Summit Global Investments Acquires 3,476 Shares of McKesson Co. (NYSE:MCK)

Summit Global Investments increased its holdings in shares of McKesson Co. (NYSE:MCK) by 19.1% in the third quarter, HoldingsChannel reports. The institutional investor owned 21,647 shares of the company’s stock after purchasing an additional 3,476 shares during the quarter. Summit Global Investments’ holdings in McKesson were worth $10,703,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. LRI Investments LLC acquired a new position in shares of McKesson in the 1st quarter valued at $28,000. Wolff Wiese Magana LLC increased its holdings in McKesson by 742.9% in the third quarter. Wolff Wiese Magana LLC now owns 59 shares of the company’s stock valued at $29,000 after purchasing an additional 52 shares during the last quarter. ORG Wealth Partners LLC acquired a new position in McKesson in the third quarter valued at about $40,000. Carmichael Hill & Associates Inc. bought a new position in McKesson during the second quarter worth about $52,000. Finally, Centennial Bank AR acquired a new position in shares of McKesson during the 2nd quarter worth about $53,000. 85.07% of the stock is owned by institutional investors.

McKesson Stock Performance

NYSE:MCK opened at $607.51 on Friday. The stock’s 50-day simple moving average is $510.96 and its 200 day simple moving average is $550.61. McKesson Co. has a 52-week low of $431.35 and a 52-week high of $637.51. The company has a market cap of $78.78 billion, a P/E ratio of 27.17, a P/E/G ratio of 1.23 and a beta of 0.44.

McKesson (NYSE:MCK) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $7.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.89 by $0.18. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The company had revenue of $93.65 billion for the quarter, compared to analysts’ expectations of $89.33 billion. During the same quarter in the prior year, the business posted $6.23 EPS. The business’s revenue was up 21.3% compared to the same quarter last year. As a group, equities analysts predict that McKesson Co. will post 31.92 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date is Monday, December 2nd. McKesson’s dividend payout ratio (DPR) is presently 12.70%.

Insider Transactions at McKesson

In related news, CEO Brian S. Tyler sold 3,753 shares of the firm’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $561.10, for a total value of $2,105,808.30. Following the completion of the sale, the chief executive officer now directly owns 78,586 shares in the company, valued at approximately $44,094,604.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.11% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

MCK has been the topic of a number of analyst reports. JPMorgan Chase & Co. increased their price target on shares of McKesson from $656.00 to $661.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Wells Fargo & Company cut their target price on shares of McKesson from $576.00 to $535.00 and set an “equal weight” rating on the stock in a report on Friday, September 13th. Mizuho boosted their target price on McKesson from $540.00 to $570.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. Leerink Partners decreased their price objective on McKesson from $665.00 to $630.00 and set an “outperform” rating for the company in a research report on Monday, October 7th. Finally, Evercore ISI raised their target price on shares of McKesson from $560.00 to $680.00 and gave the stock an “outperform” rating in a report on Thursday. Two research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $625.64.

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.