McKesson (MCK) Stock Near Record High as Big Money Moves In – Latest News and Outlook on November 29, 2025

McKesson Corporation (NYSE: MCK) is ending November 2025 almost exactly where most long‑term shareholders like it: near an all‑time high, with earnings rising, guidance moving up and big institutional investors still piling into the stock.

As of the latest close on Friday, November 28, McKesson shares trade around $880 per share, giving the company a market value of roughly $108–109 billion and putting the price near the very top of its 52‑week range of about $558 to $896. ^[1] A rich P/E ratio near 35x and modest dividend yield around 0.4% underline that investors are clearly paying up for growth and resilience in this healthcare distributor. ^[2]

On November 29, 2025, fresh headlines centre on heavy institutional flows into McKesson stock and its inclusion on multiple healthcare “stocks to watch” lists, rather than any new operational shock. Let’s break down what today’s news means for MCK holders and anyone watching the name from the sidelines.

McKesson stock price today: just below a record high

Market data from MarketBeat and other feeds show McKesson closing at about $879 on November 28, with an intraday range in the low‑to‑high $880s. ^[3] That’s only a few dollars below its 52‑week high of roughly $895.58, and nearly 60% above the year’s low near $558. ^[4]

Key snapshot metrics as of this weekend:

Share price: ~$880
52‑week range:$558.13 – $895.58 ^[5]
Market cap: about $108–109 billion ^[6]
Trailing P/E: ~35x
Dividend yield: around 0.37–0.40% ^[7]
Beta: roughly 0.5, meaning lower volatility than the broader market. ^[8]

Earlier this week, McKesson repeatedly set fresh 52‑week highs. One recent report noted the stock closing around $889 on November 25 after a ~2% rally, beating several healthcare peers on a strong trading day and doing so on above‑average volume. ^[9]

Despite that momentum, McKesson ticked slightly lower into the weekend. MarketBeat’s “Why Is McKesson Down Today?” column points to mixed analyst activity: Zacks Research significantly raised its earnings forecasts but also cut its recommendation from a more bullish stance to a “Hold,” dampening the enthusiasm at stretched valuations. ^[10] Another MarketBeat note describes Friday’s session as the stock being “down about 0.5%,” even as it opened above $880 and remained within a whisker of its high. ^[11]

In short: MCK is still priced like a market darling—with the minor pullback more about digestion of a big rally than a fundamental reversal.

Fresh news on November 29, 2025: institutions shuffle billions

Quadrature Capital opens a $37.7 million position

One of the most notable headlines today is that Quadrature Capital Ltd initiated a new McKesson stake of 51,499 shares, valued at about $37.74 million based on second‑quarter prices. ^[12]

The same filing‑based report highlights:

McKesson’s recent earnings beat (more on that below).
The company’s quarterly dividend of $0.82 per share, implying a yield of roughly 0.4%.
The fact that roughly 85% of McKesson’s float is now held by institutional investors, underscoring how “crowded” the shareholder register has become. ^[13]

Quadrature’s move adds another large, sophisticated buyer to the mix, reinforcing the narrative that MCK is a core institutional healthcare holding.

Vinva boosts its stake by 30%

A separate article today shows Vinva Investment Management Ltd substantially increasing its McKesson exposure in the second quarter:

Vinva lifted its stake by 30.2%, bringing its holdings to 8,541 shares, after adding nearly 2,000 shares.
The position was worth roughly $6.2 million at quarter‑end. ^[14]

The same piece lists several big-name asset managers that also increased or maintained large positions, including Vanguard Group, Geode Capital, Northern Trust, Boston Partners and Price T Rowe, again culminating in institutional ownership around 85% of the float. ^[15]

Level Four Advisory trims—but big money still dominates

Not every institution is adding. Another November 29 article notes that Level Four Advisory Services LLC cut its McKesson stake by 8.1% in Q2:

