Summit Financial LLC Purchases 390 Shares of McKesson Corporation $MCK

Key Points

• Summit Financial LLC increased its stake in McKesson Corporation by 29.0%, bringing their total shares to 1,737 and the value of their holdings to approximately $1,169,000.
• McKesson recently announced a quarterly dividend of $0.82 per share, an increase from their previous dividend of $0.71, with a payout ratio of 11.32%.
• The company's shares opened at $687.70 and have experienced a 23.4% year-over-year revenue increase, despite missing earnings expectations in their latest quarterly report.

Summit Financial LLC boosted its stake in McKesson Corporation (NYSE:MCK - Free Report) by 29.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,737 shares of the company's stock after buying an additional 390 shares during the quarter. Summit Financial LLC's holdings in McKesson were worth $1,169,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Capital A Wealth Management LLC purchased a new stake in McKesson in the 4th quarter valued at $26,000. Bank of Jackson Hole Trust increased its position in shares of McKesson by 64.3% during the 1st quarter. Bank of Jackson Hole Trust now owns 46 shares of the company's stock valued at $29,000 after purchasing an additional 18 shares during the last quarter. CBIZ Investment Advisory Services LLC increased its position in shares of McKesson by 1,366.7% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company's stock valued at $30,000 after purchasing an additional 41 shares during the last quarter. Pandora Wealth Inc. purchased a new stake in shares of McKesson during the 1st quarter valued at $40,000. Finally, Dagco Inc. purchased a new stake in shares of McKesson during the 1st quarter valued at $47,000. 85.07% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MCK. Cowen reaffirmed a "buy" rating on shares of McKesson in a research report on Thursday, August 7th. Bank of America raised their target price on McKesson from $755.00 to $800.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Morgan Stanley reaffirmed an "overweight" rating and set a $810.00 target price (up from $770.00) on shares of McKesson in a research report on Wednesday, July 16th. Wall Street Zen lowered McKesson from a "strong-buy" rating to a "buy" rating in a research report on Sunday, July 13th. Finally, Wells Fargo & Company raised their target price on McKesson from $766.00 to $772.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, McKesson presently has a consensus rating of "Moderate Buy" and an average target price of $725.10.

Insider Activity

In other news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $663.67, for a total transaction of $218,347.43. Following the completion of the sale, the chief accounting officer owned 657 shares in the company, valued at approximately $436,031.19. This trade represents a 33.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Thomas L. Rodgers sold 2,891 shares of McKesson stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $712.18, for a total value of $2,058,912.38. Following the sale, the executive vice president owned 2,544 shares of the company's stock, valued at approximately $1,811,785.92. This trade represents a 53.19% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 65,821 shares of company stock worth $46,171,378. 0.08% of the stock is currently owned by insiders.

McKesson Stock Performance

NYSE MCK traded down $2.13 during trading hours on Thursday, hitting $681.38. The company had a trading volume of 407,651 shares, compared to its average volume of 889,818. McKesson Corporation has a 52 week low of $464.42 and a 52 week high of $737.89. The firm has a 50 day simple moving average of $704.08 and a 200 day simple moving average of $686.28. The firm has a market capitalization of $84.75 billion, a price-to-earnings ratio of 27.14, a PEG ratio of 1.35 and a beta of 0.50.

McKesson (NYSE:MCK - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $8.26 EPS for the quarter, missing the consensus estimate of $8.33 by ($0.07). McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The company had revenue of $97.83 billion during the quarter, compared to the consensus estimate of $95.93 billion. During the same quarter in the prior year, the business earned $7.88 EPS. The firm's revenue for the quarter was up 23.4% compared to the same quarter last year. On average, research analysts forecast that McKesson Corporation will post 32.77 earnings per share for the current year.

McKesson Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Tuesday, September 2nd will be given a dividend of $0.82 per share. This is a boost from McKesson's previous quarterly dividend of $0.71. The ex-dividend date is Tuesday, September 2nd. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.5%. McKesson's dividend payout ratio is 11.32%.

McKesson 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.