McKesson Corporation (NYSE:MCK) Shares Sold by Kentucky Retirement Systems Insurance Trust Fund

Kentucky Retirement Systems Insurance Trust Fund lowered its stake in shares of McKesson Corporation (NYSE:MCK) by 54.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. 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 Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in MCK. Capital A Wealth Management LLC bought a new position in McKesson during the 4th quarter valued at $26,000. Millstone Evans Group LLC acquired a new stake in shares of McKesson in the 4th quarter valued at about $28,000. Atala Financial Inc bought a new position in shares of McKesson during the fourth quarter worth about $34,000. Graney & King LLC acquired a new position in McKesson in the fourth quarter worth about $38,000. Finally, Kestra Investment Management LLC acquired a new position in McKesson in the fourth quarter worth about $55,000. Institutional investors own 85.07% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Brian S. Tyler sold 19,370 shares of the business’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 transaction, the chief executive officer now owns 51,243 shares of the company’s stock, valued at approximately $36,173,970.99. The trade was a 27.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the company’s stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $726.51, for a total transaction of $394,494.93. Following the transaction, the chief accounting officer now directly owns 1,972 shares of the company’s stock, valued at $1,432,677.72. This represents a 21.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold 33,117 shares of company stock valued at $23,526,451 over the last 90 days. 0.11% of the stock is currently owned by company insiders.

McKesson Stock Performance

Shares of MCK opened at $720.88 on Friday. McKesson Corporation has a 52 week low of $464.42 and a 52 week high of $733.10. The company has a market capitalization of $90.19 billion, a PE ratio of 27.91, a PEG ratio of 1.44 and a beta of 0.49. The company’s 50 day moving average price is $708.42 and its 200 day moving average price is $648.09.

McKesson (NYSE:MCK) last announced its quarterly earnings results on Thursday, May 8th. The company reported $10.12 earnings per share (EPS) for the quarter, beating 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 business had revenue of $90.82 billion during the quarter, compared to analyst estimates of $94 billion. During the same period in the previous year, the company earned $6.18 EPS. The firm’s revenue was up 18.9% on a year-over-year basis. On average, equities analysts forecast that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Dividend Announcement

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

Analysts Set New Price Targets

MCK has been the topic of several research reports. Cfra Research cut McKesson from a “moderate buy” rating to a “hold” rating in a research note on Friday, April 4th. Mizuho upped their price target on McKesson from $630.00 to $690.00 and gave the company a “neutral” rating in a research report on Thursday, April 3rd. Bank of America lifted 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. Wall Street Zen lowered shares of McKesson from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 14th. Finally, Wells Fargo & Company set a $766.00 target price on shares of McKesson and gave the stock an “equal weight” rating in a report on Tuesday, June 3rd. Three equities research 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’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average 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.