Illinois Municipal Retirement Fund Has $6.29 Million Stock Position in McKesson Co. (NYSE:MCK)

Illinois Municipal Retirement Fund cut its position in McKesson Co. (NYSE:MCK) by 15.3% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 13,594 shares of the company’s stock after selling 2,461 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in McKesson were worth $6,294,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. OFI Invest Asset Management acquired a new stake in shares of McKesson in the third quarter valued at $26,000. Legacy Financial Group LLC bought a new stake in McKesson during the 3rd quarter worth about $27,000. BKM Wealth Management LLC acquired a new stake in McKesson in the 4th quarter valued at about $31,000. Avior Wealth Management LLC raised its stake in shares of McKesson by 50.0% in the third quarter. Avior Wealth Management LLC now owns 84 shares of the company’s stock worth $37,000 after acquiring an additional 28 shares during the last quarter. Finally, WASHINGTON TRUST Co lifted its position in shares of McKesson by 42.5% during the fourth quarter. WASHINGTON TRUST Co now owns 114 shares of the company’s stock worth $53,000 after purchasing an additional 34 shares in the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.

McKesson Price Performance

Shares of NYSE:MCK opened at $531.87 on Wednesday. The firm’s 50 day simple moving average is $526.12 and its 200 day simple moving average is $488.15. McKesson Co. has a fifty-two week low of $352.34 and a fifty-two week high of $543.00. The company has a market capitalization of $69.89 billion, a price-to-earnings ratio of 24.10, a P/E/G ratio of 1.43 and a beta of 0.45.

McKesson (NYSE:MCK) last posted its earnings results on Wednesday, February 7th. The company reported $7.74 earnings per share for the quarter, topping the consensus estimate of $7.05 by $0.69. The company had revenue of $80.90 billion for the quarter, compared to analyst estimates of $77.93 billion. McKesson had a net margin of 0.99% and a negative return on equity of 262.63%. The business’s revenue for the quarter was up 14.8% compared to the same quarter last year. During the same period last year, the business posted $6.90 earnings per share. Equities research analysts expect that McKesson Co. will post 27.59 earnings per share for the current year.

McKesson Announces Dividend

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

Analyst Ratings Changes

A number of analysts recently weighed in on MCK shares. SVB Leerink started coverage on shares of McKesson in a report on Monday, February 26th. They issued an “outperform” rating and a $600.00 price target for the company. Leerink Partnrs reissued an “outperform” rating on shares of McKesson in a research note on Monday, February 26th. StockNews.com lowered McKesson from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 4th. Argus lifted their price objective on McKesson from $510.00 to $570.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. Finally, Citigroup boosted their price objective on McKesson from $530.00 to $575.00 and gave the stock a “buy” rating in a report on Thursday, February 8th. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $533.50.

Insiders Place Their Bets

In other news, CEO Brian S. Tyler sold 3,473 shares of McKesson stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $524.55, for a total transaction of $1,821,762.15. Following the transaction, the chief executive officer now owns 43,445 shares in the company, valued at approximately $22,789,074.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction 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 sale was disclosed in a legal filing 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 on Tuesday, February 13th. The shares were sold at an average price of $496.00, for a total transaction 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 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.