California Public Employees Retirement System Cuts Stock Holdings in McKesson Corporation $MCK

California Public Employees Retirement System decreased its position in McKesson Corporation (NYSE:MCK) by 9.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 324,022 shares of the company’s stock after selling 35,067 shares during the quarter. California Public Employees Retirement System owned approximately 0.26% of McKesson worth $280,396,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. University of Texas Texas AM Investment Management Co. bought a new stake in McKesson in the 4th quarter worth about $25,000. Swiss RE Ltd. bought a new position in shares of McKesson during the 4th quarter worth approximately $26,000. State of Wyoming bought a new position in shares of McKesson during the 2nd quarter worth approximately $29,000. Board of the Pension Protection Fund purchased a new position in shares of McKesson in the 4th quarter worth approximately $33,000. Finally, Kingdom Financial Group LLC. bought a new position in shares of McKesson in the fourth quarter valued at approximately $33,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Stock Up 0.1%

MCK opened at $842.14 on Friday. The firm has a 50-day moving average price of $771.33 and a 200-day moving average price of $838.33. McKesson Corporation has a twelve month low of $637.00 and a twelve month high of $999.00. The company has a market capitalization of $98.60 billion, a price-to-earnings ratio of 21.89, a PEG ratio of 1.38 and a beta of 0.31.

McKesson (NYSE:MCK) last announced its quarterly earnings results on Thursday, May 7th. The company reported $11.69 EPS for the quarter, beating analysts’ consensus estimates of $11.56 by $0.13. McKesson had a net margin of 1.18% and a negative return on equity of 345.35%. The company had revenue of $96.30 billion for the quarter, compared to analysts’ expectations of $101.35 billion. During the same period in the prior year, the company posted $10.12 EPS. McKesson’s revenue was up 6.0% compared to the same quarter last year. McKesson has set its FY 2027 guidance at 43.800-44.600 EPS. On average, sell-side analysts expect that McKesson Corporation will post 44.28 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 1st were issued a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Monday, June 1st. McKesson’s dividend payout ratio (DPR) is presently 8.53%.

Insider Buying and Selling

In other McKesson news, EVP Michele Lau sold 3,550 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $761.09, for a total value of $2,701,869.50. Following the completion of the transaction, the executive vice president owned 3,247 shares in the company, valued at $2,471,259.23. This trade represents a 52.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Brian S. Tyler sold 8,463 shares of McKesson stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $793.56, for a total value of $6,715,898.28. Following the transaction, the chief executive officer directly owned 5,919 shares of the company’s stock, valued at $4,697,081.64. The trade was a 58.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 28,748 shares of company stock valued at $22,262,035 in the last ninety days. 0.06% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

MCK has been the subject of a number of research analyst reports. Bank of America decreased their price target on McKesson from $1,040.00 to $1,000.00 and set a “buy” rating for the company in a research report on Monday, April 6th. William Blair started coverage on McKesson in a research note on Tuesday, April 28th. They issued an “outperform” rating for the company. Wall Street Zen lowered McKesson from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Citigroup lowered their target price on McKesson from $975.00 to $945.00 and set a “buy” rating on the stock in a research note on Thursday, May 14th. Finally, JPMorgan Chase & Co. cut their price target on shares of McKesson from $1,107.00 to $1,015.00 and set an “overweight” rating on the stock in a report on Friday, May 8th. Fourteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $960.53.

McKesson Company Profile

McKesson Corporation (NYSE: MCK) is a global healthcare services and distribution company that supplies pharmaceuticals, medical-surgical products and health care technology solutions. Founded in 1833 and headquartered in Irving, Texas, McKesson operates across the drug distribution and healthcare services value chain, connecting manufacturers, pharmacies, hospitals and health systems to help manage the movement of medicines and clinical supplies.

The company’s core activities include pharmaceutical wholesale distribution and logistics, specialty pharmacy services, and the provision of medical-surgical supplies to acute and non-acute care providers.