Summit Global Investments Acquires 3,593 Shares of McKesson Co. (NYSE:MCK)

Summit Global Investments increased its holdings in shares of McKesson Co. (NYSE:MCKFree Report) by 13.6% during the 4th quarter, HoldingsChannel reports. The firm owned 30,012 shares of the company’s stock after purchasing an additional 3,593 shares during the period. McKesson comprises approximately 0.9% of Summit Global Investments’ holdings, making the stock its 22nd largest holding. Summit Global Investments’ holdings in McKesson were worth $13,895,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of MCK. OFI Invest Asset Management bought a new position in shares of McKesson during the 3rd quarter valued at about $26,000. Legacy Financial Group LLC bought a new position in shares of McKesson during the 3rd quarter valued at about $27,000. BKM Wealth Management LLC acquired a new stake in McKesson in the 4th quarter valued at approximately $31,000. WASHINGTON TRUST Co raised its position in McKesson by 42.5% in the 4th quarter. WASHINGTON TRUST Co now owns 114 shares of the company’s stock valued at $53,000 after buying an additional 34 shares during the last quarter. Finally, Milestone Investment Advisors LLC acquired a new stake in McKesson in the 3rd quarter valued at approximately $61,000. Institutional investors own 85.07% of the company’s stock.

Analyst Ratings Changes

MCK has been the topic of a number of recent research reports. Leerink Partnrs reiterated an “outperform” rating on shares of McKesson in a report on Monday, February 26th. UBS Group boosted their price objective on shares of McKesson from $575.00 to $620.00 and gave the stock a “buy” rating in a research report on Wednesday, March 6th. SVB Leerink started coverage on shares of McKesson in a research report on Monday, February 26th. They issued an “outperform” rating and a $600.00 price objective on the stock. StockNews.com raised shares of McKesson from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 25th. Finally, Citigroup boosted their price objective on shares of McKesson from $575.00 to $620.00 and gave the stock a “buy” rating in a research report on Tuesday. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $536.71.

Check Out Our Latest Analysis on MCK

McKesson Stock Down 0.2 %

Shares of MCK traded down $1.12 during trading hours on Thursday, hitting $529.98. The company had a trading volume of 438,657 shares, compared to its average volume of 696,122. The firm has a market cap of $69.64 billion, a price-to-earnings ratio of 24.07, a PEG ratio of 1.43 and a beta of 0.45. The business has a fifty day moving average of $529.73 and a 200-day moving average of $491.30. McKesson Co. has a 12 month low of $352.34 and a 12 month high of $544.81.

McKesson (NYSE:MCKGet Free Report) last issued its quarterly earnings data on Wednesday, February 7th. The company reported $7.74 earnings per share for the quarter, beating the consensus estimate of $7.05 by $0.69. The company had revenue of $80.90 billion for the quarter, compared to analyst estimates of $77.93 billion. McKesson had a net margin of 0.99% and a negative return on equity of 262.63%. The company’s revenue was up 14.8% on a year-over-year basis. During the same period in the prior year, the firm earned $6.90 earnings per share. On average, equities analysts expect that McKesson Co. will post 27.59 EPS for the current fiscal year.

McKesson Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 3rd will be given a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 0.47%. The ex-dividend date of this dividend is Friday, May 31st. McKesson’s payout ratio is presently 11.24%.

Insider Activity at McKesson

In related news, CEO Brian S. Tyler sold 3,473 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $524.55, for a total value of $1,821,762.15. Following the transaction, the chief executive officer now directly owns 43,445 shares in the company, valued at $22,789,074.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Brian S. Tyler sold 3,473 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $524.55, for a total value of $1,821,762.15. Following the transaction, the chief executive officer now directly owns 43,445 shares in the company, valued at $22,789,074.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Leann B. Smith sold 186 shares of the company’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $496.00, for a total transaction of $92,256.00. Following the completion of the transaction, the executive vice president now owns 1,511 shares in the company, valued at $749,456. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by corporate insiders.

McKesson Profile

(Free Report)

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.

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Institutional Ownership by Quarter for McKesson (NYSE:MCK)

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