McKesson Co. (NYSE:MCK) Shares Acquired by Summit Financial LLC

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

A number of other hedge funds have also recently modified their holdings of MCK. Alliancebernstein L.P. increased its stake in McKesson by 46.6% during the fourth quarter. Alliancebernstein L.P. now owns 855,332 shares of the company’s stock worth $487,462,000 after acquiring an additional 272,068 shares during the last quarter. Meeder Asset Management Inc. increased its position in shares of McKesson by 289.6% during the 4th quarter. Meeder Asset Management Inc. now owns 14,874 shares of the company’s stock worth $8,477,000 after purchasing an additional 11,056 shares during the last quarter. Wellington Management Group LLP lifted its position in McKesson by 18.2% in the fourth quarter. Wellington Management Group LLP now owns 9,179 shares of the company’s stock valued at $5,231,000 after buying an additional 1,413 shares during the last quarter. Clearbridge Investments LLC boosted its stake in McKesson by 13.0% during the fourth quarter. Clearbridge Investments LLC now owns 391,280 shares of the company’s stock worth $222,995,000 after buying an additional 45,024 shares during the period. Finally, Allianz SE acquired a new stake in shares of McKesson during the fourth quarter valued at about $177,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Morgan Stanley increased their price objective on shares of McKesson from $642.00 to $745.00 and gave the stock an “overweight” rating in a research report on Wednesday. Mizuho began coverage on McKesson in a research note on Wednesday, December 4th. They issued a “neutral” rating and a $630.00 price objective for the company. Wells Fargo & Company increased their target price on McKesson from $641.00 to $691.00 and gave the stock an “equal weight” rating in a research note on Friday, March 14th. Bank of America dropped their target price on McKesson from $680.00 to $650.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Finally, Citigroup reduced their price target on shares of McKesson from $713.00 to $677.00 and set a “buy” rating on the stock in a research report on Friday, January 10th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, McKesson currently has a consensus rating of “Moderate Buy” and a consensus target price of $656.71.

Insider Transactions at McKesson

In related news, EVP Leann B. Smith sold 188 shares of the company’s stock in a transaction on 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 owns 1,051 shares in the company, valued at $640,679.09. This represents a 15.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian S. Tyler sold 8,961 shares of the firm’s stock in a transaction on 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 directly 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. Over the last 90 days, insiders have sold 18,110 shares of company stock worth $10,855,706. Corporate insiders own 0.11% of the company’s stock.

McKesson Trading Up 3.0 %

McKesson stock opened at $694.12 on Thursday. The stock has a market cap of $86.99 billion, a P/E ratio of 31.78, a price-to-earnings-growth ratio of 1.29 and a beta of 0.52. The company has a fifty day simple moving average of $629.16 and a 200-day simple moving average of $582.85. McKesson Co. has a 12-month low of $464.42 and a 12-month high of $695.46.

McKesson (NYSE:MCK) last released 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 negative return on equity of 181.26% and a net margin of 0.82%. As a group, sell-side analysts forecast 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 issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 0.41%. The ex-dividend date of this dividend was Monday, March 3rd. McKesson’s payout ratio is 13.00%.

About McKesson

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.