Cornerstone Investment Partners LLC Purchases 9,476 Shares of McKesson Corporation (NYSE:MCK)

Cornerstone Investment Partners LLC grew its stake in McKesson Corporation (NYSE:MCK - Free Report) by 10.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 97,266 shares of the company's stock after purchasing an additional 9,476 shares during the period. McKesson comprises approximately 3.2% of Cornerstone Investment Partners LLC's investment portfolio, making the stock its 17th largest position. Cornerstone Investment Partners LLC owned 0.08% of McKesson worth $65,459,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Narus Financial Partners LLC boosted its stake in shares of McKesson by 11.7% in the 1st quarter. Narus Financial Partners LLC now owns 421 shares of the company's stock valued at $283,000 after purchasing an additional 44 shares in the last quarter. Allworth Financial LP boosted its position in McKesson by 50.1% during the 1st quarter. Allworth Financial LP now owns 5,445 shares of the company's stock worth $3,748,000 after buying an additional 1,817 shares during the period. CFO4Life Group LLC acquired a new stake in McKesson during the 1st quarter worth approximately $226,000. Quotient Wealth Partners LLC boosted its position in McKesson by 9.5% during the 1st quarter. Quotient Wealth Partners LLC now owns 403 shares of the company's stock worth $271,000 after buying an additional 35 shares during the period. Finally, Main Street Research LLC boosted its position in McKesson by 1.3% during the 1st quarter. Main Street Research LLC now owns 68,656 shares of the company's stock worth $46,254,000 after buying an additional 852 shares during the period. 85.07% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at McKesson

In other McKesson news, EVP Leann B. Smith sold 341 shares of the business's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $717.91, for a total transaction of $244,807.31. Following the completion of the sale, the executive vice president owned 2,800 shares in the company, valued at approximately $2,010,148. The trade was a 10.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Britt J. Vitalone sold 1,878 shares of the business's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $717.91, for a total transaction of $1,348,234.98. Following the sale, the chief financial officer owned 14,028 shares of the company's stock, valued at $10,070,841.48. This trade represents a 11.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,117 shares of company stock worth $23,526,451 in the last ninety days. 0.08% of the stock is currently owned by corporate insiders.

McKesson Price Performance

Shares of NYSE:MCK traded down $5.94 during mid-day trading on Friday, hitting $708.61. The company had a trading volume of 252,280 shares, compared to its average volume of 925,895. The firm has a fifty day moving average price of $715.65 and a 200 day moving average price of $661.24. The company has a market capitalization of $88.65 billion, a PE ratio of 27.43, a price-to-earnings-growth ratio of 1.45 and a beta of 0.48. McKesson Corporation has a one year low of $464.42 and a one year high of $737.89.

McKesson (NYSE:MCK - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $10.12 EPS for the quarter, beating analysts' consensus estimates of $9.83 by $0.29. The business had revenue of $90.82 billion during the quarter, compared to analyst estimates of $94 billion. McKesson had a net margin of 0.92% and a negative return on equity of 201.12%. McKesson's quarterly revenue was up 18.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $6.18 EPS. Research analysts expect that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Monday, June 2nd were paid a dividend of $0.71 per share. The ex-dividend date was Monday, June 2nd. This represents a $2.84 dividend on an annualized basis and a yield of 0.40%. McKesson's dividend payout ratio (DPR) is presently 10.99%.

Wall Street Analyst Weigh In

MCK has been the topic of several recent research reports. Bank of America lifted their target price on shares of McKesson from $755.00 to $800.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Cfra Research lowered shares of McKesson from a "moderate buy" rating to a "hold" rating in a research note on Friday, April 4th. Wells Fargo & Company set a $766.00 target price on shares of McKesson and gave the stock an "equal weight" rating in a research note on Tuesday, June 3rd. UBS Group lifted their target price on shares of McKesson from $708.00 to $805.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Finally, Mizuho lifted their target price on shares of McKesson from $630.00 to $690.00 and gave the stock a "neutral" rating in a research note on Thursday, April 3rd. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $706.83.

McKesson Company Profile

McKesson Corporation provides healthcare services in the United States and internationally. It operates through four segments: U.S. Pharmaceutical, Prescription Technology Solutions (RxTS), Medical-Surgical Solutions, and International. The U.S. Pharmaceutical segment distributes branded, generic, specialty, biosimilar and over-the-counter pharmaceutical drugs, and other healthcare-related products.