CNA Financial Corp Buys New Stake in McKesson Corporation (NYSE:MCK)

CNA Financial Corp bought a new stake in McKesson Corporation (NYSE:MCK) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 14,344 shares of the company’s stock, valued at approximately $2,127,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of MCK. Orrstown Financial Services Inc. raised its position in shares of McKesson Corporation by 16.3% in the first quarter. Orrstown Financial Services Inc. now owns 715 shares of the company’s stock valued at $106,000 after buying an additional 100 shares in the last quarter. WFG Advisors LP raised its position in shares of McKesson Corporation by 123.5% in the first quarter. WFG Advisors LP now owns 818 shares of the company’s stock valued at $121,000 after buying an additional 452 shares in the last quarter. Welch Group LLC raised its position in shares of McKesson Corporation by 22.6% in the first quarter. Welch Group LLC now owns 948 shares of the company’s stock valued at $141,000 after buying an additional 175 shares in the last quarter. Tompkins Financial Corp raised its position in shares of McKesson Corporation by 8.8% in the first quarter. Tompkins Financial Corp now owns 962 shares of the company’s stock valued at $151,000 after buying an additional 78 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its position in shares of McKesson Corporation by 327.7% in the first quarter. Meeder Asset Management Inc. now owns 1,065 shares of the company’s stock valued at $158,000 after buying an additional 816 shares in the last quarter. 86.58% of the stock is currently owned by institutional investors and hedge funds.

McKesson Corporation (NYSE:MCK) traded down 0.57% during mid-day trading on Friday, reaching $146.00. 1,980,288 shares of the company were exchanged. The company has a market capitalization of $30.70 billion, a PE ratio of 6.62 and a beta of 1.13. McKesson Corporation has a one year low of $114.53 and a one year high of $194.66. The stock has a 50-day moving average price of $160.21 and a 200 day moving average price of $152.14.

McKesson Corporation (NYSE:MCK) last issued its earnings results on Thursday, July 27th. The company reported $2.46 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.81 by $0.35. McKesson Corporation had a return on equity of 25.76% and a net margin of 2.42%. The business had revenue of $51.05 billion during the quarter, compared to analysts’ expectations of $51.22 billion. During the same period last year, the firm posted $3.50 EPS. McKesson Corporation’s quarterly revenue was up 2.7% compared to the same quarter last year. Analysts predict that McKesson Corporation will post $12.08 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 1st will be given a $0.34 dividend. This is a positive change from McKesson Corporation’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $1.36 dividend on an annualized basis and a yield of 0.93%. McKesson Corporation’s payout ratio is 5.00%.

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Several research analysts recently issued reports on MCK shares. TheStreet raised shares of McKesson Corporation from a “c+” rating to a “b” rating in a research note on Thursday, May 25th. Vetr lowered shares of McKesson Corporation from a “strong-buy” rating to a “buy” rating and set a $157.86 target price on the stock. in a research note on Wednesday, May 10th. Barclays PLC set a $187.00 price objective on shares of McKesson Corporation and gave the stock a “buy” rating in a report on Sunday, June 4th. Zacks Investment Research upgraded shares of McKesson Corporation from a “hold” rating to a “buy” rating and set a $184.00 price objective on the stock in a report on Wednesday, July 12th. Finally, Jefferies Group LLC upgraded shares of McKesson Corporation from a “hold” rating to a “buy” rating and set a $153.00 price objective on the stock in a report on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $171.21.

In other McKesson Corporation news, SVP Erin M. Lampert sold 809 shares of the business’s stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $160.66, for a total value of $129,973.94. Following the completion of the transaction, the senior vice president now owns 59 shares of the company’s stock, valued at approximately $9,478.94. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Erin M. Lampert sold 404 shares of the business’s stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $160.53, for a total value of $64,854.12. Following the completion of the transaction, the senior vice president now directly owns 2,003 shares of the company’s stock, valued at approximately $321,541.59. The disclosure for this sale can be found here. In the last three months, insiders sold 60,231 shares of company stock valued at $9,830,297. 1.20% of the stock is owned by insiders.

About McKesson Corporation

McKesson Corporation (McKesson) is engaged in delivering pharmaceuticals, medical supplies and healthcare information technology. The Company operates through two 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.

Institutional Ownership by Quarter for McKesson Corporation (NYSE:MCK)

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