Kentucky Retirement Systems Insurance Trust Fund Lowers Stake in McKesson Co. (NYSE:MCK)

Kentucky Retirement Systems Insurance Trust Fund decreased its position in shares of McKesson Co. (NYSE:MCK) by 8.5% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 4,337 shares of the company’s stock after selling 403 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in McKesson were worth $2,328,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Intrust Bank NA acquired a new position in McKesson during the fourth quarter worth approximately $206,000. Allspring Global Investments Holdings LLC raised its position in shares of McKesson by 6.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 85,779 shares of the company’s stock worth $39,714,000 after buying an additional 5,425 shares during the period. Heritage Wealth Management LLC purchased a new stake in McKesson during the fourth quarter valued at about $1,538,000. Councilmark Asset Management LLC acquired a new stake in McKesson during the first quarter worth about $5,160,000. Finally, Atlantic Edge Private Wealth Management LLC acquired a new stake in McKesson during the fourth quarter worth about $2,487,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Wells Fargo & Company boosted their target price on McKesson from $502.00 to $551.00 and gave the stock an “equal weight” rating in a report on Thursday, May 9th. Argus boosted their price objective on shares of McKesson from $570.00 to $670.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. Evercore ISI lifted their target price on shares of McKesson from $600.00 to $660.00 and gave the company an “outperform” rating in a report on Tuesday, July 9th. Bank of America upped their target price on McKesson from $590.00 to $670.00 and gave the stock a “buy” rating in a research report on Tuesday, June 25th. Finally, Barclays raised their target price on McKesson from $571.00 to $596.00 and gave the company an “overweight” rating in a report on Wednesday, May 8th. Two equities research 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, the company currently has a consensus rating of “Moderate Buy” and an average target price of $599.33.

McKesson Price Performance

NYSE:MCK traded up $4.43 during mid-day trading on Friday, reaching $600.16. The stock had a trading volume of 634,064 shares, compared to its average volume of 629,093. The stock’s 50 day simple moving average is $582.73 and its two-hundred day simple moving average is $542.47. McKesson Co. has a 1-year low of $395.30 and a 1-year high of $612.17. The company has a market capitalization of $77.98 billion, a price-to-earnings ratio of 26.82, a price-to-earnings-growth ratio of 1.40 and a beta of 0.45.

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

Insider Buying and Selling at McKesson

In other news, CEO Brian S. Tyler sold 3,753 shares of the firm’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $580.92, for a total value of $2,180,192.76. Following the transaction, the chief executive officer now directly owns 86,092 shares in the company, valued at approximately $50,012,564.64. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Brian S. Tyler sold 3,753 shares of the stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $580.92, for a total transaction of $2,180,192.76. Following the sale, the chief executive officer now directly owns 86,092 shares in the company, valued at approximately $50,012,564.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Britt J. Vitalone sold 12,752 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $558.09, for a total value of $7,116,763.68. Following the completion of the sale, the chief financial officer now directly owns 14,028 shares in the company, valued at approximately $7,828,886.52. The disclosure for this sale can be found here. Insiders sold a total of 29,567 shares of company stock worth $16,691,841 over the last 90 days. Insiders own 0.11% of the company’s stock.

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.