State of Tennessee Department of Treasury Reduces Position in McKesson Co. (NYSE:MCK)

State of Tennessee Department of Treasury reduced its stake in McKesson Co. (NYSE:MCK - Free Report) by 4.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,988 shares of the company's stock after selling 2,123 shares during the period. State of Tennessee Department of Treasury's holdings in McKesson were worth $27,919,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cibc World Market Inc. lifted its position in McKesson by 6.3% in the fourth quarter. Cibc World Market Inc. now owns 20,252 shares of the company's stock valued at $11,542,000 after purchasing an additional 1,207 shares during the last quarter. West Oak Capital LLC grew its position in shares of McKesson by 867.7% in the 4th quarter. West Oak Capital LLC now owns 3,000 shares of the company's stock worth $1,710,000 after buying an additional 2,690 shares during the period. Brentview Investment Management LLC bought a new position in shares of McKesson during the fourth quarter valued at approximately $3,018,000. Ingalls & Snyder LLC raised its stake in McKesson by 8.2% during the fourth quarter. Ingalls & Snyder LLC now owns 13,824 shares of the company's stock valued at $7,878,000 after buying an additional 1,047 shares during the last quarter. Finally, Nordea Investment Management AB raised its position in shares of McKesson by 20.0% in the 4th quarter. Nordea Investment Management AB now owns 975,935 shares of the company's stock worth $558,606,000 after purchasing an additional 162,688 shares during the last quarter. 85.07% of the stock is currently owned by institutional investors.

McKesson Stock Up 0.9 %

MCK stock traded up $6.19 during mid-day trading on Friday, hitting $694.62. The company had a trading volume of 731,510 shares, compared to its average volume of 892,117. The company has a 50-day moving average price of $661.28 and a 200 day moving average price of $606.43. McKesson Co. has a 12-month low of $464.42 and a 12-month high of $728.32. The company has a market capitalization of $87.05 billion, a price-to-earnings ratio of 31.80, a P/E/G ratio of 1.29 and a beta of 0.49.

McKesson (NYSE:MCK - Get Free Report) last announced its quarterly earnings results on Wednesday, February 5th. The company reported $8.03 EPS for the quarter, missing analysts' consensus estimates of $8.60 by ($0.57). McKesson had a net margin of 0.82% and a negative return on equity of 181.26%. As a group, analysts expect that McKesson Co. will post 32.77 EPS for the current year.

McKesson Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 3rd were given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 0.41%. The ex-dividend date was Monday, March 3rd. McKesson's dividend payout ratio is presently 13.00%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MCK. Mizuho boosted their target price on McKesson from $630.00 to $690.00 and gave the stock a "neutral" rating in a research report on Thursday, April 3rd. Citigroup decreased their target price on McKesson from $713.00 to $677.00 and set a "buy" rating on the stock in a report on Friday, January 10th. Wells Fargo & Company upped their price target on McKesson from $641.00 to $691.00 and gave the stock an "equal weight" rating in a research report on Friday, March 14th. Evercore ISI lifted their price objective on McKesson from $650.00 to $675.00 and gave the company an "outperform" rating in a research report on Thursday, February 6th. Finally, StockNews.com downgraded McKesson from a "strong-buy" rating to a "buy" rating in a research note on Friday, February 14th. Three investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $668.50.

Insider Activity at McKesson

In other news, EVP Leann B. Smith sold 188 shares of the company's stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $609.59, for a total transaction of $114,602.92. Following the sale, the executive vice president now directly owns 1,051 shares in the company, valued at approximately $640,679.09. This represents a 15.17 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian S. Tyler sold 8,961 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $597.99, for a total transaction of $5,358,588.39. Following the completion of the transaction, the chief executive officer now directly owns 60,664 shares of the company's stock, valued at approximately $36,276,465.36. The trade was a 12.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,110 shares of company stock valued at $10,855,706 over the last 90 days. 0.11% of the stock is owned by corporate insiders.

McKesson Company 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.