Scharf Investments Lowers stake in McKesson Corporation (MCK)

McKesson Corporation (MCK) : Scharf Investments reduced its stake in McKesson Corporation by 1.53% during the most recent quarter end. The investment management company now holds a total of 1,119,040 shares of McKesson Corporation which is valued at $160,794,858 after selling 17,330 shares in McKesson Corporation , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.McKesson Corporation makes up approximately 3.87% of Scharf Investments’s portfolio.

Other Hedge Funds, Including , Arrowstreet Capital Limited Partnership added MCK to its portfolio by purchasing 92,700 company shares during the most recent quarter which is valued at $13,320,063. McKesson Corporation makes up approx 0.04% of Arrowstreet Capital Limited Partnership’s portfolio.Acrospire Investment Management boosted its stake in MCK in the latest quarter, The investment management firm added 700 additional shares and now holds a total of 1,200 shares of McKesson Corporation which is valued at $176,988. McKesson Corporation makes up approx 0.12% of Acrospire Investment Management’s portfolio. Hanlon Investment Management sold out all of its stake in MCK during the most recent quarter. The investment firm sold 26,718 shares of MCK which is valued $3,940,638.Old Mutual Customised Solutions (proprietary) Ltd reduced its stake in MCK by selling 1,900 shares or 39.58% in the most recent quarter. The Hedge Fund company now holds 2,900 shares of MCK which is valued at $427,721. McKesson Corporation makes up approx 0.12% of Old Mutual Customised Solutions (proprietary) Ltd’s portfolio.Van Den Berg Management I Inc reduced its stake in MCK by selling 1,192 shares or 1.39% in the most recent quarter. The Hedge Fund company now holds 84,790 shares of MCK which is valued at $12,505,677. McKesson Corporation makes up approx 1.54% of Van Den Berg Management I Inc’s portfolio.

McKesson Corporation closed down -1.43 points or -1.01% at $140.05 with 25,41,089 shares getting traded on Monday. Post opening the session at $141.7, the shares hit an intraday low of $139.8 and an intraday high of $142.09 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, McKesson Corporation reported $2.94 EPS for the quarter, missing the analyst consensus estimate by $ -0.11 based on the information available during the earnings call on Oct 27, 2016. Analyst had a consensus of $3.05. The company had revenue of $49957.00 million for the quarter, compared to analysts expectations of $51230.94 million. The company’s revenue was up 2.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.31 EPS.

Investors should note that on Oct 27, 2016, McKesson Corporation announced a cash dividend of $0.2800. The company’s management has announced Nov 29, 2016 as the ex-dividend date and fixed the record date on Dec 1, 2016. The payable date has been fixed on Jan 2, 2017.

Many Wall Street Analysts have commented on McKesson Corporation. Mizuho Upgraded McKesson Corporation on Nov 9, 2016 to ” Buy”, Price Target of the shares are set at $147.McKesson Corporation was Downgraded by Leerink Partners to ” Mkt Perform” on Oct 28, 2016. McKesson Corporation was Upgraded by Standpoint Research to ” Buy” on Oct 28, 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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