Covington Investment Advisors buys $3,696,869 stake in McKesson Corporation (MCK)

McKesson Corporation (MCK) : Covington Investment Advisors scooped up 460 additional shares in McKesson Corporation during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 10, 2016. The investment management firm now holds a total of 18,935 shares of McKesson Corporation which is valued at $3,696,869.McKesson Corporation makes up approximately 1.60% of Covington Investment Advisors’s portfolio.

Other Hedge Funds, Including , Wills Financial Group added MCK to its portfolio by purchasing 1,175 company shares during the most recent quarter which is valued at $228,726. McKesson Corporation makes up approx 0.19% of Wills Financial Group’s portfolio.California State Teachers Retirement System reduced its stake in MCK by selling 15,281 shares or 3.11% in the most recent quarter. The Hedge Fund company now holds 476,669 shares of MCK which is valued at $93,017,189. McKesson Corporation makes up approx 0.19% of California State Teachers Retirement System’s portfolio.Cam Group Holding As boosted its stake in MCK in the latest quarter, The investment management firm added 33,903 additional shares and now holds a total of 1,292,475 shares of McKesson Corporation which is valued at $251,463,936. McKesson Corporation makes up approx 4.64% of Cam Group Holding As’s portfolio. K.j. Harrison Partners Inc added MCK to its portfolio by purchasing 7,500 company shares during the most recent quarter which is valued at $1,476,900. McKesson Corporation makes up approx 0.77% of K.j. Harrison Partners Inc’s portfolio.

McKesson Corporation closed down -0.58 points or -0.30% at $193.85 with 8,01,089 shares getting traded on Friday. Post opening the session at $193.78, the shares hit an intraday low of $192.97 and an intraday high of $194.77 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

On the company’s financial health, McKesson Corporation reported $3.50 EPS for the quarter, beating the analyst consensus estimate by $ 0.16 according to the earnings call on Jul 27, 2016. Analyst had a consensus of $3.34. The company had revenue of $49733.00 million for the quarter, compared to analysts expectations of $50333.03 million. The company’s revenue was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.14 EPS.

Investors should note that on Jul 26, 2016, McKesson Corporation announced a cash dividend of $0.2800. The company’s management has announced Aug 30, 2016 as the ex-dividend date and fixed the record date on Sep 1, 2016. The payable date has been fixed on Oct 3, 2016.

Many Wall Street Analysts have commented on McKesson Corporation. Company shares were Reiterated by Mizuho on Aug 11, 2016 to “Neutral”, Firm has raised the Price Target to $ 197 from a previous price target of $174 .Company shares were Reiterated by Mizuho on Jun 7, 2016 to “Neutral”, Firm has raised the Price Target to $ 174 from a previous price target of $164 .McKesson Corporation was Resumed by BofA/Merrill to “Neutral” on Jun 7, 2016.

McKesson Corporation (McKesson) is engaged in delivering pharmaceuticals medical supplies and healthcare information technology. The Company operates through two business 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. The Distribution Solutions segment provides pharmaceutical solutions for biotech and pharmaceutical manufacturers and practice management technology clinical support and business solutions to oncology and other specialty practices operating in the community setting. The Technology Solutions segment delivers clinical patient care financial supply chain and strategic management software solutions as well as connectivity outsourcing and other services including remote hosting and managed services to healthcare organizations.

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