Summit Global Investments Buys Shares of 1,533 McKesson Corporation $MCK

Summit Global Investments bought a new position in McKesson Corporation (NYSE:MCK) in the second quarter, Holdings Channel.com reports. The institutional investor bought 1,533 shares of the company’s stock, valued at approximately $1,159,000.

Several other hedge funds have also modified their holdings of MCK. Norges Bank bought a new position in shares of McKesson during the 4th quarter worth approximately $1,651,137,000. Swedbank AB boosted its stake in McKesson by 42.2% in the fourth quarter. Swedbank AB now owns 886,283 shares of the company’s stock valued at $727,009,000 after acquiring an additional 263,189 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in McKesson by 4,300.3% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 214,693 shares of the company’s stock worth $185,787,000 after purchasing an additional 209,814 shares during the last quarter. SurgoCap Partners LP grew its holdings in McKesson by 68.7% in the third quarter. SurgoCap Partners LP now owns 452,261 shares of the company’s stock worth $349,390,000 after purchasing an additional 184,106 shares during the last quarter. Finally, Amundi increased its position in shares of McKesson by 33.6% during the first quarter. Amundi now owns 623,749 shares of the company’s stock worth $539,767,000 after purchasing an additional 156,819 shares in the last quarter. 85.07% of the stock is owned by hedge funds and other institutional investors.

McKesson Trading Up 1.4%

NYSE MCK opened at $868.72 on Friday. McKesson Corporation has a 12-month low of $667.50 and a 12-month high of $999.00. The company has a fifty day simple moving average of $813.45 and a two-hundred day simple moving average of $842.81. The stock has a market cap of $101.28 billion, a P/E ratio of 23.25, a P/E/G ratio of 1.68 and a beta of 0.30.

McKesson (NYSE:MCK) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $9.93 earnings per share for the quarter, beating analysts’ consensus estimates of $9.56 by $0.37. McKesson had a net margin of 1.12% and a negative return on equity of 253.21%. The firm had revenue of $105.38 billion for the quarter, compared to analyst estimates of $103.88 billion. During the same period in the previous year, the company earned $8.26 earnings per share. The business’s quarterly revenue was up 7.7% compared to the same quarter last year. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. As a group, sell-side analysts forecast that McKesson Corporation will post 44.65 earnings per share for the current year.

McKesson Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 1st will be paid 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, September 1st. This is a boost from McKesson’s previous quarterly dividend of $0.82. McKesson’s dividend payout ratio (DPR) is presently 10.06%.

Insider Buying and Selling at McKesson

In other news, CEO Brian S. Tyler sold 8,463 shares of the stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $793.56, for a total value of $6,715,898.28. Following the transaction, the chief executive officer directly owned 5,919 shares of the company’s stock, valued at approximately $4,697,081.64. This represents a 58.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Napoleon B. Rutledge, Jr. sold 133 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $764.00, for a total value of $101,612.00. Following the completion of the transaction, the chief accounting officer owned 632 shares of the company’s stock, valued at approximately $482,848. The trade was a 17.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 29,049 shares of company stock worth $22,530,626. 0.06% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on MCK. Barclays decreased their price objective on McKesson from $1,050.00 to $925.00 and set an “overweight” rating for the company in a report on Wednesday, June 10th. Robert W. Baird set a $1,015.00 target price on McKesson in a research note on Thursday, August 6th. Citigroup upped their target price on McKesson from $945.00 to $1,000.00 and gave the company a “buy” rating in a research report on Friday, July 24th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $875.00 price target on shares of McKesson in a research note on Friday, May 8th. Finally, TD Cowen boosted their price target on McKesson from $989.00 to $1,006.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Fourteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $977.00.

About McKesson

McKesson Corporation (NYSE: MCK) is a global healthcare services and distribution company that supplies pharmaceuticals, medical-surgical products and health care technology solutions. Founded in 1833 and headquartered in Irving, Texas, McKesson operates across the drug distribution and healthcare services value chain, connecting manufacturers, pharmacies, hospitals and health systems to help manage the movement of medicines and clinical supplies.

The company’s core activities include pharmaceutical wholesale distribution and logistics, specialty pharmacy services, and the provision of medical-surgical supplies to acute and non-acute care providers.