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Praetorian Capital: “We Continue to Believe McKesson (MCK) is Inexpensive”

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Baron Funds, an asset management firm, published its “Baron Health Care Fund” second quarter 2022 investor letter – a copy of which can be downloaded here. In the quarter ended June 30, 2022, Baron Health Care Fund (the “Fund”) declined 10.00% (Institutional Shares), compared with the 7.43% decline for the Russell 3000 Health Care Index (the “Benchmark”) and the 16.10% decline for the S&P 500 Index. Since its inception (April 30, 2018), the Fund increased 15.00% on an annualized basis compared with the 11.96% gain for the Benchmark and the 10.91% gain for the S&P 500 Index. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.

In its Q2 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 an Irving, Texas-based healthcare company with a $52.4 billion market capitalization. McKesson Corporation (NYSE:MCK) delivered a 46.92% return since the beginning of the year, while its 12-month returns are up by 84.04%. The stock closed at $365.20 per share on August 12, 2022.

Here is what Baron Health Care Fund has to say about McKesson Corporation (NYSE:MCK) in its Q2 2022 investor letter:

"McKesson Corporation is a leading distributor of pharmaceuticals and medical supplies. The company contributed to performance due to solid financial results and investor rotation into stocks trading at lower valuation multiples of earnings. We continue to believe the stock is inexpensive in light of McKesson’s strong competitive position in growing end-markets and earnings growth potential."

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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 second quarter of 2022, compared to 57 funds in the previous quarter. McKesson Corporation (NYSE:MCK) delivered a 12.63% return in the past 3 months.

In July 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 Q2 page.

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