Retirement Systems of Alabama Sells 916 Shares of McKesson Co. (NYSE:MCK)

Retirement Systems of Alabama reduced its stake in shares of McKesson Co. (NYSE:MCK) by 3.2% in the 4th quarter, Holdings Channel reports. The firm owned 27,484 shares of the company’s stock after selling 916 shares during the quarter. Retirement Systems of Alabama’s holdings in McKesson were worth $15,663,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Wolff Wiese Magana LLC lifted its stake in shares of McKesson by 742.9% in the third quarter. Wolff Wiese Magana LLC now owns 59 shares of the company’s stock worth $29,000 after acquiring an additional 52 shares during the period. MidAtlantic Capital Management Inc. bought a new position in McKesson during the 3rd quarter worth approximately $29,000. RPg Family Wealth Advisory LLC acquired a new position in shares of McKesson in the 3rd quarter worth approximately $31,000. Synergy Asset Management LLC bought a new stake in shares of McKesson in the 4th quarter valued at $32,000. Finally, Crews Bank & Trust acquired a new stake in shares of McKesson during the fourth quarter worth $33,000. 85.07% of the stock is owned by institutional investors and hedge funds.

McKesson Stock Performance

Shares of NYSE MCK opened at $595.77 on Friday. The stock has a market cap of $75.63 billion, a price-to-earnings ratio of 30.85, a PEG ratio of 1.29 and a beta of 0.52. McKesson Co. has a fifty-two week low of $464.42 and a fifty-two week high of $637.51. The firm’s 50-day simple moving average is $589.05 and its 200 day simple moving average is $562.81.

McKesson (NYSE:MCK) last announced its earnings results on Wednesday, February 5th. The company reported $8.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.60 by ($0.57). McKesson had a net margin of 0.77% and a negative return on equity of 207.50%. On average, sell-side analysts predict that McKesson Co. will post 32.72 EPS for the current year.

McKesson Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 3rd will be issued a $0.71 dividend. The ex-dividend date is Monday, March 3rd. This represents a $2.84 annualized dividend and a dividend yield of 0.48%. McKesson’s dividend payout ratio is currently 13.00%.

Analyst Upgrades and Downgrades

MCK has been the topic of several recent analyst reports. Citigroup dropped their target price on shares of McKesson from $713.00 to $677.00 and set a “buy” rating on the stock in a report on Friday, January 10th. Morgan Stanley boosted their price objective on McKesson from $612.00 to $642.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Evercore ISI raised their target price on McKesson from $650.00 to $675.00 and gave the stock an “outperform” rating in a research note on Thursday. Mizuho began coverage on McKesson in a research note on Wednesday, December 4th. They issued a “neutral” rating and a $630.00 price target on the stock. Finally, Wells Fargo & Company raised their price objective on shares of McKesson from $535.00 to $641.00 and gave the stock an “equal weight” rating in a research report on Friday, December 13th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $645.79.

Insider Activity at McKesson

In other McKesson news, EVP Leann B. Smith sold 579 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $572.79, for a total value of $331,645.41. Following the completion of the sale, the executive vice president now owns 864 shares in the company, valued at approximately $494,890.56. This trade represents a 40.12 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.11% of the stock is owned by insiders.

McKesson Company 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.