McKesson Aims For The $500 Milestone After Shattering Previous Record Highs And Outperforming The S&P 500!

• Amidst the S&P 500's 7% decline since July, McKesson Corp's stock has notably risen by 12%.
• McKesson has experienced a rise since December 2018 of 347%.
• McKesson's Q2 earnings estimate stands at $6.13.

McKesson Corp's MCK impressive performance stands out amidst a decline in the S&P 500 index.

While the index has dropped 7% since July, McKesson has achieved a commendable 12% rise during the same period.

This is not just a temporary rise but rather a continuation of a longer trend that began in December 2018.

The company has experienced an incredible surge of 347% over this period, demonstrating its resilience and market strength.

With earnings season just around the corner, all eyes are on their upcoming announcement.

In less than two weeks, the highly anticipated release is expected to make a significant impact.

Although the long-term outlook for the stock appears favorable, the unpredictable nature of the market leaves room for potential swings in its trajectory after the earnings release.

McKesson's impressive financial performance continues, with the Q2 earnings estimate at $6.13, surpassing the previous quarter's estimate of $5.87.

They exceeded Q1 expectations by reporting earnings of $7.27. This consistent performance is typical for the company, as the last time they reported negative earnings was in May 2022, with an estimate of $6.04 and actual earnings of $5.83.

In just the first few weeks of October, the stock has already seen a significant rise of 4.3%.

This positive momentum has the potential to push the stock up to the $500 level, which is 10% above its current position.

However, it's important to remember that even successful stocks, like McKesson, can experience corrections.

A correction phase is underway, and if the decline continues, the stock could fall to the support level of $441.

This support level could provide a cushion and a solid foundation for the stock price to bounce back.

With a consistent and impressive track record of long-term uptrends, McKesson is an enticing option for investors seeking reliability and growth.

As they continue to thrive, they could establish themselves as a strong competitor in the market, providing a dependable and reassuring presence in uncertain economic times.

After the closing bell on Thursday, October 19, the stock closed at $453.27, trading down by 0.53%.