Retirement Systems of Alabama Sells 274 Shares of McKesson Co. (NYSE:MCK)

Retirement Systems of Alabama trimmed its stake in shares of McKesson Co. (NYSE:MCK) by 1.0% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 28,400 shares of the company’s stock after selling 274 shares during the quarter. Retirement Systems of Alabama’s holdings in McKesson were worth $14,042,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Distillate Capital Partners LLC lifted its position in shares of McKesson by 127,542.9% during the 2nd quarter. Distillate Capital Partners LLC now owns 35,740 shares of the company’s stock valued at $20,874,000 after acquiring an additional 35,712 shares during the period. Chase Investment Counsel Corp lifted its position in shares of McKesson by 50.8% during the 2nd quarter. Chase Investment Counsel Corp now owns 8,985 shares of the company’s stock valued at $5,247,000 after acquiring an additional 3,027 shares during the period. Wealthspire Advisors LLC lifted its position in shares of McKesson by 8.9% during the 2nd quarter. Wealthspire Advisors LLC now owns 1,623 shares of the company’s stock worth $948,000 after buying an additional 133 shares during the last quarter. Vaughan David Investments LLC IL bought a new stake in shares of McKesson during the 2nd quarter worth $238,000. Finally, Newbridge Financial Services Group Inc. lifted its position in shares of McKesson by 2,143.1% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,458 shares of the company’s stock worth $851,000 after buying an additional 1,393 shares during the last quarter. 85.07% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Leann B. Smith sold 579 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $602.81, for a total transaction of $349,026.99. Following the completion of the sale, the executive vice president now owns 1,443 shares of the company’s stock, valued at $869,854.83. This trade represents a 28.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.11% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

MCK has been the subject of several recent analyst reports. Citigroup upped their price objective on McKesson from $630.00 to $713.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. JPMorgan Chase & Co. upped their price objective on McKesson from $656.00 to $661.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. StockNews.com upgraded McKesson from a “hold” rating to a “buy” rating in a research report on Wednesday, November 6th. Robert W. Baird upgraded McKesson from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $531.00 to $688.00 in a research report on Thursday, November 7th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on McKesson from $623.00 to $579.00 and set a “buy” rating for the company in a research report on Wednesday, September 25th. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $643.43.

McKesson Trading Down 0.5 %

Shares of MCK stock opened at $576.24 on Monday. The stock has a market cap of $73.15 billion, a price-to-earnings ratio of 29.84, a PEG ratio of 1.25 and a beta of 0.49. The stock has a 50-day moving average of $564.01 and a 200-day moving average of $562.76. McKesson Co. has a 1-year low of $431.35 and a 1-year high of $637.51.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share for the quarter, beating the consensus estimate of $6.88 by $0.19. McKesson had a negative return on equity of 207.50% and a net margin of 0.77%. The company had revenue of $93.65 billion during the quarter, compared to analysts’ expectations of $89.33 billion. During the same quarter in the prior year, the firm posted $6.23 earnings per share. The business’s quarterly revenue was up 21.3% on a year-over-year basis. Sell-side analysts forecast that McKesson Co. will post 32.73 earnings per share for the current year.

McKesson Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 2nd will be paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $2.84 annualized dividend and a yield of 0.49%. McKesson’s dividend payout ratio is currently 14.71%.

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.