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Dec. 8, 2021, 8:24 a.m. EST

McKesson stock jumps after profit outlook raised, $4 billion boost to buyback program

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By Tomi Kilgore

Shares of McKesson Corp. /zigman2/quotes/206975466/composite MCK -1.17% hiked up 1.1% in premarket trading Wednesday, after the health care supply and retail pharmacy company raised its full-year profit outlook and announced a $4 billion boost to its share repurchase program. The company now expects fiscal 2022 adjusted earnings per share of $22.35 to $22.95, up from previous guidance of $21.95 to $22.55, to reflect an additional 40 cents per share related to the U.S. government's COVID-19 vaccine distribution program. That compares with the current FactSet EPS consensus for fiscal 2022 of $22.32. The company also announced a new $4.0 billion increase to its stock buyback program. The increase alone represents nearly 12% of the company's market capitalization of $34.29 billion as of Tuesday's close. The stock has rallied 8.9% over the past three months, while the SPDR Health Care Select Sector ETF /zigman2/quotes/205918244/composite XLV -0.43% has slipped 2.4% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.58% has tacked on 3.8%.

/zigman2/quotes/206975466/composite
US : U.S.: NYSE
$ 248.91
-2.94 -1.17%
Volume: 283,832
Jan. 21, 2022 11:52a
P/E Ratio
N/A
Dividend Yield
0.75%
Market Cap
$38.45 billion
Rev. per Employee
$3.30M
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/zigman2/quotes/205918244/composite
US : U.S.: NYSE Arca
$ 130.23
-0.56 -0.43%
Volume: 8.83M
Jan. 21, 2022 11:53a
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/zigman2/quotes/210599714/realtime
US : S&P US
4,456.91
-25.82 -0.58%
Volume: 1.28B
Jan. 21, 2022 11:53a
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