McKesson Corporation $MCK Position Cut by Summit Global Investments

Summit Global Investments lowered its position in McKesson Corporation (NYSE:MCK) by 33.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. 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 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in MCK. Invera Wealth Advisors LLC boosted its holdings in McKesson by 82.3% during the third quarter. Invera Wealth Advisors LLC now owns 842 shares of the company’s stock worth $719,000 after purchasing an additional 380 shares during the last quarter. Americana Partners LLC lifted its position in shares of McKesson by 38.4% in the 3rd quarter. Americana Partners LLC now owns 584 shares of the company’s stock worth $499,000 after purchasing an additional 162 shares during the period. Aprio Wealth Management LLC boosted its stake in shares of McKesson by 78.4% in the 3rd quarter. Aprio Wealth Management LLC now owns 901 shares of the company’s stock valued at $769,000 after purchasing an additional 396 shares during the last quarter. Avestar Capital LLC boosted its stake in shares of McKesson by 0.9% in the 3rd quarter. Avestar Capital LLC now owns 1,858 shares of the company’s stock valued at $1,588,000 after purchasing an additional 17 shares during the last quarter. Finally, Greenup Street Wealth Management LLC bought a new stake in shares of McKesson in the 3rd quarter valued at $2,471,000. Institutional investors and hedge funds own 85.07% of the company’s stock.

Wall Street Analysts Forecast Growth

MCK has been the subject of a number of analyst reports. Wall Street Zen raised shares of McKesson from a “hold” rating to a “buy” rating in a research note on Saturday, October 17th. Weiss Ratings upgraded McKesson from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, September 4th. Mizuho increased their price target on McKesson from $905.00 to $1,020.00 and gave the stock a “neutral” rating in a report on Tuesday, October 20th. Wells Fargo & Company lifted their price objective on McKesson from $812.00 to $933.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 11th. Finally, Citigroup boosted their price objective on McKesson from $945.00 to $1,000.00 and gave the company a “buy” rating in a research note on Friday, July 24th. Fifteen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $997.12.

Insiders Place Their Bets

In other news, Director Bradley Lerman sold 301 shares of McKesson stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $892.33, for a total value of $268,591.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Francisco Fraga sold 800 shares of the business’s stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $995.80, for a total transaction of $796,640.00. Following the completion of the sale, the executive vice president directly owned 5,423 shares in the company, valued at approximately $5,400,223.40. This trade represents a 12.86% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,212 shares of company stock worth $1,164,182 over the last quarter. 0.06% of the stock is currently owned by company insiders.

McKesson Stock Up 0.7%

McKesson stock opened at $1,001.05 on Tuesday. McKesson Corporation has a twelve month low of $723.68 and a twelve month high of $1,030.27. The firm has a 50 day moving average price of $925.32 and a 200-day moving average price of $863.78. The company has a market capitalization 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.

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

McKesson Dividend Announcement

The firm also recently announced 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 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Tuesday, December 1st. McKesson’s dividend payout ratio (DPR) is currently 10.06%.

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.