Level Four sold 1,219 shares, ending the quarter with 13,808 shares valued at roughly $10.1 million. ^[16]

Crucially, the same report shows that other institutions materially ramped up exposure:

Nuveen initiated a new position around $475 million.
Wellington Management lifted its holdings more than 45‑fold to over 427,000 shares.
Boston Partners increased its stake to about 1.46 million shares. ^[17]

Again, the article reiterates the ~85% institutional ownership figure—a reminder that McKesson is largely “owned by the pros.” ^[18]

Insider activity: a small CAO sale

The same institutional pieces repeatedly reference a recent insider transaction:

Napoleon B. Rutledge Jr., McKesson’s Chief Accounting Officer, sold 329 shares on November 7, at an average price of about $861.63, for proceeds close to $283,000.
After the sale, he still holds 328 shares, meaning the trade cut his direct stake by approximately half.
Insiders in total hold only about 0.08% of McKesson’s stock. ^[19]

Given McKesson’s size, this looks more like personal portfolio management than a signal of distress, but the timing—near record highs—won’t go unnoticed.

McKesson lands on multiple healthcare “stocks to watch” lists

Two articles published today highlight McKesson as part of a small group of heavily traded healthcare names:

MarketBeat’s “Promising Healthcare Stocks To Consider – November 29th” names Johnson & Johnson, UnitedHealth Group, Intuitive Surgical, Hims & Hers Health, McKesson, HCA Healthcare and Medtronic as seven high‑dollar‑volume healthcare stocks meriting attention. ^[20]
A DefenseWorld piece titled “Healthcare Stocks To Add to Your Watchlist – November 27th”, posted November 29, features the same seven tickers and stresses that these stocks combine relatively defensive demand with sector‑specific regulatory risks. ^[21]

Both articles repeat a concise description of McKesson’s business: a healthcare services provider operating through U.S. Pharmaceutical, Prescription Technology Solutions (RxTS), Medical‑Surgical Solutions and International, with the U.S. Pharmaceutical arm distributing branded, generic, specialty and biosimilar medicines. ^[22]

Taken together, today’s coverage paints a picture of a stock that is highly liquid, deeply institutional and firmly on the radar of sector‑focused investors, rather than a name being moved by a single sensational headline.

Earnings momentum: Q2 FY26 beat and guidance upgrades

Underneath the ownership shuffles is a company that has been steadily beating earnings expectations and ratcheting guidance higher throughout 2025.

For the second quarter of fiscal 2026 (three months ended September 30, 2025), McKesson reported:

Revenue of about $103.2 billion, up 10% year‑on‑year.
GAAP EPS of $8.92, dramatically higher than the prior year due to one‑off charges in the comparison period.
Adjusted EPS of $9.86, up 39% versus the prior year. ^[23]

MarketBeat’s earnings summary notes that adjusted EPS of $9.86 beat the consensus estimate of $8.84 by $1.02, while revenue of $103.15 billion came in slightly below the $103.80 billion Wall Street expected but still grew 10.2% year‑over‑year. ^[24]

Segment performance: oncology & specialty stand out

McKesson’s own release highlights robust growth across its newer, higher‑margin pillars: ^[25]

North American Pharmaceutical
- Revenue: $86.5 billion, up 8%.
- Adjusted segment operating profit: up 13%, driven by specialty product distribution and higher prescription volumes at retail national accounts.
Oncology & Multispecialty
- Revenue: $12.0 billion, up 32%.
- Adjusted segment operating profit: up 71%, boosted by acquisitions, provider growth and gains from an investment sale.
Prescription Technology Solutions (RxTS)
- Revenue: $1.4 billion, up 9%.
- Adjusted segment operating profit: up 20%, reflecting strong demand for access and affordability solutions.
Medical‑Surgical Solutions
- Revenue: $2.9 billion, roughly flat.
- Adjusted segment operating profit: up about 2%, helped by cost optimisation despite softer “illness season” products and testing.

