Summit Global Investments Has $10.70 Million Stock Holdings in McKesson Co. (NYSE:MCK)

Summit Global Investments lifted its position in McKesson Co. (NYSE:MCK) by 19.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,647 shares of the company’s stock after buying an additional 3,476 shares during the quarter. Summit Global Investments’ holdings in McKesson were worth $10,703,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of MCK. LRI Investments LLC bought a new stake in McKesson during the first quarter valued at about $28,000. Wolff Wiese Magana LLC boosted its stake in McKesson by 742.9% during the 3rd 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 period. ORG Wealth Partners LLC acquired a new stake in McKesson in the 3rd quarter valued at approximately $40,000. Carmichael Hill & Associates Inc. acquired a new position in shares of McKesson during the second quarter worth approximately $52,000. Finally, Centennial Bank AR bought a new stake in shares of McKesson in the second quarter valued at approximately $53,000. 85.07% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on MCK shares. Wells Fargo & Company cut their target price on shares of McKesson from $576.00 to $535.00 and set an “equal weight” rating for the company in a research note on Friday, September 13th. Leerink Partners decreased their target price on McKesson from $665.00 to $630.00 and set an “outperform” rating on the stock in a research report on Monday, October 7th. StockNews.com upgraded McKesson from a “hold” rating to a “buy” rating in a research report on Wednesday. Robert W. Baird raised McKesson from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $531.00 to $688.00 in a report on Thursday. Finally, Evercore ISI upped their target price on McKesson from $560.00 to $680.00 and gave the company an “outperform” rating in a research note on Thursday. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $625.64.

Insiders Place Their Bets

In other news, CEO Brian S. Tyler sold 3,753 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $561.10, for a total transaction of $2,105,808.30. Following the transaction, the chief executive officer now directly owns 78,586 shares in the company, valued at approximately $44,094,604.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.11% of the company’s stock.

McKesson Trading Up 10.6 %

NYSE MCK opened at $607.51 on Friday. McKesson Co. has a 1-year low of $431.35 and a 1-year high of $637.51. The company has a 50 day moving average of $510.96 and a 200-day moving average of $550.61. The firm has a market cap of $78.78 billion, a price-to-earnings ratio of 27.17, a PEG ratio of 1.23 and a beta of 0.44.

McKesson (NYSE:MCK) last released its quarterly earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share for the quarter, beating analysts’ consensus estimates of $6.89 by $0.18. The firm had revenue of $93.65 billion during the quarter, compared to analysts’ expectations of $89.33 billion. McKesson had a negative return on equity of 242.57% and a net margin of 0.94%. The business’s revenue was up 21.3% on a year-over-year basis. During the same period last year, the firm posted $6.23 EPS. On average, analysts forecast that McKesson Co. will post 31.92 earnings per share for the current year.

McKesson Announces Dividend

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

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.