Kentucky Retirement Systems Cuts Stock Holdings in McKesson Co. (NYSE:MCK)

Kentucky Retirement Systems decreased its stake in shares of McKesson Co. (NYSE:MCK) by 6.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,980 shares of the company’s stock after selling 666 shares during the period. Kentucky Retirement Systems’ holdings in McKesson were worth $5,358,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Sachetta LLC purchased a new position in McKesson during the fourth quarter valued at $27,000. Register Financial Advisors LLC bought a new stake in McKesson during the 1st quarter valued at about $29,000. Richardson Financial Services Inc. bought a new stake in McKesson during the 4th quarter valued at about $31,000. Newbridge Financial Services Group Inc. raised its holdings in shares of McKesson by 333.3% in the 1st quarter. Newbridge Financial Services Group Inc. now owns 65 shares of the company’s stock valued at $35,000 after purchasing an additional 50 shares in the last quarter. Finally, Carolinas Wealth Consulting LLC grew its position in shares of McKesson by 42.9% in the 4th quarter. Carolinas Wealth Consulting LLC now owns 80 shares of the company’s stock worth $37,000 after buying an additional 24 shares during the last quarter. 85.07% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have commented on the stock. Robert W. Baird lifted their price objective on shares of McKesson from $679.00 to $694.00 and gave the company an “outperform” rating in a research note on Tuesday, July 9th. Barclays upped their price objective on shares of McKesson from $571.00 to $596.00 and gave the company an “overweight” rating in a report on Wednesday, May 8th. Wells Fargo & Company increased their target price on shares of McKesson from $502.00 to $551.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 9th. Argus increased their price target on shares of McKesson from $570.00 to $670.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Finally, UBS Group increased their price target on shares of McKesson from $620.00 to $630.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $599.33.

McKesson Stock Performance

NYSE MCK traded up $4.43 during trading hours on Friday, hitting $600.16. 634,064 shares of the company traded hands, compared to its average volume of 629,093. The business’s 50-day moving average is $582.73 and its 200-day moving average is $542.47. The stock has a market capitalization of $77.98 billion, a price-to-earnings ratio of 26.82, a P/E/G ratio of 1.40 and a beta of 0.45. McKesson Co. has a twelve month low of $395.30 and a twelve month high of $612.17.

McKesson (NYSE:MCK) last issued its earnings results on Tuesday, May 7th. The company reported $6.18 earnings per share for the quarter, missing analysts’ consensus estimates of $6.34 by ($0.16). The business had revenue of $76.36 billion during the quarter, compared to analyst estimates of $79.32 billion. McKesson had a net margin of 0.97% and a negative return on equity of 245.88%. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the prior year, the business posted $7.19 EPS. Analysts predict that McKesson Co. will post 31.68 EPS for the current year.

Insider Activity at McKesson

In other news, Director Susan R. Salka sold 606 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $558.04, for a total value of $338,172.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other McKesson news, Director Maria Martinez sold 483 shares of McKesson stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $585.88, for a total transaction of $282,980.04. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Susan R. Salka sold 606 shares of McKesson stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $558.04, for a total transaction of $338,172.24. The disclosure for this sale can be found here. Insiders sold 29,567 shares of company stock valued at $16,691,841 in the last three months. Corporate insiders own 0.11% of the company’s stock.

About McKesson

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.