Summit Trail Advisors LLC Raises Position in McKesson Co. (NYSE:MCK)

Summit Trail Advisors LLC increased its holdings in shares of McKesson Co. (NYSE:MCK) by 11.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,401 shares of the company’s stock after buying an additional 149 shares during the quarter. Summit Trail Advisors LLC’s holdings in McKesson were worth $693,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Centaurus Financial Inc. grew its stake in shares of McKesson by 518.4% during the third quarter. Centaurus Financial Inc. now owns 2,152 shares of the company’s stock worth $1,064,000 after acquiring an additional 1,804 shares during the last quarter. Larson Financial Group LLC raised its position in shares of McKesson by 4.3% in the 3rd quarter. Larson Financial Group LLC now owns 1,141 shares of the company’s stock valued at $564,000 after purchasing an additional 47 shares during the last quarter. MGB Wealth Management LLC boosted its stake in McKesson by 6.2% in the 3rd quarter. MGB Wealth Management LLC now owns 3,356 shares of the company’s stock worth $1,655,000 after purchasing an additional 197 shares in the last quarter. Penserra Capital Management LLC grew its position in McKesson by 21.7% during the 3rd quarter. Penserra Capital Management LLC now owns 1,075 shares of the company’s stock worth $530,000 after purchasing an additional 192 shares during the last quarter. Finally, Cerity Partners LLC increased its stake in McKesson by 7.6% during the 3rd quarter. Cerity Partners LLC now owns 44,224 shares of the company’s stock valued at $21,867,000 after purchasing an additional 3,127 shares in the last quarter. 85.07% of the stock is owned by institutional investors and hedge funds.

McKesson Stock Down 1.0 %

MCK stock opened at $616.72 on Tuesday. McKesson Co. has a 52-week low of $431.35 and a 52-week high of $637.51. The firm has a market cap of $78.29 billion, a P/E ratio of 31.94, a PEG ratio of 1.35 and a beta of 0.44. The company’s 50-day simple moving average is $532.91 and its 200-day simple moving average is $557.99.

McKesson (NYSE:MCK) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $7.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.88 by $0.19. The company had revenue of $93.65 billion for the quarter, compared to the consensus estimate of $89.33 billion. McKesson had a negative return on equity of 207.50% and a net margin of 0.77%. McKesson’s revenue for the quarter was up 21.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $6.23 earnings per share. On average, analysts anticipate that McKesson Co. will post 32.78 earnings per share for the current fiscal year.

McKesson Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 2nd will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 0.46%. The ex-dividend date of this dividend is Monday, December 2nd. McKesson’s payout ratio is presently 14.71%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on MCK shares. Evercore ISI lifted their price objective on shares of McKesson from $560.00 to $680.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Leerink Partners lowered their price target on McKesson from $665.00 to $630.00 and set an “outperform” rating for the company in a research report on Monday, October 7th. Robert W. Baird upgraded McKesson from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $531.00 to $688.00 in a research note on Thursday, November 7th. StockNews.com upgraded McKesson from a “hold” rating to a “buy” rating in a research report on Wednesday, November 6th. Finally, Wells Fargo & Company reduced their price target on shares of McKesson from $576.00 to $535.00 and set an “equal weight” rating for the company in a research report on Friday, September 13th. Two investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $631.57.

Insiders Place Their Bets

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $561.10, for a total transaction of $2,105,808.30. Following the completion of the sale, the chief executive officer now directly owns 78,586 shares in the company, valued at approximately $44,094,604.60. The trade was a 4.56 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.11% of the stock is currently owned by company insiders.

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.