In other words, the growth engine is clearly the oncology, specialty and tech platforms, while the legacy med‑surg and core distribution businesses provide scale and cash flow.

Cash flow and capital returns

Q2 also showcased strong cash generation:

$2.4 billion of operating cash flow in the quarter.
$2.2 billion of free cash flow after around $196 million of capex.
Over the first six months of the fiscal year, McKesson generated $1.1 billion of free cash flow and returned about $1.6 billion to shareholders, including $1.4 billion in buybacks and $179 million in dividends. ^[26]

The company currently pays a quarterly dividend of $0.82 per share, or $3.28 annually, which equates to a modest sub‑0.4% yield at current prices and a payout ratio just above 10% of earnings. ^[27] Management’s clear message: buybacks and reinvestment, not a high yield, are the main levers of shareholder return.

Guidance keeps marching higher

Perhaps the biggest driver of sentiment has been McKesson’s steady upward drift in earnings guidance:

In May 2025, when the company formally announced plans to spin off its Medical‑Surgical Solutions unit, it guided to fiscal 2026 EPS of $36.75–$37.55, slightly above the then‑consensus of $36.76. ^[28]
At its Investor Day on September 23, 2025, McKesson raised and narrowed that range to $38.05–$38.55, while also increasing its long‑term adjusted EPS growth target to 13–16%, up from 12–14%. ^[29]
With the Q2 FY26 results on November 5, management raised guidance again to $38.35–$38.85, implying 16–18% year‑on‑year growth in adjusted EPS and building on the Investor Day upgrade. ^[30]

Multiple recent articles from SimplyWall and others tie this earnings momentum to strong oncology sales and the specialty pivot, positioning McKesson as a structural growth story rather than a pure defensive “utility‑like” distributor. ^[31]

Strategy shift: med‑surg spin‑off and specialty focus

The May 8, 2025 Reuters piece outlining McKesson’s spin‑off plans is pivotal for understanding the current investment narrative. Management plans to separate the Medical‑Surgical Solutions unit into an independent company, arguing that this will: ^[32]

Allow McKesson to focus on its core drug distribution business, especially oncology and other complex therapies.
Streamline the portfolio around higher‑growth, higher‑margin specialty medicines (e.g., cancer and autoimmune treatments).
Support improved capital allocation and transparency for investors.

At its 2025 Investor Day, McKesson framed this alongside a broader organisational overhaul: ^[33]

Re‑affirming growth pillars in oncology, multispecialty and biopharma services.
Introducing a new reporting structure aligned with North American Pharmaceutical, Oncology & Multispecialty, and RxTS as distinct growth engines.
Updating long‑term segment targets to:
- 5–8% adjusted segment operating profit growth for North American Pharmaceutical.
- 13–16% for Oncology & Multispecialty.
- 10–13% for RxTS.

An Aviva Investors sector note in October underscores why this matters: drug distributors such as McKesson, while low‑margin, are seen as relatively insulated from some pricing and patent risks facing manufacturers; Aviva points out McKesson’s share price rose about 22% between January 2 and September 18, 2025, helped by this strategic pivot and stable cash flows. ^[34]

Put simply, McKesson is trying to be the infrastructure behind specialty medicine, not a commodity wholesaler.

Valuation: crowded compounder or value opportunity?

Given this growth story, it’s no surprise that McKesson doesn’t look “cheap” on simple metrics.

What the numbers say

MarketBeat’s key stats page shows that: ^[35]

Trailing EPS is around $32.13, putting the trailing P/E near 35x at a ~$880 share price.
Next year’s EPS is expected to rise to about $36.64, implying a forward P/E closer to the mid‑20s if guidance is delivered.
The average analyst price target sits around $887.69, only slightly above the current price, suggesting limited upside on consensus.

