Deep-pocketed investors have adopted a bullish approach towards McKesson MCK, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in MCK usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 11 extraordinary options activities for McKesson. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 45% leaning bullish and 45% bearish. Among these notable options, 3 are puts, totaling $420,700, and 8 are calls, amounting to $1,234,640.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $510.0 to $540.0 for McKesson over the last 3 months.
Volume & Open Interest Trends
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for McKesson's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of McKesson's whale trades within a strike price range from $510.0 to $540.0 in the last 30 days.
McKesson Option Volume And Open Interest Over Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MCK | CALL | SWEEP | BEARISH | 10/18/24 | $9.2 | $8.7 | $8.8 | $530.00 | $352.5K | 110 | 808 |
| MCK | CALL | SWEEP | BEARISH | 02/21/25 | $34.3 | $33.2 | $33.2 | $520.00 | $251.8K | 1 | 76 |
| MCK | CALL | SWEEP | NEUTRAL | 10/18/24 | $7.2 | $6.4 | $7.0 | $530.00 | $208.4K | 110 | 300 |
| MCK | CALL | SWEEP | BULLISH | 10/18/24 | $6.8 | $6.3 | $6.7 | $530.00 | $165.9K | 110 | 1.1K |
| MCK | PUT | TRADE | BEARISH | 09/27/24 | $29.9 | $27.5 | $29.2 | $540.00 | $146.0K | 152 | 51 |
About McKesson
McKesson Corp is one of three leading pharmaceutical wholesalers in the us engaged in sourcing and distributing branded, generic, and specialty pharmaceutical products to pharmacies (retail chains, independent, and mail order), hospitals networks, and healthcare providers. Along with Cencora and Cardinal Health, the three account for over 90% of the us pharmaceutical wholesale industry. Outside the us market, McKesson engages in pharmaceutical wholesale and distribution in Canada. Additionally, the company supplies medical-surgical products and equipment to healthcare facilities and provides a variety of technology solutions for pharmacies.
Following our analysis of the options activities associated with McKesson, we pivot to a closer look at the company's own performance.
McKesson's Current Market Status
- With a trading volume of 525,664, the price of MCK is down by -0.31%, reaching $507.85.
- Current RSI values indicate that the stock is may be approaching oversold.
- Next earnings report is scheduled for 50 days from now.
Professional Analyst Ratings for McKesson
A total of 3 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $652.0.
- Consistent in their evaluation, an analyst from Citigroup keeps a Buy rating on McKesson with a target price of $630.
- Maintaining their stance, an analyst from Leerink Partners continues to hold a Outperform rating for McKesson, targeting a price of $665.
- Consistent in their evaluation, an analyst from JP Morgan keeps a Overweight rating on McKesson with a target price of $661.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for McKesson with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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