Retirement Systems of Alabama Has $13.58 Million Stock Holdings in McKesson Co. (NYSE:MCK)

Retirement Systems of Alabama trimmed its position in McKesson Co. (NYSE:MCK) by 3.9% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 29,326 shares of the company’s stock after selling 1,178 shares during the period. Retirement Systems of Alabama’s holdings in McKesson were worth $13,577,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MCK. Legacy Financial Group LLC bought a new stake in shares of McKesson during the 3rd quarter valued at $27,000. OFI Invest Asset Management bought a new stake in shares of McKesson during the 3rd quarter valued at $26,000. BKM Wealth Management LLC bought a new stake in shares of McKesson during the 4th quarter valued at $31,000. WASHINGTON TRUST Co lifted its position in shares of McKesson by 42.5% during the 4th quarter. WASHINGTON TRUST Co now owns 114 shares of the company’s stock worth $53,000 after buying an additional 34 shares during the last quarter. Finally, Milestone Investment Advisors LLC bought a new stake in shares of McKesson during the 3rd quarter worth $61,000. 85.07% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on MCK shares. Barclays started coverage on McKesson in a research report on Wednesday, January 3rd. They set an “overweight” rating and a $537.00 price objective for the company. UBS Group upped their price objective on McKesson from $575.00 to $620.00 and gave the stock a “buy” rating in a research report on Wednesday, March 6th. SVB Leerink started coverage on McKesson in a research report on Monday, February 26th. They set an “outperform” rating and a $600.00 price objective for the company. Leerink Partnrs restated an “outperform” rating on shares of McKesson in a research report on Monday, February 26th. Finally, Mizuho upped their price objective on McKesson from $450.00 to $505.00 and gave the stock a “neutral” rating in a research report on Friday, February 9th. Two research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $536.71.

McKesson Trading Down 1.1 %

Shares of MCK stock opened at $531.21 on Thursday. The stock has a market cap of $69.81 billion, a price-to-earnings ratio of 24.07, a PEG ratio of 1.42 and a beta of 0.45. The stock has a 50-day moving average of $529.73 and a 200-day moving average of $491.30. McKesson Co. has a 1-year low of $352.34 and a 1-year high of $544.81.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Wednesday, February 7th. The company reported $7.74 earnings per share for the quarter, beating the consensus estimate of $7.05 by $0.69. The company had revenue of $80.90 billion during the quarter, compared to analysts’ expectations of $77.93 billion. McKesson had a negative return on equity of 262.63% and a net margin of 0.99%. The business’s quarterly revenue was up 14.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $6.90 earnings per share. Sell-side analysts forecast that McKesson Co. will post 27.59 earnings per share for the current year.

McKesson Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be paid a dividend of $0.62 per share. The ex-dividend date is Friday, May 31st. This represents a $2.48 annualized dividend and a yield of 0.47%. McKesson’s dividend payout ratio is currently 11.24%.

Insider Buying and Selling

In related news, CEO Brian S. Tyler sold 3,473 shares of the firm’s stock in a transaction that occurred on 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Brian S. Tyler sold 3,473 shares of the firm’s stock in a transaction that occurred on 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Leann B. Smith sold 186 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $496.00, for a total value of $92,256.00. Following the sale, the executive vice president now directly owns 1,511 shares of the company’s stock, valued at approximately $749,456. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by insiders.

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.