Summit Global Investments Trims Stake in McKesson Co. (NYSE:MCK)

Summit Global Investments reduced its position in McKesson Co. (NYSE:MCK - Free Report) by 6.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 20,144 shares of the company's stock after selling 1,503 shares during the period. McKesson accounts for approximately 0.7% of Summit Global Investments' portfolio, making the stock its 29th largest holding. Summit Global Investments' holdings in McKesson were worth $11,480,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Frank Rimerman Advisors LLC grew its position in shares of McKesson by 2.2% in 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 in the last quarter. Old North State Trust LLC grew its holdings in McKesson by 1.6% during the 3rd quarter. Old North State Trust LLC now owns 1,138 shares of the company's stock valued at $563,000 after buying an additional 18 shares in the last quarter. Trust Co. of Vermont increased its position in shares of McKesson by 4.8% during the fourth quarter. Trust Co. of Vermont now owns 393 shares of the company's stock valued at $224,000 after buying an additional 18 shares during the period. Hemington Wealth Management lifted its holdings in shares of McKesson by 18.6% in the fourth quarter. Hemington Wealth Management now owns 115 shares of the company's stock worth $65,000 after buying an additional 18 shares in the last quarter. Finally, Calamos Wealth Management LLC boosted 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 acquiring an additional 20 shares during the period. 85.07% of the stock is owned by hedge funds and other institutional investors.

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Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. StockNews.com lowered shares of McKesson from a "strong-buy" rating to a "buy" rating in a report on Friday, February 14th. Bank of America decreased their price target on shares of McKesson from $680.00 to $650.00 and set a "buy" rating on the stock in a report on Monday, January 6th. Morgan Stanley increased their price objective on McKesson from $612.00 to $642.00 and gave the stock an "overweight" rating in a research report on Tuesday, December 17th. Wells Fargo & Company boosted their target price on McKesson from $641.00 to $691.00 and gave the stock an "equal weight" rating in a research report on Friday, March 14th. Finally, Citigroup lowered their price target on McKesson from $713.00 to $677.00 and set a "buy" rating on the stock in a report on Friday, January 10th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, McKesson presently has an average rating of "Moderate Buy" and a consensus target price of $649.36.

Insider Buying and Selling at McKesson

In other news, CEO Brian S. Tyler sold 8,961 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $600.66, for a total transaction of $5,382,514.26. Following the completion of the sale, the chief executive officer now directly owns 69,625 shares in the company, valued at approximately $41,820,952.50. This represents a 11.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Leann B. Smith sold 188 shares of the business's stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $609.59, for a total value of $114,602.92. Following the transaction, the executive vice president now owns 1,051 shares in the company, valued at approximately $640,679.09. This represents a 15.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,689 shares of company stock valued at $11,187,351 in the last quarter. Company insiders own 0.11% of the company's stock.

McKesson Price Performance

NYSE MCK traded down $1.15 on Wednesday, reaching $662.45. 737,849 shares of the company's stock traded hands, compared to its average volume of 801,209. The stock has a market cap of $83.02 billion, a PE ratio of 30.33, a P/E/G ratio of 1.29 and a beta of 0.52. McKesson Co. has a 12 month low of $464.42 and a 12 month high of $670.79. The stock has a 50-day simple moving average of $619.05 and a 200 day simple moving average of $576.50.

McKesson (NYSE:MCK - Get Free Report) last posted its quarterly earnings results on Wednesday, February 5th. The company reported $8.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.60 by ($0.57). McKesson had a net margin of 0.82% and a negative return on equity of 181.26%. As a group, analysts anticipate that McKesson Co. will post 32.77 EPS for the current year.

McKesson Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 3rd will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 0.43%. The ex-dividend date of this dividend is Monday, March 3rd. McKesson's dividend payout ratio is 13.00%.

McKesson Company 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.