New York State Common Retirement Fund Trims Position in McKesson Co. (NYSE:MCK)

New York State Common Retirement Fund lowered its holdings in shares of McKesson Co. (NYSE:MCK) by 9.3% in the 4th quarter, HoldingsChannel.com reports. The firm owned 292,261 shares of the company’s stock after selling 30,038 shares during the period. New York State Common Retirement Fund’s holdings in McKesson were worth $135,311,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of MCK. Aspire Private Capital LLC grew its stake in McKesson by 3.1% during the fourth quarter. Aspire Private Capital LLC now owns 2,018 shares of the company’s stock valued at $935,000 after acquiring an additional 61 shares in the last quarter. California Public Employees Retirement System increased its holdings in shares of McKesson by 9.1% in the fourth quarter. California Public Employees Retirement System now owns 668,340 shares of the company’s stock worth $309,428,000 after purchasing an additional 55,965 shares during the last quarter. Foster & Motley Inc. lifted its position in shares of McKesson by 0.3% in the fourth quarter. Foster & Motley Inc. now owns 21,856 shares of the company’s stock worth $10,119,000 after buying an additional 59 shares in the last quarter. Monument Capital Management grew its holdings in McKesson by 4.3% during the 4th quarter. Monument Capital Management now owns 1,710 shares of the company’s stock valued at $792,000 after buying an additional 71 shares in the last quarter. Finally, Lee Danner & Bass Inc. bought a new stake in McKesson in the 4th quarter worth approximately $1,446,000. Institutional investors own 85.07% of the company’s stock.

McKesson Stock Performance

McKesson stock traded up $4.50 during trading hours on Tuesday, hitting $531.82. The company had a trading volume of 96,947 shares, compared to its average volume of 683,782. The firm has a market cap of $69.89 billion, a P/E ratio of 23.91, a P/E/G ratio of 1.42 and a beta of 0.45. The company has a 50-day moving average price of $525.58 and a two-hundred day moving average price of $487.54. McKesson Co. has a 1 year low of $352.34 and a 1 year high of $543.00.

McKesson (NYSE:MCK) last announced its quarterly earnings results on Wednesday, February 7th. The company reported $7.74 earnings per share (EPS) 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%. McKesson’s quarterly revenue was up 14.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $6.90 earnings per share. As a group, equities research analysts anticipate that McKesson Co. will post 27.59 EPS for the current year.

McKesson Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 1st were given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date of this dividend was Thursday, February 29th. McKesson’s payout ratio is currently 11.24%.

Insider Buying and Selling at McKesson

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

Analysts Set New Price Targets

A number of research firms recently issued reports on MCK. SVB Leerink initiated coverage on shares of McKesson in a research note on Monday, February 26th. They set an “outperform” rating and a $600.00 price target on the stock. Mizuho upped their target price on shares of McKesson from $450.00 to $505.00 and gave the company a “neutral” rating in a research report on Friday, February 9th. Citigroup lifted their price target on McKesson from $530.00 to $575.00 and gave the stock a “buy” rating in a research report on Thursday, February 8th. Barclays initiated coverage on McKesson in a research note on Wednesday, January 3rd. They set an “overweight” rating and a $537.00 price objective on the stock. Finally, Argus lifted their target price on McKesson from $510.00 to $570.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, McKesson currently has a consensus rating of “Moderate Buy” and a consensus price target 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.