Retirement Systems of Alabama Sells 553 Shares of McKesson Corporation (NYSE:MCK)

Retirement Systems of Alabama reduced its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 2.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 26,931 shares of the company's stock after selling 553 shares during the quarter. Retirement Systems of Alabama's holdings in McKesson were worth $18,124,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Capital A Wealth Management LLC bought a new stake in McKesson during the 4th quarter valued at $26,000. Millstone Evans Group LLC bought a new stake in McKesson during the 4th quarter valued at $28,000. Atala Financial Inc bought a new stake in McKesson during the 4th quarter valued at $34,000. Graney & King LLC bought a new stake in McKesson during the 4th quarter valued at $38,000. Finally, Kestra Investment Management LLC bought a new stake in McKesson during the 4th quarter valued at $55,000. 85.07% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Brian S. Tyler sold 19,370 shares of the firm's stock in a transaction dated 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 sale, the chief executive officer now owns 51,243 shares of the company's stock, valued at $36,173,970.99. This trade represents a 27.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Thomas L. Rodgers sold 510 shares of the stock in a transaction that occurred 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 completion of the transaction, the executive vice president now 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 a total of 33,117 shares of company stock valued at $23,526,451 in the last 90 days. 0.11% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MCK. Morgan Stanley upped their price target on shares of McKesson from $745.00 to $770.00 and gave the company an "overweight" rating in a report on Wednesday, June 11th. Wells Fargo & Company set a $766.00 price objective on shares of McKesson and gave the stock an "equal weight" rating in a report on Tuesday, June 3rd. Mizuho upped their price objective on shares of McKesson from $630.00 to $690.00 and gave the stock a "neutral" rating in a report on Thursday, April 3rd. UBS Group upped their price objective on shares of McKesson from $708.00 to $805.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Finally, Bank of America upped their price objective on shares of McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Three research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $694.38.

McKesson Price Performance

Shares of McKesson stock opened at $720.88 on Friday. The company has a 50-day moving average of $708.42 and a 200 day moving average of $648.09. The firm has a market cap of $90.19 billion, a price-to-earnings ratio of 27.91, a PEG ratio of 1.44 and a beta of 0.49. McKesson Corporation has a 1 year low of $464.42 and a 1 year high of $733.10.

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

McKesson Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.39%. The ex-dividend date is Monday, June 2nd. McKesson's payout ratio is presently 10.99%.

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.

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