Summit Global Investments Decreases Stock Position in McKesson Co. (NYSE:MCK)

Summit Global Investments decreased its holdings in shares of McKesson Co. (NYSE:MCK) by 6.9% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 20,144 shares of the company’s stock after selling 1,503 shares during the period. McKesson makes up approximately 0.7% of Summit Global Investments’ investment portfolio, making the stock its 29th largest holding. Summit Global Investments’ holdings in McKesson were worth $11,480,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of MCK. Frank Rimerman Advisors LLC grew its position in McKesson by 2.2% during the 4th quarter. Frank Rimerman Advisors LLC now owns 807 shares of the company’s stock worth $460,000 after purchasing an additional 17 shares during the last quarter. Old North State Trust LLC lifted its stake in shares of McKesson by 1.6% during the third quarter. Old North State Trust LLC now owns 1,138 shares of the company’s stock worth $563,000 after buying an additional 18 shares during the period. Trust Co. of Vermont grew its holdings in shares of McKesson by 4.8% during the fourth quarter. Trust Co. of Vermont now owns 393 shares of the company’s stock valued at $224,000 after buying an additional 18 shares during the last quarter. Hemington Wealth Management increased its position in shares of McKesson by 18.6% in the 4th quarter. Hemington Wealth Management now owns 115 shares of the company’s stock valued at $65,000 after acquiring an additional 18 shares during the period. Finally, Calamos Wealth Management LLC raised its stake in McKesson by 0.4% in the 4th quarter. Calamos Wealth Management LLC now owns 4,677 shares of the company’s stock worth $2,665,000 after acquiring an additional 20 shares during the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.

Insider Buying and Selling at McKesson

In other McKesson news, CEO Brian S. Tyler sold 8,961 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $600.66, for a total transaction of $5,382,514.26. Following the completion of the sale, the chief executive officer now directly owns 69,625 shares in the company, valued at approximately $41,820,952.50. The trade was a 11.40 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Leann B. Smith sold 188 shares of the firm’s stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $609.59, for a total value of $114,602.92. Following the completion of the transaction, the executive vice president now owns 1,051 shares in the company, valued at approximately $640,679.09. This trade represents a 15.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,689 shares of company stock valued at $11,187,351 over the last ninety days. Corporate insiders own 0.11% of the company’s stock.

McKesson Stock Down 1.0 %

NYSE:MCK opened at $659.45 on Friday. McKesson Co. has a 52 week low of $464.42 and a 52 week high of $670.79. The stock’s 50-day moving average price is $616.14 and its 200-day moving average price is $574.33. The stock has a market capitalization of $82.65 billion, a PE ratio of 30.19, a price-to-earnings-growth ratio of 1.29 and a beta of 0.52.

McKesson (NYSE:MCK) last issued its quarterly earnings data on Wednesday, February 5th. The company reported $8.03 EPS for the quarter, missing the consensus estimate of $8.60 by ($0.57). McKesson had a net margin of 0.82% and a negative return on equity of 181.26%. Sell-side analysts expect that McKesson Co. will post 32.77 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 3rd will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date is Monday, March 3rd. McKesson’s dividend payout ratio is presently 13.00%.

Analyst Ratings Changes

Several research firms have weighed in on MCK. StockNews.com downgraded McKesson from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 14th. Wells Fargo & Company upped their target price on McKesson from $641.00 to $691.00 and gave the company an “equal weight” rating in a research report on Friday, March 14th. Evercore ISI raised their price target on shares of McKesson from $650.00 to $675.00 and gave the stock an “outperform” rating in a research report on Thursday, February 6th. Mizuho started coverage on shares of McKesson in a report on Wednesday, December 4th. They issued a “neutral” rating and a $630.00 price objective on the stock. Finally, Bank of America reduced their target price on shares of McKesson from $680.00 to $650.00 and set a “buy” rating for the company in a report on Monday, January 6th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, McKesson presently has an average rating of “Moderate Buy” and a consensus price target of $649.36.

About McKesson

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.