McKesson Corporation $MCK Shares Sold by Summit Global Investments

Summit Global Investments cut its stake in shares of McKesson Corporation (NYSE:MCK) by 33.0% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,027 shares of the company’s stock after selling 506 shares during the period. Summit Global Investments’ holdings in McKesson were worth $877,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of MCK. BlackRock Inc. bought a new position in shares of McKesson in the second quarter valued at approximately $8,156,743,000. Bank of America Corp DE increased its holdings in McKesson by 2.4% during the 1st quarter. Bank of America Corp DE now owns 1,538,726 shares of the company’s stock worth $1,331,552,000 after acquiring an additional 35,916 shares during the period. Swedbank AB increased its holdings in McKesson by 13.5% during the 1st quarter. Swedbank AB now owns 1,005,610 shares of the company’s stock worth $870,215,000 after acquiring an additional 119,327 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in McKesson by 3.3% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 922,573 shares of the company’s stock worth $697,096,000 after acquiring an additional 29,747 shares during the period. Finally, Legal & General Group Plc purchased a new stake in McKesson in the 2nd quarter worth approximately $656,566,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

McKesson Price Performance

Shares of MCK opened at $1,001.05 on Tuesday. The firm has a market cap of $116.71 billion, a P/E ratio of 26.79, a P/E/G ratio of 1.91 and a beta of 0.30. The stock has a 50 day simple moving average of $925.32 and a two-hundred day simple moving average of $863.78. McKesson Corporation has a 1 year low of $723.68 and a 1 year high of $1,030.27.

McKesson (NYSE:MCK) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $9.93 EPS for the quarter, topping the consensus estimate of $9.56 by $0.37. The firm had revenue of $105.38 billion for the quarter, compared to the consensus estimate of $103.88 billion. McKesson had a net margin of 1.12% and a negative return on equity of 253.21%. The business’s revenue was up 7.7% compared to the same quarter last year. During the same period last year, the firm posted $8.26 earnings per share. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. On average, equities analysts anticipate that McKesson Corporation will post 44.71 earnings per share for the current year.

McKesson Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 4th. Shareholders of record on Tuesday, December 1st will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 0.4%. The ex-dividend date is Tuesday, December 1st. McKesson’s dividend payout ratio is presently 10.06%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $845.00 price objective on shares of McKesson in a research report on Monday, September 14th. Wells Fargo & Company boosted their target price on McKesson from $812.00 to $933.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 11th. Leerink Partners raised their price target on McKesson from $1,030.00 to $1,070.00 and gave the company an “outperform” rating in a report on Wednesday, October 7th. Wall Street Zen raised McKesson from a “hold” rating to a “buy” rating in a report on Saturday, October 17th. Finally, UBS Group upped their price objective on shares of McKesson from $1,080.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Friday, October 16th. Fifteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $997.12.

Insider Buying and Selling at McKesson

In other news, Director Bradley Lerman sold 301 shares of the firm’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $892.33, for a total transaction of $268,591.33. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO B Jr sold 111 shares of McKesson stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $891.45, for a total value of $98,950.95. Following the completion of the transaction, the chief accounting officer owned 521 shares in the company, valued at approximately $464,445.45. This represents a 17.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,212 shares of company stock worth $1,164,182 over the last three months. Company insiders own 0.06% of the company’s stock.

About McKesson

McKesson Corporation is a healthcare services and information technology company that distributes pharmaceuticals and medical products to pharmacies, hospitals, health systems, physicians and other healthcare providers. The company also provides technology, data and business solutions designed to support prescription management, pharmacy operations and patient care.

McKesson’s principal activities include pharmaceutical distribution, medical-surgical supply distribution, specialty pharmaceutical services and oncology care support.