New Mexico Educational Retirement Board Has $4.70 Million Stock Holdings in McKesson Co. (NYSE:MCK)

New Mexico Educational Retirement Board increased its stake in shares of McKesson Co. (NYSE:MCK) by 24.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,752 shares of the company’s stock after purchasing an additional 1,700 shares during the quarter. New Mexico Educational Retirement Board’s holdings in McKesson were worth $4,699,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Intrust Bank NA bought a new stake in McKesson during the 4th quarter worth approximately $206,000. Raymond James & Associates boosted its stake in shares of McKesson by 6.1% in the 4th quarter. Raymond James & Associates now owns 153,180 shares of the company’s stock valued at $70,919,000 after purchasing an additional 8,784 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake 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 valued at $39,714,000 after purchasing an additional 5,425 shares during the last quarter. Heritage Wealth Management LLC bought a new stake in shares of McKesson in the 4th quarter valued at $1,538,000. Finally, Insight Wealth Strategies LLC bought a new stake in shares of McKesson in the 4th quarter valued at $1,813,000. 85.07% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on MCK shares. UBS Group upped their price objective on shares of McKesson from $620.00 to $630.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Argus upped their price objective on shares of McKesson from $570.00 to $670.00 and gave the company a “buy” rating in a research note on Monday, June 24th. Robert W. Baird raised their price target on shares of McKesson from $603.00 to $671.00 and gave the stock an “outperform” rating in a report on Wednesday, May 8th. Wells Fargo & Company raised their price target on shares of McKesson from $502.00 to $551.00 and gave the stock an “equal weight” rating in a report on Thursday, May 9th. Finally, Evercore ISI raised their price target on shares of McKesson from $590.00 to $600.00 and gave the stock an “outperform” rating in a report on Wednesday, May 8th. Two research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $590.47.

McKesson Stock Performance

Shares of McKesson stock traded down $9.16 during trading hours on Friday, reaching $584.04. The company’s stock had a trading volume of 1,240,773 shares, compared to its average volume of 626,370. McKesson Co. has a one year low of $395.30 and a one year high of $612.17. The company has a market capitalization of $75.89 billion, a P/E ratio of 26.10, a P/E/G ratio of 1.39 and a beta of 0.47. The stock’s fifty day simple moving average is $565.88 and its two-hundred day simple moving average is $525.04.

McKesson (NYSE:MCK) last released its quarterly earnings results on Tuesday, May 7th. The company reported $6.18 earnings per share for the quarter, missing analysts’ consensus estimates of $6.34 by ($0.16). McKesson had a net margin of 0.97% and a negative return on equity of 245.88%. The firm had revenue of $76.36 billion for the quarter, compared to the consensus estimate of $79.32 billion. During the same period in the previous year, the business earned $7.19 earnings per share. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. As a group, research analysts forecast that McKesson Co. will post 31.54 earnings per share for the current year.

McKesson Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date of this dividend is Monday, June 3rd. McKesson’s payout ratio is currently 11.08%.

Insider Activity at McKesson

In related news, EVP Leann B. Smith sold 600 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $585.53, for a total transaction of $351,318.00. Following the transaction, the executive vice president now directly owns 2,022 shares of the company’s stock, valued at $1,183,941.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other McKesson news, EVP Leann B. Smith sold 600 shares of McKesson stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $585.53, for a total value of $351,318.00. Following the sale, the executive vice president now owns 2,022 shares of the company’s stock, valued at $1,183,941.66. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Britt J. Vitalone sold 12,752 shares of McKesson stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $558.09, for a total transaction 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 have sold 25,814 shares of company stock valued at $14,511,649 over the last ninety days. Corporate insiders own 0.21% 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.