Sawgrass Asset Management Lowers stake in McKesson Corporation (MCK)

McKesson Corporation (MCK) : Sawgrass Asset Management reduced its stake in McKesson Corporation by 0.69% during the most recent quarter end. The investment management company now holds a total of 203,709 shares of McKesson Corporation which is valued at $39,751,774 after selling 1,420 shares in McKesson Corporation , the firm said in a disclosure report filed with the SEC on Aug 3, 2016.McKesson Corporation makes up approximately 1.81% of Sawgrass Asset Management’s portfolio.

Other Hedge Funds, Including , Bartlett boosted its stake in MCK in the latest quarter, The investment management firm added 39 additional shares and now holds a total of 1,753 shares of McKesson Corporation which is valued at $345,201. McKesson Corporation makes up approx 0.02% of Bartlett’s portfolio. Davis R M Inc added MCK to its portfolio by purchasing 1,172 company shares during the most recent quarter which is valued at $231,704. McKesson Corporation makes up approx 0.01% of Davis R M Inc’s portfolio.

McKesson Corporation opened for trading at $194.95 and hit $195.35 on the upside on Monday, eventually ending the session at $195.1, with a gain of 0.23% or 0.44 points. The heightened volatility saw the trading volume jump to 7,68,944 shares. Company has a market cap of $44,034 M.

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 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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