Employees Retirement System of Texas Cuts Position in McKesson Co. (NYSE:MCK)

Employees Retirement System of Texas reduced its holdings in shares of McKesson Co. (NYSE:MCK) by 17.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 82,200 shares of the company’s stock after selling 17,200 shares during the quarter. Employees Retirement System of Texas owned approximately 0.07% of McKesson worth $46,847,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of MCK. Capital A Wealth Management LLC bought a new stake in shares of McKesson during the 4th quarter worth $26,000. Millstone Evans Group LLC purchased a new stake in McKesson during the fourth quarter worth about $28,000. Synergy Asset Management LLC purchased a new position in McKesson in the fourth quarter valued at about $32,000. Crews Bank & Trust purchased a new position in McKesson in the fourth quarter valued at about $33,000. Finally, Atala Financial Inc bought a new position in shares of McKesson during the 4th quarter valued at approximately $34,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Stock Performance

Shares of MCK stock opened at $715.44 on Monday. The company has a market capitalization of $89.51 billion, a PE ratio of 32.76, a price-to-earnings-growth ratio of 1.29 and a beta of 0.53. McKesson Co. has a 52-week low of $464.42 and a 52-week high of $731.00. The business’s fifty day moving average is $689.88 and its 200 day moving average is $634.48.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Thursday, May 8th. The company reported $10.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $9.83 by $0.29. The firm had revenue of $90.82 billion during the quarter, compared to the consensus estimate of $94 billion. McKesson had a negative return on equity of 181.26% and a net margin of 0.82%. The company’s revenue for the quarter was up 18.9% on a year-over-year basis. During the same quarter last year, the company posted $6.18 EPS. On average, sell-side analysts forecast that McKesson Co. will post 32.77 EPS for the current fiscal 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 $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date is Monday, June 2nd. McKesson’s payout ratio is 10.99%.

Insider Activity

In related news, CFO Britt J. Vitalone sold 6,336 shares of the firm’s stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $717.30, for a total transaction of $4,544,812.80. Following the transaction, the chief financial officer now directly owns 14,760 shares of the company’s stock, valued at approximately $10,587,348. This trade represents a 30.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the company’s stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $726.51, for a total value of $394,494.93. Following the completion of the sale, the chief accounting officer now directly owns 1,972 shares of the company’s stock, valued at approximately $1,432,677.72. This represents a 21.59% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 8,127 shares of company stock worth $5,834,498. 0.11% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Mizuho upped their price objective on McKesson from $630.00 to $690.00 and gave the company a “neutral” rating in a research note on Thursday, April 3rd. Wall Street Zen downgraded McKesson from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, May 21st. Evercore ISI lifted their price objective on McKesson from $650.00 to $675.00 and gave the stock an “outperform” rating in a report on Thursday, February 6th. UBS Group upped their price objective on shares of McKesson from $708.00 to $805.00 and gave the company a “buy” rating in a report on Tuesday, April 29th. Finally, Morgan Stanley lifted their target price on shares of McKesson from $642.00 to $745.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 2nd. Three investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, McKesson has an average rating of “Moderate Buy” and a consensus target price of $686.69.

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.