Analyst sentiment is broadly positive but not unanimous. A recent MarketBeat piece counts one “Strong Buy,” 12 “Buy” and four “Hold” ratings, translating to a “Moderate Buy” consensus. It also notes target hikes from firms such as Robert W. Baird (to $927) and UBS (to $980), even as other outlets like Wall Street Zen and Zacks have shifted to more neutral stances. ^[36]

DCF models see more upside

On the other end of the spectrum, a discounted cash flow (DCF) analysis from SimplyWall currently estimates McKesson’s intrinsic value at roughly $1,399 per share, implying the stock might be almost 37% undervalued at current levels. ^[37]

SimplyWall’s commentary links that valuation to:

Sustained growth in specialty drug distribution, particularly oncology.
Rising free cash flow and a long‑term guidance corridor of 13–16% EPS growth. ^[38]

Meanwhile, Aviva’s sector note describes distributors like McKesson as benefiting from drug volume growth without absorbing full pricing risk, a model that supports steady compounding even if headline multiples appear demanding. ^[39]

The upshot:

Short‑term consensus targets suggest McKesson is fairly valued after its run.
Long‑term cash‑flow models argue there’s still meaningful upside if management hits its growth and spin‑off execution goals.

Key risks investors should keep in mind

No matter how strong the story, McKesson is not risk‑free. The company itself lays out a long list of potential pitfalls in its Investor Day and Q2 materials, including: ^[40]

Legal and regulatory risk, especially around opioid‑related litigation and complex healthcare laws.
Execution risk tied to acquisitions, divestitures and the planned Medical‑Surgical spin‑off—including the possibility of delays, integration issues or weaker‑than‑expected synergies.
Pricing and reimbursement pressure in the U.S. healthcare system, which could squeeze margins even as volumes rise.
Supply chain disruptions and product availability issues, particularly for generics and specialty drugs.
Cybersecurity and IT risk, given the scale and sensitivity of McKesson’s data and logistics networks.
Macroeconomic and funding risks, such as changes in interest rates, credit conditions or customer financial health.

There’s also an important market‑structure risk: with roughly 85% of the float owned by institutions, any broad de‑risking in healthcare or large‑cap growth could create disproportionate selling pressure. ^[41]

Combine that with a premium multiple and relatively low yield, and it’s clear that McKesson’s share price is sensitive to any disappointment in growth, margins or the spin‑off timeline.

What today’s developments mean for McKesson (MCK) stock

Putting everything together:

Price & momentum: McKesson is trading just shy of record highs after a strong 2025, buoyed by double‑digit revenue growth, nearly 40% adjusted EPS growth in the latest quarter and multiple upward guidance revisions. ^[42]
Ownership & sentiment: Today’s filings show major institutions adding significant exposure, even as a few trim around the edges. Net‑net, McKesson remains a heavily institution‑owned healthcare bellwether. ^[43]
Strategy: The forthcoming spin‑off of the Medical‑Surgical Solutions unit and an intensified focus on oncology, specialty and tech‑enabled services align with where profit pools are growing in healthcare. ^[44]
Valuation: A high‑20s to mid‑30s P/E, modest yield and consensus price target close to the current share price suggest expectations are already elevated, but DCF models and long‑term guidance leave room for additional upside if execution remains strong. ^[45]

For long‑term investors, McKesson still looks like a high‑quality compounder tied to the growth of specialty medicine and healthcare infrastructure, with a balance sheet and cash‑flow profile that support ongoing buybacks and disciplined M&A.

For shorter‑term traders, today’s news flow is a reminder that MCK is a crowded, institutionally dominated trade near all‑time highs—one that could be vulnerable to pullbacks if growth slows, regulatory headlines flare up or the spin‑off narrative loses steam.

As always, this article is for informational purposes only and is not investment advice. Anyone considering McKesson stock should weigh their own risk tolerance, time horizon and portfolio needs, and consider consulting a qualified financial professional before making trading or investment decisions.

McKesson Corporation (MCK) Stock Analysis in 7 minutes