Summit Global Investments Trims Holdings in McKesson Co. (NYSE:MCK)

Summit Global Investments cut its stake in McKesson Co. (NYSE:MCK) by 6.8% in the 2nd quarter, Holdings Channel.com reports. The firm owned 18,171 shares of the company’s stock after selling 1,335 shares during the quarter. McKesson makes up about 0.7% of Summit Global Investments’ portfolio, making the stock its 29th largest position. Summit Global Investments’ holdings in McKesson were worth $10,613,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in MCK. Norges Bank bought a new stake in McKesson during the fourth quarter valued at $1,024,140,000. Swedbank AB bought a new stake in McKesson during the first quarter worth about $669,326,000. TD Asset Management Inc lifted its stake in McKesson by 202.8% during 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 last quarter. Bessemer Group Inc. lifted its stake in McKesson by 3,621.7% during the first quarter. Bessemer Group Inc. now owns 349,395 shares of the company’s stock worth $187,572,000 after purchasing an additional 340,007 shares during the last quarter. Finally, Bristol Gate Capital Partners Inc. bought a new stake in McKesson during the first quarter worth about $97,510,000. 85.07% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on MCK. Citigroup boosted their target price on McKesson from $620.00 to $670.00 and gave the company a “buy” rating in a research note on Friday, July 19th. Argus boosted their target price on McKesson from $570.00 to $670.00 and gave the company a “buy” rating in a research note on Monday, June 24th. Deutsche Bank Aktiengesellschaft lowered their target price on McKesson from $547.00 to $545.00 and set a “buy” rating for the company in a research note on Thursday, May 9th. Bank of America boosted their target price on McKesson from $590.00 to $670.00 and gave the company a “buy” rating in a research note on Tuesday, June 25th. Finally, TD Cowen boosted their target price on McKesson from $563.00 to $652.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, McKesson presently has a consensus rating of “Moderate Buy” and an average target price of $609.79.

Insider Transactions at McKesson

In other news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was 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 directly owns 89,845 shares of the company’s stock, valued at approximately $51,607,866.45. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was 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 directly owns 89,845 shares of the company’s stock, valued at approximately $51,607,866.45. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Leann B. Smith sold 600 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $585.53, for a total value of $351,318.00. Following the completion of the sale, the executive vice president now directly owns 2,022 shares in the company, valued at $1,183,941.66. The disclosure for this sale can be found here. Insiders have sold a total of 32,713 shares of company stock valued at $18,702,605 in the last ninety days. 0.11% of the stock is currently owned by corporate insiders.

McKesson Trading Up 0.0 %

Shares of MCK stock traded up $0.12 during midday trading on Tuesday, reaching $548.52. 552,324 shares of the stock were exchanged, compared to its average volume of 743,981. McKesson Co. has a 1 year low of $404.72 and a 1 year high of $637.51. The company’s 50 day moving average is $586.71 and its two-hundred day moving average is $553.79. The firm has a market cap of $71.27 billion, a PE ratio of 24.51, a price-to-earnings-growth ratio of 1.46 and a beta of 0.45.

McKesson (NYSE:MCK) last posted its earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share for the quarter, topping analysts’ consensus estimates of $7.21 by $0.67. McKesson had a negative return on equity of 245.88% and a net margin of 0.97%. The firm had revenue of $79.28 billion for the quarter, compared to the consensus estimate of $82.53 billion. During the same quarter in the prior year, the business earned $7.27 EPS. The business’s revenue for the quarter was up 6.4% on a year-over-year basis. As a group, equities analysts expect that McKesson Co. will post 31.68 EPS for the current fiscal year.

McKesson Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 2nd will be issued a dividend of $0.71 per share. This is an increase from McKesson’s previous quarterly dividend of $0.62. The ex-dividend date is Friday, August 30th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.52%. McKesson’s dividend payout ratio is 12.69%.

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.