKesson Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 3rd will be given a $0.71 dividend. The ex-dividend date is Monday, March 3rd. This represents a $2.84 dividend on an annualized basis and a yield of 0.47%. McKesson’s dividend payout ratio (DPR) is 13.00%.

Insider Activity at McKesson

In related news, EVP Leann B. Smith sold 579 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $572.79, for a total value of $331,645.41. Following the completion of the sale, the executive vice president now owns 864 shares in the company, valued at $494,890.56. This trade represents a 40.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Brian S. Tyler sold 8,961 shares of McKesson stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $600.66, for a total value of $5,382,514.26. Following the completion of the sale, the chief executive officer now owns 69,625 shares in the company, valued at approximately $41,820,952.50. This trade represents a 11.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,307 shares of company stock worth $6,177,790 in the last three months. Insiders own 0.11% of the company’s stock.

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.