McKesson Corporation $MCK Shares Sold by Summit Global Investments

Summit Global Investments decreased its holdings in shares of McKesson Corporation (NYSE:MCK) by 48.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,549 shares of the company’s stock after selling 2,435 shares during the quarter. Summit Global Investments’ holdings in McKesson were worth $2,206,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Cullen Investment Group LTD. lifted its stake in McKesson by 550.4% during the 4th quarter. Cullen Investment Group LTD. now owns 4,670 shares of the company’s stock worth $3,811,000 after acquiring an additional 3,952 shares in the last quarter. Pensionfund Sabic purchased a new stake in McKesson during the fourth quarter worth about $1,887,000. Horizon Investments LLC lifted its position in shares of McKesson by 125.4% during the fourth quarter. Horizon Investments LLC now owns 8,679 shares of the company’s stock worth $7,119,000 after purchasing an additional 4,828 shares in the last quarter. Murphy Middleton Hinkle & Parker Inc. lifted its position in shares of McKesson by 31,043.0% during the fourth quarter. Murphy Middleton Hinkle & Parker Inc. now owns 115,852 shares of the company’s stock worth $95,032,000 after purchasing an additional 115,480 shares in the last quarter. Finally, Northstar Advisory Group LLC boosted its stake in shares of McKesson by 133.4% in the fourth quarter. Northstar Advisory Group LLC now owns 3,704 shares of the company’s stock valued at $3,038,000 after purchasing an additional 2,117 shares during the period. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MCK has been the subject of a number of research reports. Wall Street Zen cut shares of McKesson from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. UBS Group increased their price objective on McKesson from $1,000.00 to $1,050.00 and gave the company a “buy” rating in a research note on Friday, May 8th. JPMorgan Chase & Co. decreased their target price on McKesson from $1,107.00 to $1,015.00 and set an “overweight” rating for the company in a report on Friday, May 8th. Wells Fargo & Company lowered their target price on McKesson from $925.00 to $812.00 and set an “equal weight” rating for the company in a research note on Tuesday, May 12th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $875.00 price target on shares of McKesson in a report on Friday, May 8th. Fourteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, McKesson presently has an average rating of “Moderate Buy” and a consensus target price of $960.53.

Insider Activity at McKesson

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 133 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $764.00, for a total transaction of $101,612.00. Following the sale, the chief accounting officer owned 632 shares of the company’s stock, valued at approximately $482,848. This trade represents a 17.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Brian S. Tyler sold 8,463 shares of McKesson stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $793.56, for a total transaction of $6,715,898.28. Following the sale, the chief executive officer owned 5,919 shares in the company, valued at $4,697,081.64. This represents a 58.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 28,748 shares of company stock valued at $22,262,035. Company insiders own 0.06% of the company’s stock.

McKesson Price Performance

McKesson stock opened at $832.03 on Tuesday. McKesson Corporation has a 1-year low of $637.00 and a 1-year high of $999.00. The stock has a market cap of $97.41 billion, a PE ratio of 21.63, a P/E/G ratio of 1.38 and a beta of 0.31. The stock’s fifty day moving average is $773.47 and its two-hundred day moving average is $838.42.

McKesson (NYSE:MCK) last announced its quarterly earnings results on Thursday, May 7th. The company reported $11.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $11.56 by $0.13. McKesson had a negative return on equity of 345.35% and a net margin of 1.18%.The company had revenue of $96.30 billion during the quarter, compared to the consensus estimate of $101.35 billion. During the same period in the previous year, the business earned $10.12 EPS. McKesson’s revenue for the quarter was up 6.0% on a year-over-year basis. McKesson has set its FY 2027 guidance at 43.800-44.600 EPS. On average, research analysts expect that McKesson Corporation will post 44.28 earnings per share for the current fiscal year.

About McKesson

McKesson Corporation (NYSE: MCK) is a global healthcare services and distribution company that supplies pharmaceuticals, medical-surgical products and health care technology solutions. Founded in 1833 and headquartered in Irving, Texas, McKesson operates across the drug distribution and healthcare services value chain, connecting manufacturers, pharmacies, hospitals and health systems to help manage the movement of medicines and clinical supplies.

The company’s core activities include pharmaceutical wholesale distribution and logistics, specialty pharmacy services, and the provision of medical-surgical supplies to acute and non-acute care providers.