Cornerstone Investment Partners Lowers stake in McKesson Corporation (MCK)

McKesson Corporation (MCK) : Cornerstone Investment Partners reduced its stake in McKesson Corporation by 17.17% during the most recent quarter end. The investment management company now holds a total of 379,166 shares of McKesson Corporation which is valued at $61,451,434 after selling 78,613 shares in McKesson Corporation , the firm said in a disclosure report filed with the SEC on Oct 13, 2016.McKesson Corporation makes up approximately 2.71% of Cornerstone Investment Partners’s portfolio.

Other Hedge Funds, Including , Highland Capital Management boosted its stake in MCK in the latest quarter, The investment management firm added 76 additional shares and now holds a total of 7,299 shares of McKesson Corporation which is valued at $1,182,949. McKesson Corporation makes up approx 0.10% of Highland Capital Management’s portfolio. Pensionfund Sabic added MCK to its portfolio by purchasing 12,800 company shares during the most recent quarter which is valued at $2,094,464. McKesson Corporation makes up approx 0.65% of Pensionfund Sabic’s portfolio.Nisa Investment Advisors boosted its stake in MCK in the latest quarter, The investment management firm added 7,584 additional shares and now holds a total of 105,492 shares of McKesson Corporation which is valued at $17,261,656. McKesson Corporation makes up approx 0.23% of Nisa Investment Advisors’s portfolio.Exxonmobil Investment Management Inc Tx reduced its stake in MCK by selling 617 shares or 1.06% in the most recent quarter. The Hedge Fund company now holds 57,630 shares of MCK which is valued at $9,556,207. McKesson Corporation makes up approx 0.20% of Exxonmobil Investment Management Inc Tx’s portfolio.Chevy Chase Trust Holdings reduced its stake in MCK by selling 3,874 shares or 2.0% in the most recent quarter. The Hedge Fund company now holds 189,604 shares of MCK which is valued at $31,411,695. McKesson Corporation makes up approx 0.17% of Chevy Chase Trust Holdings’s portfolio.

McKesson Corporation closed down -1.7 points or -1.03% at $163.63 with 18,98,331 shares getting traded on Tuesday. Post opening the session at $165, the shares hit an intraday low of $163.51 and an intraday high of $165.7399 and the price fluctuated in this range throughout the day.Shares ended Tuesday 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.

Many Wall Street Analysts have commented on McKesson Corporation. Shares were Reiterated by Mizuho on Sep 26, 2016 to “Neutral” and Lowered the Price Target to $ 183 from a previous price target of $197 .McKesson Corporation was Downgraded by Goldman to ” Neutral” on Sep 16, 2016. 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 .

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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