McKesson Reports Tough Quarter, Marginally Lowering our Fair Value, Positive Fundamentals Remain
To say McKesson has endured a tough year would be an understatement and the firm’s stock has been pressured accordingly. The distributor reported a tough second quarter and lowered its 2017 guidance because of lower-than-anticipated brand inflation and increased competition from AmerisourceBergen within the small/independent pharmacy space. We have marginally lowered our long-term top and bottom-line assumptions for the firm and decreased our fair value estimate 10% to $200 from $222 to reflect ...McKesson provides pharmaceuticals and medical supplies and services to its customers. The company's segments include: U.S. Pharmaceutical and Specialty Solutions, which provides distribution and logistics services for branded, generic, specialty, biosimilar and over-the-counter pharmaceutical drugs and other healthcare-related products to customers; European Pharmaceutical Solutions, which provides distribution and services to wholesale, institutional and retail customers in European countries where it owns, partners or franchises with retail pharmacies; and Medical-Surgical Solutions, which delivers medical-supply distribution, logistics, biomedical and other services to healthcare providers.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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