Summit Global Investments Cuts Stake in McKesson Co. (NYSE:MCK)

Summit Global Investments lowered its holdings in shares of McKesson Co. (NYSE:MCK) by 6.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,171 shares of the company’s stock after selling 1,335 shares during the quarter. McKesson makes up 0.7% of Summit Global Investments’ portfolio, making the stock its 29th biggest holding. Summit Global Investments’ holdings in McKesson were worth $10,613,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. SeaCrest Wealth Management LLC grew its position in shares of McKesson by 7.6% during the second quarter. SeaCrest Wealth Management LLC now owns 2,584 shares of the company’s stock worth $1,509,000 after purchasing an additional 183 shares in the last quarter. Sunpointe LLC boosted its holdings in shares of McKesson by 4.5% in the 2nd quarter. Sunpointe LLC now owns 1,130 shares of the company’s stock worth $661,000 after purchasing an additional 49 shares during the period. Pallas Capital Advisors LLC boosted its holdings in shares of McKesson by 67.1% in the 2nd quarter. Pallas Capital Advisors LLC now owns 984 shares of the company’s stock worth $569,000 after purchasing an additional 395 shares during the period. M3 Advisory Group LLC purchased a new position in shares of McKesson in the 2nd quarter worth approximately $202,000. Finally, Bey Douglas LLC boosted its holdings in shares of McKesson by 1.2% in the 2nd quarter. Bey Douglas LLC now owns 3,715 shares of the company’s stock worth $2,150,000 after purchasing an additional 44 shares during the period. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on MCK. TD Cowen lifted their target price on McKesson from $563.00 to $652.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Argus lifted their price target on McKesson from $570.00 to $670.00 and gave the company a “buy” rating in a report on Monday, June 24th. UBS Group boosted their target price on McKesson from $620.00 to $630.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Citigroup boosted their target price on McKesson from $620.00 to $670.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Finally, StockNews.com downgraded McKesson from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 9th. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $609.79.

Insider Buying and Selling at McKesson

In other news, CFO Britt J. Vitalone sold 894 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $557.40, for a total value of $498,315.60. Following the completion of the sale, the chief financial officer now directly owns 16,455 shares in the company, valued at $9,172,017. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Britt J. Vitalone sold 894 shares of the stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $557.40, for a total value of $498,315.60. Following the completion of the transaction, the chief financial officer now directly owns 16,455 shares in the company, valued at $9,172,017. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Brian S. Tyler sold 3,753 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $626.03, for a total value of $2,349,490.59. Following the completion of the transaction, the chief executive officer now owns 82,339 shares of the company’s stock, valued at $51,546,684.17. The disclosure for this sale can be found here. Insiders sold 32,713 shares of company stock valued at $18,702,605 over the last quarter. 0.11% of the stock is currently owned by insiders.

McKesson Stock Up 0.0 %

Shares of MCK stock traded up $0.12 on Tuesday, hitting $548.52. The company had a trading volume of 552,324 shares, compared to its average volume of 743,981. The firm has a market cap of $71.27 billion, a P/E ratio of 24.51, a price-to-earnings-growth ratio of 1.46 and a beta of 0.45. McKesson Co. has a twelve month low of $404.72 and a twelve month high of $637.51. The company has a 50-day moving average price of $586.71 and a 200-day moving average price of $553.79.

McKesson (NYSE:MCK) last released its quarterly 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. The company had revenue of $79.28 billion during the quarter, compared to analysts’ expectations of $82.53 billion. McKesson had a negative return on equity of 245.88% and a net margin of 0.97%. McKesson’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $7.27 EPS. Equities research analysts expect that McKesson Co. will post 31.68 EPS for the current 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. The ex-dividend date of this dividend is Friday, August 30th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 0.52%. This is a boost from McKesson’s previous quarterly dividend of $0.62. McKesson’s dividend payout ratio is presently 12.69%.

McKesson Company 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.