Summit Global Investments Sells 11,841 Shares of McKesson Co. (NYSE:MCK)

Summit Global Investments cut its stake in shares of McKesson Co. (NYSE:MCK - Free Report) by 58.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 8,303 shares of the company's stock after selling 11,841 shares during the period. Summit Global Investments' holdings in McKesson were worth $5,588,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Frank Rimerman Advisors LLC boosted its position in McKesson by 2.2% during the fourth quarter. Frank Rimerman Advisors LLC now owns 807 shares of the company's stock valued at $460,000 after purchasing an additional 17 shares during the last quarter. Hemington Wealth Management lifted its position in shares of McKesson by 18.6% in the fourth quarter. Hemington Wealth Management now owns 115 shares of the company's stock valued at $65,000 after buying an additional 18 shares during the last quarter. First Western Trust Bank lifted its position in shares of McKesson by 2.0% in the fourth quarter. First Western Trust Bank now owns 931 shares of the company's stock valued at $531,000 after buying an additional 18 shares during the last quarter. Moody National Bank Trust Division lifted its position in shares of McKesson by 0.9% in the first quarter. Moody National Bank Trust Division now owns 2,003 shares of the company's stock valued at $1,348,000 after buying an additional 18 shares during the last quarter. Finally, Calamos Wealth Management LLC lifted its position in shares of McKesson by 0.4% in the fourth quarter. Calamos Wealth Management LLC now owns 4,677 shares of the company's stock valued at $2,665,000 after buying an additional 20 shares during the last quarter. 85.07% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MCK has been the subject of a number of recent analyst reports. Cfra Research cut McKesson from a "moderate buy" rating to a "hold" rating in a research report on Friday, April 4th. Morgan Stanley lifted their price target on McKesson from $642.00 to $745.00 and gave the stock an "overweight" rating in a report on Wednesday, April 2nd. Bank of America lifted their price target on McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Wall Street Zen raised McKesson from a "buy" rating to a "strong-buy" rating in a report on Friday. Finally, UBS Group lifted their price target on McKesson from $708.00 to $805.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Three equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, McKesson currently has a consensus rating of "Moderate Buy" and an average target price of $686.69.

Insider Activity

In related news, CAO Napoleon B. Rutledge, Jr. sold 543 shares of the business's stock in a transaction on Monday, May 19th. The stock was sold at an average price of $726.51, for a total transaction of $394,494.93. Following the sale, the chief accounting officer now owns 1,972 shares in the company, valued at $1,432,677.72. The trade was a 21.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Britt J. Vitalone sold 6,336 shares of the business's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $717.30, for a total value of $4,544,812.80. Following the sale, the chief financial officer now owns 14,760 shares in the company, valued at $10,587,348. This represents a 30.03% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,856 shares of company stock worth $7,793,675. Insiders own 0.11% of the company's stock.

McKesson Price Performance

McKesson stock traded up $6.99 during mid-day trading on Friday, reaching $719.85. 1,322,227 shares of the company were exchanged, compared to its average volume of 916,780. The company has a fifty day simple moving average of $695.18 and a 200-day simple moving average of $637.77. McKesson Co. has a 12 month low of $464.42 and a 12 month high of $731.00. The firm has a market cap of $90.06 billion, a PE ratio of 32.96, a PEG ratio of 1.29 and a beta of 0.53.

McKesson (NYSE:MCK - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $10.12 EPS for the quarter, topping analysts' consensus estimates of $9.83 by $0.29. McKesson had a negative return on equity of 181.26% and a net margin of 0.82%. The firm had revenue of $90.82 billion for the quarter, compared to analyst estimates of $94 billion. During the same quarter last year, the company earned $6.18 EPS. The company's revenue was up 18.9% on a year-over-year basis. Sell-side analysts anticipate that McKesson Co. will post 32.77 earnings per share for the current year.

McKesson Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 2nd will be paid a $0.71 dividend. The ex-dividend date is Monday, June 2nd. This represents a $2.84 annualized dividend and a dividend yield of 0.39%. McKesson's payout ratio is 10.99%.

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.