Core Viewpoint - McKesson Corporation plans to spin off its Medical-Surgical Solutions segment into an independent company, referred to as NewCo, to enhance shareholder value and focus on strategic growth priorities in its remaining segments [1][2][4]. Deal Overview - The spin-off is part of McKesson's disciplined portfolio management strategy, which has previously included significant divestitures that unlocked shareholder value [2]. - The Medical-Surgical Solutions segment accounts for only 3.2% of McKesson's total revenue, with FY25 revenue around $11.4 billion, and has experienced sluggish growth since 2020 [4][17]. Financial Performance - For FY25, McKesson reported consolidated revenues of $359.1 billion, a 16.2% increase year-over-year from $309.0 billion in FY24 [12]. - In 4Q25, revenues reached $90.8 billion, up 18.9% year-over-year, driven by growth in the U.S. Pharmaceutical segment [10]. - Net income for FY25 was $3.3 billion, a 9.8% increase year-over-year, while adjusted net income was $4.2 billion, up 15.1% [12]. Strategic Focus Post-Spin-Off - After the spin-off, McKesson will concentrate on higher growth and higher margin opportunities in Oncology and Biopharma Solutions [3]. - The company has made recent acquisitions, including Rx Savings Solutions and plans to acquire a controlling stake in Core Ventures, to strengthen its core operations [3]. Long-Term Growth Targets - McKesson reaffirms its long-term adjusted earnings per diluted share growth target of 12% to 14% and updates the U.S. Pharmaceutical segment's long-term adjusted segment operating profit growth target to 6% to 8% [13][14].

Core Insights - The Trademark filing trends 2025 report by Clarivate highlights the leading trademark filing jurisdictions and the largest trademark portfolios globally [1][2][3] Group 1: Trademark Filing Trends - Mainland China leads global trademark filings with 6.76 million applications in 2024, despite a three-year decline in activity [2][5] - The U.S. ranks second with 566,938 applications, while India is close behind with over 537,000 applications and a 10% average yearly growth over the last decade [2][5] - France, Mainland China, and Japan have experienced a consistent decline in trademark filing activity for three consecutive years, ending 2024 with the lowest filing volumes since 2017 [5] Group 2: Major Portfolio Owners - Seven brands consistently appear in the top 20 largest trademark portfolio lists, including Procter & Gamble, Nestlé, Apple, L'Oréal, Novartis, LG Electronics, and Unilever, each being among the largest portfolio owners in at least seven of the ten analyzed registers [1][5] - Australia has recovered to its 2021 trademark filing volume, primarily due to a 24% increase in applications by foreign-based brand owners in 2024 [5] Group 3: Strategic Insights - Gordon Samson from Clarivate emphasizes the importance for trademark attorneys to understand macro-trends and the economic interplay between jurisdictions to better manage intellectual property [3] - Integrating insights from the report into trademark and business strategies can help brands mitigate risks and capitalize on emerging opportunities [3]

Group 1 - The current market environment is characterized by high volatility, creating a strong incentive for investors to actively manage their portfolios [1] - To outperform the stock markets, investors should consider overlooked stocks, especially in the small and mid-cap sectors [1] Group 2 - Gary Alexander has extensive experience in covering technology companies and advising startups, contributing to his insights on industry trends [2] - He has been a contributor to Seeking Alpha since 2017 and his work is featured in popular trading apps like Robinhood [2]

Financial Data and Key Metrics Changes - The company reported total investment income of $137 million for Q1 2025, an increase of $5.4 million or 4.1% compared to Q1 2024, but a decrease of $3.4 million or 2.4% from Q4 2024 [25] - Net asset value (NAV) per share increased by $0.38 from Q4 2024 and by $2.49 or 8.4% year-over-year, reaching a record NAV per share of $32.03 [30] - Distributable net investment income (DNII) per share for the quarter was $1.07, down $0.04 from the previous year and down $0.01 from the previous quarter [33] Business Line Data and Key Metrics Changes - The lower middle market investment activity resulted in a net increase of $57 million, while private loan investments saw a net increase of $26 million [13] - The company maintained a diversified portfolio with investments in 189 companies across various industries, with the lower middle market portfolio valued at $2.6 billion, which is 31% above the related cost basis [22][23] Market Data and Key Metrics Changes - The company noted limited exposure to tariffs among its lower middle market portfolio companies, estimating that around 10% to 20% have some level of exposure due to the global nature of the economy [42] - The private loan investment pipeline was characterized as average, with ongoing opportunities for growth despite a muted M&A environment [49][50] Company Strategy and Development Direction - The company continues to focus on its differentiated investment strategies and asset management business, which has shown favorable performance for ten consecutive quarters [11][14] - The company plans to utilize more debt financing to fund new investments in 2025, aiming to increase leverage while maintaining conservative levels [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability of portfolio companies to navigate current market uncertainties, including tariffs and geopolitical events [11] - The outlook for Q2 2025 is positive, with expectations for DNII of at least $1.03 per share, driven by strong underlying portfolio performance [33] Other Important Information - The company declared a supplemental dividend of $0.30 per share, marking the fifteenth consecutive quarterly supplemental dividend, and a 4% increase in regular monthly dividends for Q4 2025 [15][16] - The company closed the exit of its investment in Heritage Vet Partners, realizing a gain of over $55 million, showcasing the benefits of its lower middle market investment strategy [12] Q&A Session Summary Question: What talent exposure does the portfolio have regarding tariffs? - Management indicated that most lower middle market companies are U.S.-based, with limited exposure to tariffs, estimating around a high single-digit percentage of companies with meaningful exposure [41][42] Question: Why is the investment pipeline characterized as average? - Management noted that despite a muted M&A environment, many portfolio companies are performing well and seeking additional loans for growth, contributing to an average pipeline [50][51] Question: Is there concern about variability in non-recurring income items? - Management acknowledged the variability of dividend income but expressed confidence in the strong performance of portfolio companies, expecting continued good dividend income in the near term [58] Question: What are the expectations for MSC Advisor's growth and earnings run rate? - Management indicated that future growth will depend on capital deployment at MSC Income Fund, with base management fees expected to rise with increased investment activity [81]

I've been interested in cryptocurrencies for the better part of ten years, but most of my attention has been on the coins themselves, like Bitcoin ( BTC-USD ), and not the corporations that operate inJohn "Jack" Bowman is a registered investment advisor, economics educator, research analyst, and commentator from Southern California. He mostly covers macroeconomics, income-focused investments, derivatives, alternatives, and portfolio management. "History does not repeat, but it does instruct." — Timothy Snyd ...

Net Investment Income of $0.41 Per Share for Q1 2025; Investment Portfolio fair value: $2.0 billion | Comprehensive Investment Portfolio fair value: $3.1 billion Non-accruals: 0.4% at fair value, 0.6% at cost of Investment Portfolio Net assets: $990.5 million or $18.16 per share Leverage: 1.04x net debt-to-equity Declared Quarterly Distribution of $0.41 Per Share; Stable NAV/Strong Credit Quality NEW YORK, May 07, 2025 (GLOBE NEWSWIRE) -- SLR Investment Corp. (NASDAQ: SLRC) (the "Company", "SLRC", "we", "us ...

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FerdiS invests in dividend growth stocks and writes options to boost dividend income. He manages DivGro, a portfolio of mainly dividend growth stocks created in January 2013. He tracks his portfolio at DivGro-2-0.com. With investment and trading experience spanning more than 20 years, FerdiS enjoys writing articles about dividend growth investing, options trading, stock selection, portfolio management, and passive income generation. FerdiS collaborates with the founders of Portfolio Insight, an online platf ...

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