California Public Employees Retirement System Trims Stake in McKesson Corporation $MCK

California Public Employees Retirement System lowered its position in McKesson Corporation (NYSE:MCK) by 9.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 324,022 shares of the company’s stock after selling 35,067 shares during the quarter. California Public Employees Retirement System’s holdings in McKesson were worth $280,396,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in MCK. Heartland Bank & Trust Co raised its holdings in shares of McKesson by 3.5% in the 1st quarter. Heartland Bank & Trust Co now owns 994 shares of the company’s stock valued at $860,000 after acquiring an additional 34 shares in the last quarter. Kera Capital Partners Inc. purchased a new position in shares of McKesson during the first quarter worth about $242,000. Gryphon Financial Partners LLC increased its position in shares of McKesson by 6.6% in the first quarter. Gryphon Financial Partners LLC now owns 404 shares of the company’s stock worth $349,000 after purchasing an additional 25 shares during the last quarter. Modera Wealth Management LLC increased its position in shares of McKesson by 3.0% in the first quarter. Modera Wealth Management LLC now owns 7,477 shares of the company’s stock worth $6,470,000 after purchasing an additional 221 shares during the last quarter. Finally, Advisortrust Partners LLC purchased a new stake in McKesson in the first quarter valued at approximately $211,000. Institutional investors own 85.07% of the company’s stock.

Insider Buying and Selling

In other McKesson news, EVP Michele Lau sold 3,550 shares of the business’s stock in a transaction that occurred on 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 sale, the executive vice president owned 3,247 shares in the company, valued at approximately $2,471,259.23. The trade was a 52.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Thomas L. Rodgers sold 2,388 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $761.09, for a total value of $1,817,482.92. Following the sale, the executive vice president directly owned 3,090 shares of the company’s stock, valued at approximately $2,351,768.10. This trade represents a 43.59% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 28,748 shares of company stock valued at $22,262,035 in the last 90 days. 0.06% of the stock is owned by insiders.

McKesson Stock Up 0.1%

Shares of NYSE:MCK opened at $842.14 on Friday. The stock has a market cap of $98.60 billion, a PE ratio of 21.89, a PEG ratio of 1.38 and a beta of 0.31. The company’s fifty day moving average is $771.33 and its 200 day moving average is $838.33. McKesson Corporation has a 52 week low of $637.00 and a 52 week high of $999.00.

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

McKesson Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 1st were issued a dividend of $0.82 per share. The ex-dividend date was Monday, June 1st. This represents a $3.28 annualized dividend and a yield of 0.4%. McKesson’s dividend payout ratio is currently 8.53%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on MCK shares. JPMorgan Chase & Co. dropped their target price on shares of McKesson from $1,107.00 to $1,015.00 and set an “overweight” rating for the company in a research report on Friday, May 8th. Barclays decreased their price target on shares of McKesson from $1,050.00 to $925.00 and set an “overweight” rating on the stock in a report on Wednesday, June 10th. William Blair initiated coverage on shares of McKesson in a research report on Tuesday, April 28th. They issued an “outperform” rating for the company. Weiss Ratings cut McKesson from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, July 7th. Finally, Wall Street Zen downgraded McKesson from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Fourteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target 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.