McKesson Corporation (MCK) Position Lowered by Convergence Investment Partners LLC
Convergence Investment Partners LLC lowered its position in shares of McKesson Corporation (NYSE:MCK) by 16.1% during the second quarter, according to its most recent filing with the SEC. The fund owned 15,564 shares of the company’s stock after selling 2,976 shares during the period. Convergence Investment Partners LLC’s holdings in McKesson Corporation were worth $2,561,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its stake in McKesson Corporation by 0.9% in the first quarter. Wellington Management Group LLP now owns 22,730,846 shares of the company’s stock worth $3,370,074,000 after buying an additional 192,254 shares during the period. BlackRock Inc. boosted its stake in McKesson Corporation by 2,026.2% in the first quarter. BlackRock Inc. now owns 14,198,977 shares of the company’s stock worth $2,105,140,000 after buying an additional 13,531,173 shares during the period. Ballentine Partners LLC acquired a new stake in McKesson Corporation during the first quarter worth $191,000. Massachusetts Financial Services Co. MA boosted its stake in McKesson Corporation by 3.8% in the first quarter. Massachusetts Financial Services Co. MA now owns 4,927,553 shares of the company’s stock worth $730,560,000 after buying an additional 180,107 shares during the period. Finally, Parnassus Investments CA boosted its stake in McKesson Corporation by 310.0% in the first quarter. Parnassus Investments CA now owns 4,280,594 shares of the company’s stock worth $620,727,000 after buying an additional 3,236,594 shares during the period. 86.58% of the stock is currently owned by institutional investors.
McKesson Corporation (MCK) opened at 146.00 on Monday. The company has a market cap of $30.70 billion, a PE ratio of 6.62 and a beta of 1.13. McKesson Corporation has a 12-month low of $114.53 and a 12-month high of $194.77. The firm has a 50 day moving average price of $160.21 and a 200 day moving average price of $152.14.
McKesson Corporation (NYSE:MCK) last announced its quarterly earnings data on Thursday, July 27th. The company reported $2.46 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.81 by $0.35. McKesson Corporation had a net margin of 2.42% and a return on equity of 25.76%. The business had revenue of $51.05 billion during the quarter, compared to analyst estimates of $51.22 billion. During the same quarter in the prior year, the company earned $3.50 earnings per share. The company’s quarterly revenue was up 2.7% on a year-over-year basis. On average, analysts anticipate that McKesson Corporation will post $12.08 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 1st will be issued a $0.34 dividend. This is a positive change from McKesson Corporation’s previous quarterly dividend of $0.28. This represents a $1.36 annualized dividend and a yield of 0.93%. The ex-dividend date is Wednesday, August 30th. McKesson Corporation’s dividend payout ratio is currently 5.00%.
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Several equities research analysts recently commented on MCK shares. BidaskClub cut McKesson Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. Zacks Investment Research raised McKesson Corporation from a “hold” rating to a “buy” rating and set a $184.00 target price on the stock in a report on Wednesday, July 12th. Vetr raised McKesson Corporation from a “hold” rating to a “buy” rating and set a $174.15 target price on the stock in a report on Thursday, May 25th. J P Morgan Chase & Co raised McKesson Corporation from a “neutral” rating to an “overweight” rating and set a $189.00 target price on the stock in a report on Tuesday, May 23rd. Finally, Leerink Swann set a $140.00 target price on McKesson Corporation and gave the stock a “hold” rating in a report on Friday, May 19th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $171.21.
In related news, Chairman John H. Hammergren sold 19,316 shares of the stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $162.31, for a total value of $3,135,179.96. Following the transaction, the chairman now directly owns 96,644 shares in the company, valued at $15,686,287.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman John H. Hammergren sold 38,619 shares of the stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $163.76, for a total transaction of $6,324,247.44. Following the completion of the transaction, the chairman now owns 19,309 shares in the company, valued at $3,162,041.84. The disclosure for this sale can be found here. Insiders sold 60,231 shares of company stock worth $9,830,297 over the last 90 days. 1.20% of the stock is currently owned by company insiders.
About McKesson Corporation
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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