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Hayden Capital: “McKesson (MCK)’s Stock is Inexpensive”

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Baron Funds, an asset management firm, published its “Baron Health Care Fund” first quarter 2022 investor letter – a copy of which can be downloaded here. In the quarter ended March 31, 2022, Baron Health Care Fund (the “Fund”) declined 9.93% (Institutional Shares), compared with the 4.56% decline for the Russell 3000 Health Care Index (the “Benchmark”) and the 4.60% decline for the S&P 500 Index. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, Baron Health Care Fund mentioned McKesson Corporation (NYSE:MCK) and explained its insights for the company. Founded in 1833, McKesson Corporation (NYSE:MCK) is a Irving, Texas-based healthcare company with a $44.6 billion market capitalization. McKesson Corporation (NYSE:MCK) delivered a 23.50% return since the beginning of the year, while its 12-month returns are up by 59.14%. The stock closed at $306.99 per share on June 13, 2022. 

Here is what Baron Health Care Fund has to say about McKesson Corporation (NYSE:MCK) in its Q1 2022 investor letter:

"Investments in health care distributors, health care services, and health care facilities along with cash exposure in a down market contributed to relative results. Within health care distributors, higher exposure to this strong performing sub-industry and outperformance of pharmaceutical distributor and technology solutions provider McKesson Corporation (NYSE:MCKadded value. McKesson was the top contributor as investors rotated into value stocks that were trading at low multiples of earnings. We continue to believe that McKesson’s stock is inexpensive in light of the company’s strong competitive position in growing end markets and earnings growth potential."

Source: Unsplash

Our calculations show that McKesson Corporation (NYSE:MCK) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. McKesson Corporation (NYSE:MCK) was in 59 hedge fund portfolios at the end of the first quarter of 2022, compared to 57 funds in the previous quarter. McKesson Corporation (NYSE:MCK) delivered a 7.77% return in the past 3 months.

In February 2022, we also shared another hedge fund’s views on McKesson Corporation (NYSE:MCK) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

Disclosure: None. This article is originally published at Insider Monkey.

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