Kentucky Retirement Systems Insurance Trust Fund Reduces Holdings in McKesson Corporation (NYSE:MCK)

Kentucky Retirement Systems Insurance Trust Fund lowered its stake in McKesson Corporation (NYSE:MCK - Free Report) by 54.6% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,693 shares of the company's stock after selling 4,442 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund's holdings in McKesson were worth $2,485,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of MCK. OxenFree Capital LLC acquired a new stake in shares of McKesson during the first quarter valued at $427,000. Buck Wealth Strategies LLC purchased a new position in McKesson in the 1st quarter valued at about $220,000. Heartland Bank & Trust Co boosted its stake in shares of McKesson by 18.0% during the 1st quarter. Heartland Bank & Trust Co now owns 1,010 shares of the company's stock worth $680,000 after purchasing an additional 154 shares during the last quarter. Nilsine Partners LLC boosted its stake in shares of McKesson by 4.9% during the 1st quarter. Nilsine Partners LLC now owns 4,668 shares of the company's stock worth $3,142,000 after purchasing an additional 218 shares during the last quarter. Finally, Suncoast Equity Management raised its position in shares of McKesson by 1.1% in the first quarter. Suncoast Equity Management now owns 29,365 shares of the company's stock valued at $19,762,000 after buying an additional 320 shares during the last quarter. Institutional investors and hedge funds own 85.07% of the company's stock.

McKesson Trading Down 1.1%

Shares of McKesson stock opened at $720.88 on Friday. McKesson Corporation has a twelve month low of $464.42 and a twelve month high of $733.10. The stock has a market cap of $90.19 billion, a price-to-earnings ratio of 27.91, a price-to-earnings-growth ratio of 1.44 and a beta of 0.49. The company has a fifty day moving average price of $708.42 and a 200 day moving average price of $648.09.

McKesson (NYSE:MCK - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $10.12 earnings per share for the quarter, topping the consensus estimate of $9.83 by $0.29. McKesson had a negative return on equity of 201.12% and a net margin of 0.92%. The company had revenue of $90.82 billion during the quarter, compared to the consensus estimate of $94 billion. During the same quarter in the prior year, the business earned $6.18 earnings per share. The company's revenue was up 18.9% compared to the same quarter last year. Analysts forecast that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 0.39%. The ex-dividend date of this dividend is Monday, June 2nd. McKesson's dividend payout ratio (DPR) is 10.99%.

Insider Activity

In related news, CEO Brian S. Tyler sold 19,370 shares of the firm's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $705.93, for a total transaction of $13,673,864.10. Following the completion of the sale, the chief executive officer now directly owns 51,243 shares of the company's stock, valued at approximately $36,173,970.99. This trade represents a 27.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Thomas L. Rodgers sold 510 shares of McKesson stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $717.91, for a total transaction of $366,134.10. Following the sale, the executive vice president now directly owns 5,435 shares in the company, valued at $3,901,840.85. This trade represents a 8.58% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,117 shares of company stock worth $23,526,451 over the last 90 days. Company insiders own 0.11% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MCK. Bank of America raised their target price on shares of McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Mizuho raised their price target on McKesson from $630.00 to $690.00 and gave the stock a "neutral" rating in a research note on Thursday, April 3rd. Wall Street Zen cut McKesson from a "strong-buy" rating to a "buy" rating in a report on Saturday, June 14th. Morgan Stanley increased their price objective on shares of McKesson from $745.00 to $770.00 and gave the stock an "overweight" rating in a report on Wednesday, June 11th. Finally, Wells Fargo & Company set a $766.00 target price on shares of McKesson and gave the stock an "equal weight" rating in a research report on Tuesday, June 3rd. Three analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $694.38.

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.

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