Stock Alert: McKesson Corp. (MCK) Shares Hit New 52-Week High

(RTTNews) - Shares of drug distributor McKesson Corp. (MCK) reached a new 52-week high of $165.41 on Feb. 11, and closed Tuesday's trading session at $164.65, up $2.51 or 1.55%. The stock has been trading in a range of $110.52 - $165.41 in the past one year. Trading volume surged to 3.33 million versus an average volume of 1.36 million shares.

As recently as on Feb. 10, McKesson commenced an exchange offer for the split-off of its subsidiary, PF2 SpinCo, Inc., which will hold all of the company's interest in Change Healthcare. Immediately following the completion of the exchange offer, SpinCo will merge with and into Change, following which change will continue as the surviving company.

On Feb. 4, the company reaffirmed its fiscal 2020 adjusted earnings guidance range of $14.60 - $14.80 per share, which was previously narrowed and raised from $14.00 - $14.60 on January 13, 2020.

Also, the company reported Q3 income from continuing operations of $247 million or $1.06 per share versus $527 million or $2.41 per share last year.

Adjusted earnings were $685 million or $3.81 per share versus $664 million or $3.40 per share in the prior year period. Analysts polled by Thomson Reuters expected earnings of $3.56 per share. Analysts' estimates typically exclude certain special items.

Revenues amounted to $59.2 billion, higher than the previous year's revenue of $56.2 billion.

"We delivered solid operating performance and we are pleased to report third-quarter adjusted earnings results ahead of our expectations," said Brian Tyler, chief executive officer. "McKesson's unwavering focus on strategic and operational execution is demonstrated in the adjusted operating profit growth we reported in the third quarter across our core operating segments..."