Summit Global Investments Invests $1.16 Million in McKesson Corporation $MCK

Key Points

• Summit Global Investments purchased 1,533 McKesson shares worth approximately $1.16 million in the second quarter. Institutional investors collectively own 85.07% of the company.
• McKesson exceeded quarterly expectations, reporting $9.93 in EPS versus the $9.56 consensus and revenue of $105.38 billion, up 7.7% year over year.
• The company increased its quarterly dividend from $0.82 to $0.94 per share. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $977, above the reported share price.

Summit Global Investments purchased a new position in shares of McKesson Corporation (NYSE:MCK - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 1,533 shares of the company's stock, valued at approximately $1,159,000.

Several other hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its holdings in shares of McKesson by 46.3% in the fourth quarter. Brighton Jones LLC now owns 2,523 shares of the company's stock worth $1,438,000 after buying an additional 798 shares during the period. Caxton Associates LLP purchased a new position in McKesson during the 1st quarter valued at $233,000. Sivia Capital Partners LLC boosted its holdings in McKesson by 77.9% during the 2nd quarter. Sivia Capital Partners LLC now owns 685 shares of the company's stock valued at $502,000 after acquiring an additional 300 shares during the period. Treasurer of the State of North Carolina grew its position in McKesson by 0.9% in the 2nd quarter. Treasurer of the State of North Carolina now owns 58,623 shares of the company's stock valued at $42,958,000 after acquiring an additional 508 shares during the last quarter. Finally, Osterweis Capital Management Inc. bought a new position in McKesson in the 2nd quarter valued at $166,000. 85.07% of the stock is currently owned by institutional investors.

McKesson Stock Up 1.4%

Shares of NYSE MCK opened at $868.72 on Friday. The business has a fifty day simple moving average of $813.45 and a two-hundred day simple moving average of $842.81. The firm has a market cap of $101.28 billion, a PE ratio of 23.25, a price-to-earnings-growth ratio of 1.68 and a beta of 0.30. McKesson Corporation has a twelve month low of $667.50 and a twelve month high of $999.00.

McKesson (NYSE:MCK - Get Free Report) last posted its quarterly 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 for 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 was up 7.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $8.26 EPS. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. On average, research analysts expect that McKesson Corporation will post 44.65 earnings per share for the current year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 1st will be issued 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 positive change from McKesson's previous quarterly dividend of $0.82. McKesson's dividend payout ratio (DPR) is currently 10.06%.

Analysts Set New Price Targets

Several research firms have recently weighed in on MCK. Wells Fargo & Company lifted 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. TD Cowen upped their price target on shares of McKesson from $989.00 to $1,006.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $875.00 price target on shares of McKesson in a research note on Friday, May 8th. Weiss Ratings lowered shares of McKesson from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, July 7th. Finally, Robert W. Baird set a $1,015.00 price objective on shares of McKesson in a research report on Thursday, August 6th. Fourteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $977.00.

Insider Activity at McKesson

In other news, EVP Michele Lau sold 3,550 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $761.09, for a total transaction of $2,701,869.50. Following the transaction, the executive vice president directly owned 3,247 shares in the company, valued at approximately $2,471,259.23. This trade represents a 52.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bradley E. Lerman sold 301 shares of McKesson stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $892.33, for a total transaction of $268,591.33. The disclosure for this sale is available in the SEC filing. Insiders sold 29,049 shares of company stock worth $22,530,626 over the last quarter. Corporate insiders own 0.06% of the company's stock.

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.

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