Kentucky Retirement Systems Insurance Trust Fund Trims Stock Holdings in McKesson Co. (NYSE:MCK)

Kentucky Retirement Systems Insurance Trust Fund lowered its stake in shares of McKesson Co. (NYSE:MCK) by 8.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor 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 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank bought a new stake in McKesson during the 4th quarter worth approximately $1,024,140,000. International Assets Investment Management LLC grew its position in shares of McKesson by 1,044.5% during the 4th quarter. International Assets Investment Management LLC now owns 821,262 shares of the company’s stock valued at $380,228,000 after purchasing an additional 749,504 shares in the last quarter. TD Asset Management Inc increased its holdings in shares of McKesson by 202.8% in the fourth quarter. TD Asset Management Inc now owns 602,138 shares of the company’s stock worth $278,778,000 after purchasing an additional 403,312 shares during the period. Bessemer Group Inc. raised its position in shares of McKesson by 3,621.7% in the first quarter. Bessemer Group Inc. now owns 349,395 shares of the company’s stock worth $187,572,000 after buying an additional 340,007 shares in the last quarter. Finally, Bristol Gate Capital Partners Inc. bought a new stake in McKesson during the first quarter valued at $97,510,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Trading Up 0.7 %

MCK stock traded up $4.43 during midday trading on Friday, hitting $600.16. The company had a trading volume of 634,064 shares, compared to its average volume of 629,093. McKesson Co. has a 52 week low of $395.30 and a 52 week high of $612.17. The stock has a market cap of $77.98 billion, a price-to-earnings ratio of 26.82, a PEG ratio of 1.40 and a beta of 0.45. The stock’s 50 day moving average price is $582.73 and its 200 day moving average price is $542.47.

McKesson (NYSE:MCK) last released its quarterly earnings results on Tuesday, May 7th. The company reported $6.18 EPS for the quarter, missing analysts’ consensus estimates of $6.34 by ($0.16). The business had revenue of $76.36 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the company earned $7.19 EPS. Analysts predict that McKesson Co. will post 31.68 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on MCK shares. StockNews.com upgraded McKesson from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, July 23rd. Citigroup lifted their target price on shares of McKesson from $620.00 to $670.00 and gave the company a “buy” rating in a research report on Friday, July 19th. Bank of America increased their price target on shares of McKesson from $590.00 to $670.00 and gave the stock a “buy” rating in a report on Tuesday, June 25th. Evercore ISI lifted their price objective on shares of McKesson from $600.00 to $660.00 and gave the stock an “outperform” rating in a report on Tuesday, July 9th. Finally, Morgan Stanley increased their target price on McKesson from $522.00 to $548.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Two research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, McKesson presently has an average rating of “Moderate Buy” and a consensus target price of $599.33.

Insider Activity at McKesson

In other McKesson news, Director Susan R. Salka sold 606 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $558.04, for a total value of $338,172.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $574.41, for a total value of $2,155,760.73. Following the sale, the chief executive officer now owns 89,845 shares in the company, valued at $51,607,866.45. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Susan R. Salka sold 606 shares of the firm’s 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 have sold 29,567 shares of company stock worth $16,691,841 over the last 90 days. 0.11% of the stock is owned by company insiders.

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.