Summit Financial LLC Purchases New Position in McKesson Co. (NYSE:MCK)

Summit Financial LLC bought a new stake in McKesson Co. (NYSE:MCK) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 527 shares of the company’s stock, valued at approximately $244,000.

A number of other hedge funds have also recently modified their holdings of MCK. Addison Advisors LLC boosted its stake in McKesson by 7.9% in the fourth quarter. Addison Advisors LLC now owns 299 shares of the company’s stock valued at $138,000 after acquiring an additional 22 shares in the last quarter. Keystone Financial Services grew its stake in McKesson by 2.1% during the 4th quarter. Keystone Financial Services now owns 1,192 shares of the company’s stock worth $552,000 after buying an additional 24 shares during the last quarter. Austin Private Wealth LLC increased its position in McKesson by 2.5% during the fourth quarter. Austin Private Wealth LLC now owns 1,094 shares of the company’s stock worth $506,000 after buying an additional 27 shares during the period. Quent Capital LLC boosted its holdings in shares of McKesson by 2.2% in the fourth quarter. Quent Capital LLC now owns 1,240 shares of the company’s stock valued at $574,000 after acquiring an additional 27 shares during the period. Finally, Kanawha Capital Management LLC grew its position in shares of McKesson by 4.7% during the fourth quarter. Kanawha Capital Management LLC now owns 607 shares of the company’s stock worth $281,000 after acquiring an additional 27 shares during the last quarter. 85.07% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at McKesson

In other news, EVP Leann B. Smith sold 186 shares of the company’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $496.00, for a total value of $92,256.00. Following the completion of the sale, the executive vice president now owns 1,511 shares of the company’s stock, valued at $749,456. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Brian S. Tyler sold 3,473 shares of McKesson stock in a transaction on Friday, March 15th. The shares were sold at an average price of $524.55, for a total value of $1,821,762.15. Following the completion of the sale, the chief executive officer now owns 43,445 shares in the company, valued at $22,789,074.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Leann B. Smith sold 186 shares of the company’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $496.00, for a total transaction of $92,256.00. Following the completion of the sale, the executive vice president now owns 1,511 shares in the company, valued at approximately $749,456. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by corporate insiders.

McKesson Stock Performance

Shares of MCK stock opened at $528.85 on Friday. McKesson Co. has a 1 year low of $352.34 and a 1 year high of $544.81. The stock has a market cap of $69.50 billion, a PE ratio of 23.96, a P/E/G ratio of 1.41 and a beta of 0.45. The stock has a fifty day moving average price of $530.13 and a 200 day moving average price of $491.57.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Wednesday, February 7th. The company reported $7.74 EPS for the quarter, topping analysts’ consensus estimates of $7.05 by $0.69. The business had revenue of $80.90 billion during the quarter, compared to the consensus estimate of $77.93 billion. McKesson had a net margin of 0.99% and a negative return on equity of 262.63%. The company’s quarterly revenue was up 14.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $6.90 earnings per share. As a group, equities research analysts predict that McKesson Co. will post 27.59 earnings per share for the current year.

McKesson Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 3rd will be issued a $0.62 dividend. The ex-dividend date is Friday, May 31st. This represents a $2.48 dividend on an annualized basis and a dividend yield of 0.47%. McKesson’s dividend payout ratio (DPR) is 11.24%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on MCK shares. Morgan Stanley increased their price target on shares of McKesson from $522.00 to $548.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Citigroup raised their price target on McKesson from $575.00 to $620.00 and gave the stock a “buy” rating in a report on Tuesday. Argus increased their price objective on McKesson from $510.00 to $570.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. Mizuho lifted their target price on McKesson from $450.00 to $505.00 and gave the company a “neutral” rating in a research note on Friday, February 9th. Finally, UBS Group upped their price target on McKesson from $575.00 to $620.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. Two research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $536.71.

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.