Summit Financial LLC Boosts Holdings in McKesson Co. (NYSE:MCK)

Summit Financial LLC grew its position in McKesson Co. (NYSE:MCK) by 19.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,347 shares of the company’s stock after purchasing an additional 222 shares during the quarter. Summit Financial LLC’s holdings in McKesson were worth $769,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in MCK. Millstone Evans Group LLC purchased a new stake in McKesson in the fourth quarter valued at about $28,000. Synergy Asset Management LLC acquired a new position in shares of McKesson during the fourth quarter valued at about $32,000. Crews Bank & Trust purchased a new position in shares of McKesson in the 4th quarter valued at approximately $33,000. Atala Financial Inc acquired a new stake in McKesson in the 4th quarter worth approximately $34,000. Finally, Graney & King LLC purchased a new stake in McKesson during the 4th quarter worth approximately $38,000. 85.07% of the stock is owned by institutional investors and hedge funds.

McKesson Price Performance

Shares of MCK stock opened at $694.12 on Thursday. McKesson Co. has a 1-year low of $464.42 and a 1-year high of $695.46. The company has a market cap of $86.99 billion, a price-to-earnings ratio of 31.78, a PEG ratio of 1.29 and a beta of 0.52. The stock has a 50 day simple moving average of $629.16 and a 200-day simple moving average of $582.85.

McKesson (NYSE:MCK) last posted its quarterly earnings data 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%. Analysts anticipate that McKesson Co. will post 32.77 earnings per share for the current fiscal year.

McKesson Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Monday, March 3rd were paid a dividend of $0.71 per share. The ex-dividend date was Monday, March 3rd. This represents a $2.84 annualized dividend and a yield of 0.41%. McKesson’s dividend payout ratio (DPR) is currently 13.00%.

Insider Buying and Selling at McKesson

In other news, EVP Leann B. Smith sold 188 shares of the 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 completion of the sale, the executive vice president now directly owns 1,051 shares in the company, valued at $640,679.09. This represents a 15.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Brian S. Tyler sold 8,961 shares of the business’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $597.99, for a total transaction of $5,358,588.39. Following the transaction, the chief executive officer now owns 60,664 shares in the company, valued at $36,276,465.36. The trade was a 12.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,110 shares of company stock valued at $10,855,706 over the last quarter. 0.11% of the stock is currently owned by insiders.

Analyst Ratings Changes

MCK has been the subject of several research reports. Evercore ISI lifted their price objective on shares of McKesson from $650.00 to $675.00 and gave the stock an “outperform” rating in a research note on Thursday, February 6th. Wells Fargo & Company lifted their price target on McKesson from $641.00 to $691.00 and gave the stock an “equal weight” rating in a research report on Friday, March 14th. Citigroup cut their price objective on McKesson from $713.00 to $677.00 and set a “buy” rating on the stock in a report on Friday, January 10th. Bank of America reduced their price target on shares of McKesson from $680.00 to $650.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Finally, Mizuho started coverage on McKesson in a report on Wednesday, December 4th. They issued a “neutral” rating and a $630.00 price objective for the company. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $656.71.

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.