Cornerstone Investment Partners LLC Sells 78,613 Shares of McKesson Corp. (MCK)
Cornerstone Investment Partners LLC cut its stake in McKesson Corp. (NYSE:MCK) by 17.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 379,166 shares of the company’s stock after selling 78,613 shares during the period. McKesson Corp. comprises approximately 2.8% of Cornerstone Investment Partners LLC’s portfolio, making the stock its 18th largest position. Cornerstone Investment Partners LLC owned approximately 0.17% of McKesson Corp. worth $63,226,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in MCK. Boston Partners increased its position in shares of McKesson Corp. by 108.6% in the second quarter. Boston Partners now owns 4,659,692 shares of the company’s stock valued at $869,731,000 after buying an additional 2,425,685 shares during the last quarter. Capital Research Global Investors increased its position in shares of McKesson Corp. by 16.8% in the second quarter. Capital Research Global Investors now owns 9,021,412 shares of the company’s stock valued at $1,683,847,000 after buying an additional 1,297,412 shares during the last quarter. Senator Investment Group LP purchased a new position in shares of McKesson Corp. during the second quarter valued at $111,990,000. Hitchwood Capital Management LP purchased a new position in shares of McKesson Corp. during the second quarter valued at $111,990,000. Finally, Alliancebernstein L.P. increased its position in shares of McKesson Corp. by 34.4% in the second quarter. Alliancebernstein L.P. now owns 1,989,363 shares of the company’s stock valued at $371,315,000 after buying an additional 509,595 shares during the last quarter. Institutional investors and hedge funds own 86.25% of the company’s stock.
McKesson Corp. (NYSE:MCK) opened at 141.98 on Wednesday. McKesson Corp. has a 1-year low of $114.53 and a 1-year high of $202.20. The stock’s 50 day moving average price is $147.23 and its 200 day moving average price is $174.41. The stock has a market capitalization of $32.10 billion, a PE ratio of 17.02 and a beta of 1.02.
McKesson Corp. (NYSE:MCK) last posted its quarterly earnings results on Thursday, October 27th. The company reported $2.94 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.05 by $0.11. McKesson Corp. had a return on equity of 29.85% and a net margin of 0.99%. The firm had revenue of $49.96 billion for the quarter, compared to analysts’ expectations of $24.16 billion. During the same period last year, the business earned $3.31 earnings per share. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. Equities research analysts forecast that McKesson Corp. will post $12.53 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, January 2nd. Stockholders of record on Thursday, December 1st will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.79%. The ex-dividend date is Tuesday, November 29th. McKesson Corp.’s dividend payout ratio (DPR) is presently 13.45%.
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Several research analysts recently weighed in on MCK shares. Standpoint Research raised shares of McKesson Corp. from a “hold” rating to a “buy” rating and set a $156.00 target price for the company in a research note on Friday, October 28th. Zacks Investment Research downgraded shares of McKesson Corp. from a “hold” rating to a “sell” rating in a research note on Thursday, September 29th. Leerink Swann downgraded shares of McKesson Corp. from an “outperform” rating to a “market perform” rating in a research note on Friday, October 28th. Goldman Sachs Group Inc. downgraded shares of McKesson Corp. from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $210.00 to $189.00 in a research note on Friday, September 16th. Finally, Robert W. Baird downgraded shares of McKesson Corp. from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $200.00 to $164.00 in a research note on Friday, October 28th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $189.50.
In related news, Chairman John H. Hammergren sold 100,500 shares of the firm’s stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $180.77, for a total value of $18,167,385.00. Following the transaction, the chairman now directly owns 100,500 shares of the company’s stock, valued at approximately $18,167,385. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Wayne A. Budd sold 2,309 shares of the firm’s stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $179.70, for a total value of $414,927.30. Following the completion of the transaction, the director now directly owns 723 shares in the company, valued at $129,923.10. The disclosure for this sale can be found here. Insiders own 1.15% of the company’s stock.
McKesson Corp. Company Profile
McKesson Corporation (McKesson) is engaged in delivering pharmaceuticals, medical supplies and healthcare information technology. The Company operates through two segments: McKesson Distribution Solutions and Technology Solutions. The McKesson Distribution Solutions segment distributes drugs and equipment, and health and beauty care products across North America and internationally.
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