Pinebridge Investments L.P. Sells 82,405 Shares of McKesson Corporation (MCK)
Pinebridge Investments L.P. decreased its position in shares of McKesson Corporation (NYSE:MCK) by 82.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,236 shares of the company’s stock after selling 82,405 shares during the period. Pinebridge Investments L.P.’s holdings in McKesson Corporation were worth $2,836,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in MCK. American Beacon Advisors Inc. acquired a new position in McKesson Corporation during the 1st quarter worth $100,000. Captrust Financial Advisors acquired a new position in McKesson Corporation during the 2nd quarter worth $107,000. Archford Capital Strategies LLC lifted its position in McKesson Corporation by 52.8% during the 1st quarter. Archford Capital Strategies LLC now owns 776 shares of the company’s stock worth $115,000 after acquiring an additional 268 shares during the last quarter. WFG Advisors LP lifted its position in McKesson Corporation by 123.5% during the 1st quarter. WFG Advisors LP now owns 818 shares of the company’s stock worth $121,000 after acquiring an additional 452 shares during the last quarter. Finally, Orrstown Financial Services Inc. lifted its position in McKesson Corporation by 6.0% during the 2nd quarter. Orrstown Financial Services Inc. now owns 758 shares of the company’s stock worth $124,000 after acquiring an additional 43 shares during the last quarter. 85.16% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have weighed in on MCK shares. TheStreet lowered shares of McKesson Corporation from a “b” rating to a “c+” rating in a research report on Friday, August 25th. Morgan Stanley lowered shares of McKesson Corporation from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $184.00 to $172.00 in a research report on Thursday, September 14th. Vetr raised shares of McKesson Corporation from a “buy” rating to a “strong-buy” rating and set a $181.27 target price for the company in a research report on Monday, June 12th. Needham & Company LLC raised shares of McKesson Corporation from a “hold” rating to a “buy” rating and set a $179.00 target price for the company in a research report on Friday, September 8th. Finally, Leerink Swann boosted their target price on shares of McKesson Corporation to $170.00 and gave the stock a “market perform” rating in a research report on Thursday, June 29th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. McKesson Corporation currently has a consensus rating of “Hold” and a consensus target price of $171.53.
In other McKesson Corporation news, Director M Christine Jacobs sold 1,083 shares of McKesson Corporation stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $145.43, for a total value of $157,500.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Erin M. Lampert sold 900 shares of McKesson Corporation stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $155.65, for a total transaction of $140,085.00. The disclosure for this sale can be found here. Insiders sold a total of 3,066 shares of company stock valued at $473,627 in the last quarter. Corporate insiders own 1.20% of the company’s stock.
McKesson Corporation (NYSE MCK) opened at 152.32 on Friday. The firm has a market cap of $32.03 billion, a price-to-earnings ratio of 6.91 and a beta of 1.16. McKesson Corporation has a 52-week low of $114.53 and a 52-week high of $169.29. The company has a 50-day moving average of $151.41 and a 200 day moving average of $153.02.
McKesson Corporation (NYSE:MCK) last issued its quarterly earnings data on Thursday, July 27th. The company reported $2.46 earnings per share for the quarter, missing the consensus estimate of $2.81 by ($0.35). McKesson Corporation had a return on equity of 25.76% and a net margin of 2.42%. The business had revenue of $51.05 billion during the quarter, compared to analyst estimates of $51.22 billion. During the same quarter last year, the firm earned $3.50 EPS. McKesson Corporation’s revenue for the quarter was up 2.7% compared to the same quarter last year. On average, equities research analysts anticipate that McKesson Corporation will post $12.08 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 1st will be paid a $0.34 dividend. This is a boost from McKesson Corporation’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $1.36 annualized dividend and a yield of 0.91%. McKesson Corporation’s payout ratio is 6.07%.
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McKesson Corporation 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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